---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-113094"
form_type: "8-K"
ticker: "ACTG"
cik: "0000934549"
company_name: "ACACIA RESEARCH CORP"
filed_at: "2022-11-01T23:59:59+00:00"
generated_at: "2026-06-22T21:05:51.953238+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-22-113094
- form_type: 8-K
- ticker: ACTG
- cik: 0000934549
- company_name: ACACIA RESEARCH CORP
- filed_at: 2022-11-01T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 1.02, 3.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/934549/000110465922113094/0001104659-22-113094-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/934549/000110465922113094/tm2229255d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-113094
- JSON: https://secwatch.observer/filing/0001104659-22-113094.json
- Plain text: https://secwatch.observer/filing/0001104659-22-113094.txt

## Key facts
- Executive change
  Gavin Molinelli was appointed as Chair of the Company’s Board at ACACIA RESEARCH CORP.
  - Action: appointed
  - Role: Chair of the Company’s Board
  source text: Gavin Molinelli, Partner and Portfolio Manager at Starboard was appointed as Chair of the Company’s Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/934549/000110465922113094/0001104659-22-113094-index.htm
- Executive change
  Clifford Press retired as Chief Executive Officer at ACACIA RESEARCH CORP.
  - Action: retired
  - Role: Chief Executive Officer
  source text: Clifford Press will retire from his CEO and Board position
  evidence_url: https://www.sec.gov/Archives/edgar/data/934549/000110465922113094/0001104659-22-113094-index.htm
- Executive change
  Martin D. McNulty Jr. was appointed as interim Chief Executive Officer at ACACIA RESEARCH CORP.
  - Action: appointed
  - Role: interim Chief Executive Officer
  source text: Martin D. McNulty Jr., the Company’s current Chief Operating Officer and Head of M&A, has been appointed as interim Chief Executive Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/934549/000110465922113094/0001104659-22-113094-index.htm
- Material Agreements
  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
  source text: 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)
  evidence_url: https://www.sec.gov/Archives/edgar/data/934549/000110465922113094/0001104659-22-113094-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.