Acacia Resh Corp Stock Price, News & Analysis

Acacia Research Corporation (NASDAQ: ACTG) has set a record date of February 13, 2023, for its proposed rights offering. Eligible securityholders will receive one non-transferable subscription right for every four shares of common stock owned. Each right allows the purchase of one share at $5.25, with the offering running from February 14 to March 1, 2023. Starboard Value LP, a strategic investor, will also have private subscription rights. The company plans to use proceeds from the offering for general corporate purposes, aiming to strengthen its financial position and support acquisitions.

Barrack, Rodos & Bacine is investigating Acacia Research Corporation over concerns related to its recapitalization agreement with Starboard Value LP from October 30, 2022. The investigation focuses on the former CEO's resignation shortly after the agreement and subsequent actions that may benefit Starboard at the expense of public shareholders. Legal compliance under Delaware law is under scrutiny. Shareholders are encouraged to contact the firm for more details about their legal rights. Barrack, Rodos & Bacine has a strong track record in securities law, with significant recoveries for investors in major cases.

Acacia Research Corporation announces the resignation of CFO Richard Rosenstein, effective January 27, 2023, to pursue another opportunity. Kirsten Hoover, Acacia's Corporate Controller, will serve as Interim CFO starting January 28, while the company searches for a permanent replacement. Rosenstein's departure is amicable and does not pertain to any disputes regarding the company's financial practices. Acacia plans to transition Rosenstein to a consulting role until April 30, 2023, as it continues to enhance its financial strategy.

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.