Acacia Resh Corp - ACTG STOCK NEWS

Acacia Research Corporation (NASDAQ: ACTG) will release its first quarter 2023 financial results on May 11, 2023, after market close. A conference call to discuss these results is scheduled for 4:30 p.m. ET on the same day. Investors can participate by calling 888-506-0062 for U.S. and Canadian callers, or 973-528-0011 for international participants, referencing conference ID 475927. The call will be webcasted on the company’s website under Events & Presentations, with a replay available for 30 days post-call. Acacia is known for its strategy of purchasing businesses by leveraging flexible capital through its partnership with Starboard Value LP.

Acacia Research Corporation (ACTG) reported tough financial results for Q4 and the full year ended December 31, 2022. The company saw total revenues plummet to $13.1 million in Q4, down from $63.3 million a year prior. The full-year revenue also declined to $59.2 million from $88.0 million. Acacia recorded a GAAP net loss of $18.4 million, or $0.50 per diluted share, compared to a profit of $204.2 million in the same quarter last year. The company raised $79.1 million from a recent rights offering and executed capital restructuring with Starboard Value LP, which may bolster its acquisition capabilities. Despite these efforts, the management acknowledged significant financial challenges ahead.

Acacia Research Corporation (NASDAQ: ACTG) has successfully closed its Rights Offering, concluding the subscription period on March 1, 2023. The Company collected approximately $360,953 from this offering and $78.75 million from a Concurrent Private Rights Offering involving strategic investor Starboard Value LP. Acacia plans to utilize these proceeds for general corporate purposes to enhance its financial stability and support its acquisitions platform. Following these transactions, Acacia has 58,543,312 shares of Common Stock outstanding. The Rights Offering was conducted under a prospectus supplement filed with the SEC.

Acacia Research Corporation (NASDAQ: ACTG) will release its fourth quarter and full-year 2022 financial results on March 16, 2023, before market open. A conference call will follow at 11:00 a.m. ET to discuss these results. Investors can access the call by dialing 888-506-0062 for U.S. and Canada or 973-528-0011 internationally, using conference ID 102754. The call will also be webcasted on the Company's investor relations website. Acacia Research focuses on acquiring businesses at attractive valuations, leveraging its access to flexible capital and strategic partnerships.

Acacia Research Corporation (NASDAQ: ACTG) has initiated its Rights Offering, granting non-transferable subscription rights to eligible securityholders holding common stock as of February 13, 2023. Each eligible holder will receive one subscription right for every four shares owned, allowing them to purchase an additional share at $5.25 until March 1, 2023. Starboard Value LP, a strategic investor, is also entitled to similar private rights in a concurrent offering. The proceeds from the Rights Offering aim to enhance Acacia's financial stability and support its acquisition strategy. The offering is contingent upon the concurrent private rights offering's completion.

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.