Acacia closes rights offering; Starboard increases stake to 34.2%, may reach 61.3%

ACACIA RESEARCH CORP

Gross proceeds: ~$360,953 from rights offering, ~$78.75M from concurrent private rights offering with Starboard.
After issuance, 58,543,312 shares outstanding; Starboard owns 20M shares (34.2%).
Starboard to exercise Series B Warrants for up to 51.5M shares (57.2%) and convert preferred for up to 61.1M shares (61.3%).
Board changes: Gavin Molinelli (Starboard) appointed Chair; Katharine Wolanyk to serve until May 2024; at least two independent directors.
Governance Agreement to terminate after Series B Warrant exercise and no notes outstanding.

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