Acacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the
“Company”) today reported financial results for the three and nine
months ended September 30, 2022.
Key Business Highlights
- Completed an agreement to streamline the Company’s capital
structure, further strengthen its financial position, and position
it as a unique corporate acquisition platform backed by Starboard
Value LP (“Starboard”).
- Gavin Molinelli, Partner and Portfolio Manager at Starboard,
has joined Acacia’s Board of Directors (the “Board”) as
Chairman.
- Generated $15.9 million in consolidated revenue for the
quarter, up from $1.6 million in revenue in the third quarter of
2021.
- Recorded $36.1 million in realized gains from the sale of our
equity securities during the quarter, driven primarily by continued
harvesting of gains in the Life Science Portfolio.
- Realized and unrealized gains from the Life Science portfolio
totaled $265 million at September 30, 2022, based on the value of
public holdings and the carrying value of the Private
Securities.
- Repaid $55.0 million in Senior Secured Notes held by Starboard
during the quarter.
- Repurchased $11.5 million shares during the third quarter,
completing the Company’s $40.0 million stock repurchase
program.
Third Quarter 2022 Financial
Highlights
(In millions, except per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
(unaudited)
(unaudited)
Intellectual property operations
$
6.3
$
1.6
$
17.0
$
24.8
Industrial operations
9.6
—
29.1
—
Total revenues
$
15.9
$
1.6
$
46.1
$
24.8
Operating loss
$
(11.4
)
$
(12.7
)
$
(25.5
)
$
(16.8
)
Unrealized gains (losses) 1
$
(36.4
)
$
66.5
$
(266.2
)
$
115.5
Realized gains
$
36.1
$
37.7
$
114.4
$
53.1
Non-cash derivative liability (loss) 2
$
41.6
$
0.6
$
34.6
$
(203.9
)
GAAP Net income (loss)
$
28.1
$
89.8
$
(106.7
)
$
(55.0
)
GAAP Diluted income (loss) per share
$
0.02
$
0.86
$
(2.63
)
$
(1.20
)
1
Unrealized gains and (losses) are
related to the change in fair value of equity securities as of the
end of the reported period.
2
The non-cash derivative liability
(loss) is related to the change in fair value of Acacia’s Series A
and B warrants and embedded derivatives.
Martin D. McNulty, Jr. “MJ”, Interim Chief Executive Officer,
stated, “During the quarter, Acacia and Starboard completed the
process of establishing a well-capitalized and differentiated
corporate acquisition vehicle. As part of this process, Acacia’s
capital structure has been significantly streamlined, and we now
have a platform that can scale, working with partners to complete
complex or large transactions, and taking full advantage of
opportunities in our target markets.”
“The ongoing market turmoil continues to affect relative
valuations, and our pipeline of potential transactions is the
largest and strongest it has been,” added Mr. McNulty. “We maintain
rigor in our evaluation process, but we are moving methodically to
pursue acquisitions of attractive businesses we would like to own.
The new Acacia comprises a strong capital base and a talented team
of professionals who are actively identifying, evaluating and
advancing opportunities to grow our business.”
Third Quarter 2022 Financial Summary:
- Total revenues were $15.9 million, compared to $1.6 million in
the same quarter last year.
- Printronix generated $9.6 million in revenue in the
quarter.
- The Intellectual Property business generated $6.3 million in
licensing and other revenue during the quarter, compared to $1.6
million in the same quarter last year.
- General and administrative expenses were $15.0 million,
compared to $10.3 million in the same quarter of last year due to
the inclusion of Printronix operating expenses and increased parent
business development expense.
- Operating loss of $11.4 million, compared to an operating loss
of $12.7 million in the same quarter of last year, with the
improvement due to higher intellectual property revenue and profit.
- Printronix contributed $0.4 million in operating income.
- GAAP net income of $28.1 million, or $0.02 per diluted share,
compared to GAAP net income of $89.8 million, or $0.86 per diluted
share, in the third quarter of last year.
- Net income included $36.1 million in realized gains, offset by
$36.4 million in unrealized losses, related to the decline in share
price of certain holdings, as well as the reversal of unrealized
gains previously recorded for shares sold during the quarter for
realized gains.
- The Company recognized non-cash income of $41.6 million related
to the change in fair value of the Starboard warrants and embedded
derivative liabilities due to the decline in Acacia’s stock price
during the quarter.
- During the third quarter last year, Acacia recognized $101
million in realized and unrealized gains in the value of the life
sciences portfolio, primarily related to the IPO of Oxford Nanopore
in September, 2021.
Life Sciences Portfolio
Acacia has generated $452.3 million in proceeds from sales and
royalties of the Life Sciences Portfolio through September 30,
2022, which was purchased for an aggregate price of $297 million.
The remaining positions in the Life Sciences Portfolio represent
$109.4 million in book value as shown below:
Public
Securities
Based on Market Value (at
September 30, 2022)
Company
Ticker
Number of Shares
Value
Oxford Nanopore Technologies plc
LSE: ONT
7.9 mm
$22.5 mm
Arix Bioscience plc
LSE: ARIX
29.0 mm
$33.8 mm
Total Public Holdings
$56.3 mm
Private
Securities
Based on Cost or Equity
Accounting Value (at September 30, 2022)
Company
Ownership Percentage
Value
Viamet Pharmaceuticals, Inc. 1
26%
AMO Pharma
18%
>
$53.1 mm
NovaBiotics
4%
Total Private Holdings
$53.1 mm
(1)
Viamet value is based on equity
method accounting, reflecting Acacia’s share of Viamet through
ownership of MalinJ1.
Balance Sheet and Capital Structure
- Cash, cash equivalents and equity investments measured at fair
value totaled $323.3 million at September 30, 2022 compared to
$670.7 million at December 31, 2021. During the first nine months
of 2022, Acacia has repaid $120.0 million in principal amount of
Senior Secured Notes held by Starboard, and repurchased $51 million
in Acacia shares.
- Equity securities without readily determinable fair value
totaled $5.8 million at September 30, 2022, which amount was
unchanged from December 31, 2021.
- Investment securities representing equity method investments
totaled $47.3 million at September 30, 2022 (net of noncontrolling
interests), compared to $19.9 million at December 31, 2021. The
increase relates to milestone payments earned by MalinJ1 through
its interest in Viamet, but not yet received. Acacia owns 64% of
MalinJ1.
- Total indebtedness, which represents the Senior Secured Notes
issued to Starboard, was $61.4 million at September 30, 2022.
During the third quarter, the Company repaid $55.0 million in
Starboard Notes.
- The Company’s book value totaled $282.5 million, or $7.33 per
share, at September 30, 2022, compared to $268.2 million, or $6.60
per share at June 30, 2022, and $430.5 million, or $8.80 per share,
at December 31, 2021. Acacia’s book value reflects the impact of
the outstanding warrant and embedded derivative liabilities.
- Assuming the full impact of the recapitalization transactions
under the recently announced agreement with Starboard, Acacia’s pro
forma book value would rise to $520.1 million, or $5.22 per
share.
Pro Forma Book Value and Changes to Derivative
Valuations
At September 30, 2022, book value was $282.5 million and there
were 38.5 million shares of common stock outstanding, for a book
value per share of $7.33, compared to $268.2 million, or $6.60 per
share at June 30, 2022 and $430.5 million, or $8.80 per share at
December 31, 2021. The decrease in book value since December 31,
2021 is due to the decline in the fair value of certain assets.
Total liabilities for warrants and convertible preferred stock to
be eliminated upon exercise or expiration of all such warrants and
convertible preferred stock were $91.5 million at September 30,
2022.
Book value and book value per share calculations are performed
in accordance with GAAP. The calculation of book value under GAAP
requires the Company to reflect the impact of liabilities
associated with potential issuances of shares related to the
exercise of the Company’s Series A and Series B warrants and
conversion of the Company’s Series A preferred stock. The value of
those liabilities varies over time based on fluctuations in the
trading price of the Common Stock. The agreement reached with
Starboard to streamline the Company’s capital structure and
strengthen its financial position (the “recapitalization
transactions”) is expected to eliminate all of these instruments
over time, and will therefore eliminate the associated
liabilities.
Management believes that providing investors with a presentation
of pro forma book value and pro forma book value per share that
reflect the anticipated impact of the completion of each component
of the recapitalization transactions may assist investors in
understanding the Company’s financial condition and capital
structure (see below for a description of the material components
of the recapitalization transactions). However, these pro forma
calculations have limitations and should not be considered in
isolation or as a substitute for the actual book value and book
value per share amounts reflected in the Company’s balance sheet at
September 30, 2022. For example, there is considerable uncertainty
regarding the timing and completion of the recapitalization
transactions, and it is possible that certain aspects of the
transactions will not be completed, or will be completed on terms
that are different from the Company’s current expectations, which
could result in material changes to the Company’s pro forma book
value and pro forma book value per share calculations.
Book value at September 30, 2022 reflects the following:
- $60.0 million in principal amount of Senior Secured Notes
issued to Starboard, all of which may be used to exercise Series B
warrants at $3.65 per share;
- $35.0 million in face value ($18.5 million in book value) of
Series A preferred stock issued to Starboard; and
- $91.5 million of warrants and embedded derivative liabilities
associated with all preferred stock and warrants held by Starboard,
to be eliminated upon exercise or expiration of all such warrants
and preferred stock.
Upon completion of the recapitalization transactions with
Starboard:
- $18.3 million of cash would be added upon exercise of the
remaining Series A warrants, and 5.0 million shares of common stock
would be issued;
- Starboard will purchase 15.0 million new shares in a proposed
rights offering, at $5.25 per share, for total proceeds of $78.8
million in the first quarter of 2023;
- $35.0 million in face value of Series A preferred stock would
be eliminated, and 9.6 million shares of common stock would be
issued in June 2023, following Acacia’s Annual Meeting of
Stockholders;
- $61.4 million of liabilities attributable to the Senior Secured
Notes would be eliminated, and Starboard would invest an additional
$55.0 million in cash related to the Series B warrant exercise, and
31.5 million shares of common stock would be issued in July
2023;
- $91.5 million of warrant and embedded derivative liabilities
attributable to the Series A Warrants, Series B warrants and Series
A preferred stock would be eliminated by July 2023;
- Acacia would pay Starboard a total of $75.0 million as
consideration for early exercise of the Series A warrants, Series B
warrants, and convertible preferred stock, by July 2023; and
- Acacia will incur transaction costs associated with the
negotiation and consummation of the recapitalization
transactions.
The expected impact of the completion of the recapitalization
transactions would be an incremental $237.6 million in book value,
and an incremental 61.1 million of shares outstanding. Assuming
such completion, pro forma book value would be $520.1 million, and
diluted shares outstanding would be 99.6 million, resulting in pro
forma book value per share of $5.22 at September 30, 2022.
See Attachment A which illustrates the anticipated sequential
impact of each component of the recapitalization transactions on
pro forma book value and pro forma book value per share through the
expected date of completion of such transactions through July
2023.
In previous quarterly reports, prior to the approval of the
recapitalization transactions, Acacia had presented a similar pro
forma book value per share calculation assuming the exercise of all
outstanding Series A and Series B warrants, as well as the
conversion of the Series A preferred stock. This resulted in a
reported pro forma book value per share of $5.87 at June 30, 2022,
$5.91 at March 31, 2022, and $6.51 at December 31, 2021. The $5.25
per share cash exercise feature of 68.5 million Series B warrants
expired on October 28, 2022.
Share Repurchase Program
During the third quarter, the Company completed its $40.0
million stock repurchase program by acquiring 2.3 million shares at
an average price of $4.98 per share, for a total investment of
$11.5 million. With the completion of the previously authorized
program, the Board will continue to evaluate uses of capital in the
future.
Investor Conference Call
The Company will host a conference call today, November 10, 2022
at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time).
To access the live call, please dial 888-506-0062 (U.S. and
Canada) or 973-528-0011 (international) and if requested, reference
conference ID 536777. The conference call will also be
simultaneously webcasted on the investor relations section of the
Company’s website at http://www.acaciaresearch.com under Events
& Presentations. Following the conclusion of the live call, a
replay of the webcast will be available on the Company's website
for at least 30 days.
About the Company
Acacia is a permanent capital platform with a strategy to
purchase businesses based on the differentials between public and
private market valuations. Acacia leverages its (i) access to
flexible capital that can be deployed opportunistically as a result
of its strategic partnership with Starboard, (ii) disciplined focus
on identifying opportunities where it can be an advantaged buyer,
initiate a transaction opportunity spontaneously, avoid a
traditional sale process and complete the purchase of a business,
division or other asset at an attractive price, (iii) willingness
to invest across industries and in off-the-run, often misunderstood
assets that suffer from a complexity or multi-factor discount, (iv)
relationships and partnership abilities across functions and
sectors, and (v) strong expertise in corporate governance and
operational transformation. Acacia seeks to identify opportunities
where it believes it is an advantaged buyer, where it can avoid
structured sale processes and create the opportunity to purchase
businesses, divisions and/or assets of companies at an attractive
price due to Acacia’s unique capabilities, relationships or
expertise, or Acacia believes the target would be worth more to it
than to other buyers. Additional information about Acacia and its
subsidiaries is available at www.acaciaresearch.com.
Additional Information and Where to Find It
This communication may be deemed solicitation material in
respect of the proposed transaction between the Company and
Starboard. This communication does not constitute a solicitation of
any vote or approval. In connection with the proposed transaction,
the Company plans to file with the Securities and Exchange
Commission (the “SEC”) and mail or otherwise provide to its
stockholders a proxy statement regarding the proposed transaction.
The Company may also file other documents with the SEC regarding
the proposed transaction. This document is not a substitute for the
proxy statement or any other document that may be filed by the
Company with the SEC. BEFORE MAKING ANY VOTING DECISION, THE
COMPANY’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT IN ITS
ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY
THE COMPANY WITH THE SEC IN CONNECTION WITH THE PROPOSED
TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Stockholders may obtain a free copy of the proxy statement and
other documents the Company files with the SEC (when available)
through the website maintained by the SEC at www.sec.gov or on the
Company’s investor relations website at
https://www.acaciaresearch.com/#InvestorRelations as soon as
reasonably practicable after such materials are electronically
filed with, or furnished to, the SEC.
No Offer or Solicitation
This communication is not intended to and shall not constitute
an offer to sell or the solicitation of an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
Participants in the Solicitation
The Company and its directors, executive officers and certain
employees and other persons may be deemed to be participants in the
solicitation of proxies from the Company’s stockholders in
connection with the proposed transaction. Security holders may
obtain information regarding the names, affiliations and interests
of the Company’s directors and executive officers in the Company’s
Annual Report on Form 10-K filed on March 31, 2022 (the “Annual
Report”). To the extent the holdings of the Company’s securities by
the Company’s directors and executive officers have changed since
the amounts set forth in the Annual Report, such changes have been
or will be reflected on Statements of Change in Ownership on Form 4
filed with the SEC. Additional information regarding the interests
of such individuals in the proposed transaction will be included in
the proxy statement relating to the proposed transaction when it is
filed with the SEC. These documents (when available) may be
obtained free of charge from the SEC’s website at www.sec.gov and
the investor relations page of the Company’s website at
https://www.acaciaresearch.com/#InvestorRelations.
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These statements are based upon the
Company’s current expectations and speak only as of the date
hereof. The Company’s actual results may differ materially and
adversely from those expressed in any forward-looking statements as
a result of various factors and uncertainties, including the
Company’s ability to successfully implement its strategic plan, the
ability to complete the transactions contemplated by the recently
announced Recapitalization Agreement and changes to our
relationship and arrangements with Starboard Value LP, the ability
to successfully identify and complete strategic acquisitions of
businesses, divisions, and/or assets, the ability to successfully
develop licensing programs and attract new business, changes in
demand for current and future intellectual property rights,
legislative, regulatory and competitive developments addressing
licensing and enforcement of patents and/or intellectual property
in general, general economic conditions, including the impact of
the COVID-19 pandemic, and the success of the Company’s
investments. The Company’s Annual Report on Form 10-K, and other
SEC filings discuss some of the important risks and uncertainties
that may affect the Company’s business, results of operations and
financial condition. We undertake no obligation to revise or update
publicly any forward-looking statements for any reason.
The results achieved by the Company in prior periods are not
necessarily indicative of the results to be achieved by us in any
subsequent periods. It is currently anticipated that the Company’s
financial results will vary, and may vary significantly, from
quarter to quarter.
ACACIA RESEARCH
CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
and per share data)
September 30, 2022
December 31, 2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
241,874
$
308,943
Equity securities at fair value
81,384
361,778
Equity securities without readily
determinable fair value
5,816
5,816
Investment securities - equity method
investments
72,106
30,934
Accounts receivable, net
7,040
9,517
Inventories, net
13,802
8,930
Prepaid expenses and other current
assets
5,173
4,764
Total current assets
427,195
730,682
Long-term restricted cash
—
418
Property, plant and equipment, net
3,700
4,183
Goodwill
7,470
7,470
Other intangible assets, net
39,692
48,793
Leased right-of-use assets
2,393
2,027
Other non-current assets
4,819
5,283
Total assets
$
485,269
$
798,856
LIABILITIES, REDEEMABLE
CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
5,097
$
5,440
Accrued expenses and other current
liabilities
9,258
6,227
Accrued compensation
5,070
3,698
Royalties and contingent legal fees
payable
3,259
2,463
Deferred revenue
1,403
1,114
Senior secured notes payable
61,350
181,248
Total current liabilities
85,437
200,190
Deferred revenue, net of current
portion
665
581
Series A warrant liabilities
9,396
11,291
Series A embedded derivative
liabilities
22,389
18,448
Series B warrant liabilities
59,742
96,378
Long-term lease liabilities
2,186
2,027
Deferred income tax liabilities, net
2,710
18,552
Other long-term liabilities
1,781
6,161
Total liabilities
184,306
353,628
Commitments and contingencies
Series A redeemable convertible preferred
stock, par value $0.001 per share; stated value $100 per share;
350,000 shares authorized, issued and outstanding as of September
30, 2022 and December 31, 2021; aggregate liquidation preference of
$35,000 as of September 30, 2022 and December 31, 2021
18,482
14,753
Stockholders' equity:
Preferred stock, par value $0.001 per
share; 10,000,000 shares authorized; no shares issued or
outstanding
—
—
Common stock, par value $0.001 per share;
300,000,000 shares authorized; 38,540,276 and 48,807,748 shares
issued and outstanding as of September 30, 2022 and December 31,
2021, respectively
38
49
Treasury stock, at cost, 16,183,703 and
5,388,469 shares as of September 30, 2022 and December 31, 2021,
respectively
(98,258
)
(47,281
)
Additional paid-in capital
644,329
648,389
Accumulated deficit
(288,403
)
(181,724
)
Total Acacia Research Corporation
stockholders' equity
257,706
419,433
Noncontrolling interests
24,775
11,042
Total stockholders' equity
282,481
430,475
Total liabilities, redeemable convertible
preferred stock, and stockholders' equity
$
485,269
$
798,856
ACACIA RESEARCH
CORPORATION
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share
and per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2022
2021
2022
2021
Revenues:
Intellectual property operations
$
6,320
$
1,582
$
16,997
$
24,785
Industrial operations
9,558
—
29,105
—
Total revenues
15,878
1,582
46,102
24,785
Costs and expenses:
Cost of revenues - intellectual property
operations
5,282
3,959
14,480
18,525
Cost of sales - industrial operations
4,648
—
13,432
—
Engineering and development expenses -
industrial operations
156
—
491
—
Sales and marketing expenses - industrial
operations
2,119
—
6,429
—
General and administrative expenses
15,038
10,345
36,813
23,014
Total costs and expenses
27,243
14,304
71,645
41,539
Operating loss
(11,365
)
(12,722
)
(25,543
)
(16,754
)
Other (expense) income:
Equity securities investments:
Change in fair value of equity
securities
(36,352
)
66,502
(266,202
)
115,509
Gain on sale of equity securities
36,060
37,688
114,434
53,124
Earnings on equity investment in joint
venture
850
—
42,935
2,737
Net realized and unrealized gain
(loss)
558
104,190
(108,833
)
171,370
Change in fair value of investment
—
—
—
(2,752
)
Gain on sale of investment
—
—
—
3,591
Change in fair value of the Series A and B
warrants and embedded derivatives
41,638
619
34,590
(203,866
)
Loss on foreign currency exchange
(1,905
)
(17
)
(4,532
)
(193
)
Interest expense on Senior Secured
Notes
(1,072
)
(2,378
)
(5,532
)
(5,142
)
Interest income and other, net
1,221
76
3,091
135
Total other income (expense)
40,440
102,490
(81,216
)
(36,857
)
Income (loss) before income taxes
29,075
89,768
(106,759
)
(53,611
)
Income tax (expense) benefit
(679
)
(11
)
14,399
(531
)
Net income (loss) including noncontrolling
interests in subsidiaries
28,396
89,757
(92,360
)
(54,142
)
Net income attributable to noncontrolling
interests in subsidiaries
(306
)
—
(14,319
)
(906
)
Net income (loss) attributable to Acacia
Research Corporation
$
28,090
$
89,757
$
(106,679
)
$
(55,048
)
Income (loss) per share:
Net income (loss) attributable to common
stockholders - Basic
$
20,587
$
73,110
$
(112,507
)
$
(58,595
)
Weighted average number of shares
outstanding - Basic
38,052,426
48,949,504
42,830,700
48,759,873
Basic net income (loss) per common
share
$
0.54
$
1.49
$
(2.63
)
$
(1.20
)
Net income (loss) attributable to common
stockholders - Diluted
$
1,539
$
80,308
$
(112,507
)
$
(58,595
)
Weighted average number of shares
outstanding - Diluted
71,164,236
93,081,502
42,830,700
48,759,873
Diluted net income (loss) per common
share
$
0.02
$
0.86
$
(2.63
)
$
(1.20
)
Attachment A
The following table illustrates the anticipated sequential
impact of each component of the recapitalization transactions on
pro forma book value through the expected completion of such
transactions through July 2023:
Pro Forma Book Value at
9/30/2022
Q4-22
Q1-23
Q2-23
Q3-23
$ in Millions
Basic
Series A Warrants
Exercised
Series A Payment*
Remove Liability
Transaction Fees
12/31/22 Fully Diluted
Rights Offering**
3/31/23 Fully Diluted
Series A Preferred
Converted
Remove Liability
6/30/23 Fully Diluted
Senior Secured Notes
Converted
Series B Warrants
Exercised
Series B Payment*
Remove Liability
9/30/23 Fully Diluted
Cash and cash equivalents
241.9
18.3
(9.0
)
(9.4
)
241.8
78.8
320.5
320.5
(1.4
)
55.0
(66.0
)
308.2
Equity securities at fair value
81.4
81.4
81.4
81.4
81.4
Equity securities without readily
determinable fair value
5.8
5.8
5.8
5.8
5.8
Investment securities - equity method
investments
72.1
72.1
72.1
72.1
72.1
Other assets
84.1
84.1
84.1
84.1
84.1
Total assets
485.3
18.3
(9.0
)
-
(9.4
)
485.2
78.8
563.9
-
-
563.9
(1.4
)
55.0
(66.0
)
-
551.5
Notes payable
(61.4
)
(61.4
)
(61.4
)
(61.4
)
61.4
-
Warrant and derivative liabilities
(91.5
)
9.4
(82.1
)
(82.1
)
22.4
(59.7
)
59.7
-
Other liabilities
(31.4
)
(31.4
)
(31.4
)
(31.4
)
(31.4
)
Total liabilities
(184.3
)
-
-
9.4
-
(174.9
)
-
(174.9
)
-
22.4
(152.5
)
61.4
-
-
59.7
(31.4
)
Preferred stock
(18.5
)
(18.5
)
(18.5
)
18.5
-
-
Total liabilities and preferred stock
(202.8
)
-
-
9.4
-
(193.4
)
-
(193.4
)
18.5
22.4
(152.5
)
61.4
-
-
59.7
(31.4
)
Book value - stockholders equity
282.5
18.3
(9.0
)
9.4
(9.4
)
291.8
78.8
370.5
18.5
22.4
411.4
60.0
55.0
(66.0
)
59.7
520.1
Shares outstanding - basic
38.5
5.0
-
-
-
43.5
15.0
58.5
9.6
-
68.1
16.4
15.1
-
-
99.6
Book value per share
5.22
KPIs:
Cash and cash equivalents
241.9
241.8
320.5
320.5
308.2
Cash and equity securities at fair
value
323.3
323.1
401.9
401.9
389.5
Cash and equity securities at fair value /
share
3.91
*Note: This amount reflects a portion of
the $75.0 million payment the Company intends to make to Starboard
in consideration for the early exercise of the Series A warrants,
Series B warrants, and convertible preferred stock.
**Note: The amounts in this column assume
Starboard purchases an aggregate of 15.0 million shares in the
rights offering and further assume no participation in the rights
offering by any other stockholders.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221110005491/en/
Investor Contact: FNK IR Rob Fink, 646-809-4048
rob@fnkir.com
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