Acacia Resh Corp Stock Price, News & Analysis

Acacia Research Corporation (ACTG) has initiated an internal investigation regarding misconduct by former CEO Clifford Press, who resigned amid allegations of misuse of corporate funds. Preliminary findings indicate Press provided inaccurate corporate expense submissions, misused funds for personal expenses, and made charitable donations in his name. Despite these issues, the Board does not foresee any significant alterations to past financial statements. Press has filed a lawsuit for reinstatement, which Acacia disputes as meritless.

Advocado has appointed Scott Garner, Jaime Siegel, and Brian Siegel as strategic advisors, enhancing its corporate finance and intellectual property expertise. Garner brings over 28 years of experience, previously serving at Yahoo and Price Waterhouse. Jaime Siegel was the EVP of Licensing at Acacia Research Group (ACTG), generating over $140MM in revenue. Brian Siegel, with 20 years in executive roles, holds 17 US patents and has a strong background in eCommerce from Sony. These additions are expected to help Advocado scale and maximize its IP portfolio value.

Acacia Research Corporation (ACTG) reported $15.9 million in revenue for Q3 2022, a significant increase from $1.6 million in Q3 2021. The company achieved $36.1 million in realized gains from equity securities, totaling $265 million in gains from its Life Science Portfolio. Acacia repaid $55 million in Senior Secured Notes and completed a $40 million stock repurchase program. Despite a GAAP net income of $28.1 million, the company recorded an operating loss of $11.4 million. Book value decreased to $282.5 million, with a pro forma value potentially reaching $520.1 million post-recapitalization with Starboard.

Acacia Research Corporation (NASDAQ: ACTG) will announce its third quarter 2022 financial results before the market opens on November 10, 2022. The company is hosting a conference call on the same day at 11:00 a.m. ET to discuss the results, which can be accessed by calling 888-506-0062 (U.S.) or 973-528-0011 (international), using conference ID 958547. The call will also be available via webcast on Acacia's investor relations website for 30 days post-event.

Acacia Research Corporation (NASDAQ: ACTG) announced a transformative agreement with Starboard Value LP, which will invest over $245 million and convert all ownership interests to common shares. CEO Clifford Press is retiring, with MJ McNulty appointed as interim CEO. The deal simplifies Acacia's capital structure, eliminating $133.2 million of derivative liabilities and $95 million in debt. A rights offering at $5.25 per share is planned, with Starboard committed to buy at least 15 million shares. Acacia's pro forma book value is set to rise by at least $265.7 million.

Acacia Research Corporation (ACTG) has extended the Cash Exercise Date for its Series B Warrants by four weeks, moving it from September 30, 2022 to October 28, 2022. This extension is part of the ongoing discussions between Acacia and Starboard Value LP aimed at simplifying capital structure and enhancing resources for growth. Acacia's CEO, Clifford Press, emphasized the progress made in establishing a suitable capital structure and the urgency in finalizing these arrangements.

Acacia Research Corporation (ACTG) reported a Q2 2022 revenue of $16.7 million, down from $17.4 million in Q2 2021. The company recorded $11.5 million in realized gains, including $5.2 million from its Life Science Portfolio. Acacia repurchased 6.1 million shares at an average price of $4.64 as part of a $40 million buyback program. Additionally, the company repaid $50 million in debt. However, there was a substantial GAAP net loss of $61.5 million compared to a net income of $19.7 million last year.

Acacia Research Corporation (NASDAQ: ACTG) will release its second quarter 2022 financial results on August 11, 2022, before market opening. A conference call will follow at 11:00 a.m. ET to discuss the results. To participate, dial 888-506-0062 or 973-528-0011 (international) with conference ID 536777. The call will also be available via webcast on the company’s website. Acacia Research focuses on acquiring undervalued businesses to create value through strategic acquisitions, leveraging expertise in corporate governance, operational restructuring, and access to capital.

Acacia Research reported Q1 2022 financial results, achieving $13.5 million in total revenue, a significant increase from $5.8 million in Q1 2021. This included $10.9 million from Printronix, acquired in October 2021. The company recorded $66.9 million in realized gains, primarily from its Life Science Portfolio, and completed a $15 million share repurchase. However, Acacia faced a $73.3 million net loss due to unrealized losses totaling $(172.2 million). The current book value decreased to $7.42 per share.