Acacia Research Completes Private Financing.PASADENA, Calif.--(BUSINESS WIRE)--Dec. 1, 1997--Acacia Research Corporation (NASDAQ/NMS:ACRI) announced the closing of a private financing, generating gross proceeds of $1.68 million. The company sold 224,000 units, each unit consisting of one share of Acacia Research's common stock and one three-year callable common stock Callable Common Stock Common stock that allows the issuer to call back the stock at a specific price. Notes: Typically, callable common stock is issued for a subsidiary company by the parent company. purchase warrant. Each common stock purchase warrant entitles the holder to purchase one share of Acacia Research's common stock at a price of $10.00 per share and is callable Callable Applies mainly to convertible securities. Redeemable by the issuer before the scheduled maturity under specific conditions and at a stated price, which usually begins at a premium to par and declines annually. by Acacia Research once the closing bid price of the company's common stock averages $15.00 or above for 20 consecutive trading days on the Nasdaq National Market System. Acacia Research now has approximately 3.1 million shares outstanding. Acacia Research will use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to complete the purchase of its majority control interest in Soundview Technologies Incorporated as well as its interest in Greenwich Information Technologies LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The remaining net proceeds will be used as working capital for general corporate purposes, which may include additional investments in Acacia Research's affiliate companies. Acacia Research Corporation (ACRI) is a diversified capital management company with interests in several enterprises -- CombiMatrix Corporation (drug discovery technology), Greenwich Information Technologies LLC (video and audio-on-demand technology), MerkWerks Corporation (software development), Soundview Technologies Incorporated (V-chip technology), Whitewing Labs, Inc. (direct marketer of nutritional supplements Nutritional Supplements Definition Nutritional supplements include vitamins, minerals, herbs, meal supplements, sports nutrition products, natural food supplements, and other related products used to boost the nutritional content of the diet. ), and the company's investment advisory business (managing four private investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company ). CONTACT: Acacia Research Corporation Kathryn King-Van Wie, 818/449-6431 |
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