secwatch.observer — SEC 8-K summary
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Issuer:     ACACIA RESEARCH CORP (ACTG)
CIK:        0000934549
Form:       8-K
Filed at:   2023-03-06T23:59:59+00:00
Accession:  0001104659-23-028799
Event type: other_material
Sentiment:  neutral
Materiality: 0.80
Item codes: 3.02, 8.01, 5.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/934549/000110465923028799/0001104659-23-028799-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/934549/000110465923028799/tm238536d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-028799

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