secwatch.observer — SEC 8-K summary
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Issuer:     ACACIA RESEARCH CORP (ACTG)
CIK:        0000934549
Form:       8-K
Filed at:   2022-11-01T23:59:59+00:00
Accession:  0001104659-22-113094
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 1.02, 3.02, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/934549/000110465922113094/0001104659-22-113094-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/934549/000110465922113094/tm2229255d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-113094

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer