Acacia Resh Corp Stock Price, News & Analysis

Outerbridge Capital Management has voiced concerns over Comtech's disappointing FQ1 results, which revealed a 14% decline in revenue and a staggering 61% decline in EBITDA. They argue these figures underscore a lack of strategic direction from the current board, prompting the need for change. Outerbridge criticized Comtech for spending $2.2 million on proxy fight advisor fees and emphasized the importance of electing their independent nominees to the board. The recent bid from Acacia at $30 per share raises further concerns about Comtech's governance.

Outerbridge Capital Management announced that Institutional Shareholder Services (ISS) supports the election of nominees Sidney Fuchs and Wendi Carpenter to Comtech's Board of Directors, urging shareholders to vote on the WHITE proxy card.

ISS criticized Comtech's poor financial performance and questioned the board's commitment to meaningful change. The board's decision to pursue financing options without thorough exploration was flagged. The upcoming vote is set for December 17, 2021, emphasizing the need for independent voices in response to an acquisition offer from Acacia Research Corp (NASDAQ: ACTG).

Acacia Research reported significant financial developments for Q3 2021, highlighted by a nearly $120 million gain from the IPO of Oxford Nanopore. Pro forma book value increased to $6.31 per share, while cash and investments soared to $605.1 million. Gross revenue was $1.6 million, a decline from $19.5 million year-over-year, and the operating loss grew to $12.7 million. Notably, net income surged to $80.2 million or $0.86 per diluted share, compared to $29.2 million or $0.32 per share last year. A conference call is scheduled for November 15, 2021.

Acacia Research Corporation (NASDAQ: ACTG) has announced that its subsidiary, Atlas Global Technologies LLC, has granted a license to Samsung Electronics, resolving previous patent litigation. This is the first licensing deal for Atlas Global's Wi-Fi 6 standard essential patents, reflecting the strength of its portfolio. The financial terms of the agreement remain confidential. Acacia specializes in acquiring undervalued businesses and leveraging unique capabilities to create value in mature technology sectors.

Acacia Research Corporation (NASDAQ: ACTG) will release its third quarter financial results after market close on November 15, 2021. A conference call to discuss the results is scheduled for 4:30 p.m. ET on the same day. Interested parties can join the call by dialing 888-506-0062 for U.S. participants or 973-528-0011 for international callers. The call will also be webcasted on Acacia's investor relations website, with a replay available for 30 days post-event.

Outerbridge Capital Management, holding approximately 4.9% of Comtech Telecommunications Corp. (CMTL), has urged for greater shareholder representation on the board amid reports of Acacia Research Corporation's (ACTG) $30 per share acquisition offer. Outerbridge claims the current board lacks the necessary expertise for a proper evaluation of this strategic option and urges the appointment of three independent nominees to ensure a fair assessment. They highlight recent concerns over a dilutive equity transaction that could jeopardize shareholder value.

On November 1, 2021, Comtech Telecommunications Corp. (NASDAQ: CMTL) acknowledged receipt of an unsolicited, non-binding acquisition proposal from Acacia Research Corporation (NASDAQ: ACTG). The Board of Directors is currently reviewing the proposal alongside independent advisors to decide the best course of action for the company and its shareholders. Goldman Sachs is acting as exclusive financial advisor, while Proskauer Rose and Sidley Austin are serving as legal advisors. No immediate action from shareholders is required.

Acacia Research Corporation (NASDAQ: ACTG) has acquired Printronix Holding Corp. for $33 million, approximately 3.6x Adjusted EBITDA from the fiscal year ended March 31, 2021. Printronix, a leader in industrial impact printers, serves diverse sectors including healthcare and logistics. Acacia's President, Clifford Press, emphasized the strategic alignment and potential for positive cash flows and growth. The acquisition aims to leverage Printronix's strong market position, enhancing Acacia's capabilities in industrial printing solutions.

Acacia Research Corporation (NASDAQ: ACTG) has sold 3.9 million shares of Oxford Nanopore Technologies in an IPO on the London Stock Exchange, raising approximately $22.3 million. Acacia retains a 4.4% stake in Oxford Nanopore, valued at $280.8 million as of October 4, reflecting a 78% uplift from its book value on June 30, 2021. The remaining shares are under a 180-day lock-up. Acacia's CEO noted the IPO's success as a testament to Oxford Nanopore's leadership in its industry.