Acacia Research completes recapitalization; Starboard converts preferred & exercises warrants, now owns 61.2%

ACACIA RESEARCH CORP

Starboard converted 350,000 Series A preferred shares into 9,616,746 common shares, including 27,704 for accrued dividends.
Starboard exercised 31,506,849 Series B warrants via note cancellation and cash, eliminating $60M in senior secured notes.
Company received ~$55M gross proceeds from the warrant exercise.
Starboard now holds 61,123,595 shares, or ~61.2% of outstanding common stock.
Acacia qualifies as a 'Controlled Company' under Nasdaq rules but is not currently relying on exemptions.

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