8-K filed November 1, 2022, 7:59 PM ET ticker ACTG CIK 0000934549

other material confidence high sentiment positive materiality 0.85

Acacia Research enters recapitalization with Starboard; CEO Clifford Press retires; Gavin Molinelli named Chair

ACACIA RESEARCH CORP

Starboard to invest over $245M additional capital; exercises warrants and converts preferred into common.
Rights offering at $5.25/share for 0.25 new shares per share held; Starboard commits to buy at least 15M shares.
CEO Clifford Press retires; COO MJ McNulty appointed interim CEO; Board to search for permanent successor.
Gavin Molinelli, Starboard Partner, appointed Chair of Acacia's Board.
Pro forma book value expected to increase to $534M ($5.37/share); adjusted book value $5.63/share.

item 1.01 item 1.02 item 3.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Gavin Molinelli

Chair of the Company’s Board

ACTG · ACACIA RESEARCH CORP

Effective: 2022-10-30
Filed: November 1, 2022, 7:59 PM ET

Gavin Molinelli, Partner and Portfolio Manager at Starboard was appointed as Chair of the Company’s Board

Departed

Clifford Press

Chief Executive Officer

ACTG · ACACIA RESEARCH CORP

Successor: Martin D. McNulty Jr.
Filed: November 1, 2022, 7:59 PM ET

Clifford Press will retire from his CEO and Board position

Appointed (interim)

Martin D. McNulty Jr.

interim Chief Executive Officer

ACTG · ACACIA RESEARCH CORP

Filed: November 1, 2022, 7:59 PM ET

Martin D. McNulty Jr., the Company’s current Chief Operating Officer and Head of M&A, has been appointed as interim Chief Executive Officer.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Gavin Molinelli was appointed as Chair of the Company’s Board at ACACIA RESEARCH CORP.

Action: appointed
Role: Chair of the Company’s Board

Exact text from the filing

Gavin Molinelli, Partner and Portfolio Manager at Starboard was appointed as Chair of the Company’s Board

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Clifford Press retired as Chief Executive Officer at ACACIA RESEARCH CORP.

Action: retired
Role: Chief Executive Officer

Exact text from the filing

Clifford Press will retire from his CEO and Board position

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Martin D. McNulty Jr. was appointed as interim Chief Executive Officer at ACACIA RESEARCH CORP.

Action: appointed
Role: interim Chief Executive Officer

Exact text from the filing

Martin D. McNulty Jr., the Company’s current Chief Operating Officer and Head of M&A, has been appointed as interim Chief Executive Officer.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ACACIA RESEARCH CORP entered into Recapitalization Agreement with Starboard Value LP, a Delaware limited partnership (the "Designee") and the Investors (as defined in the Recapitalization Agreement) (effective 2022-10-30).

Action: entry
Counterparty: Starboard Value LP, a Delaware limited partnership (the "Designee") and the Investors (as defined in the Recapitalization Agreement)
Effective: 2022-10-30

Exact text from the filing

On October 30, 2022, Acacia Research Corporation, a Delaware corporation (the “ Company ”), entered into a Recapitalization Agreement (the “ Recapitalization Agreement ”) with Starboard Value LP, a Delaware limited partnership (the “ Designee ”) and the Investors (as defined in the Recapitalization Agreement)

View on SEC.gov

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ACACIA RESEARCH CORP filing history →

Source: SEC EDGAR

accession 0001104659-22-113094

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