CombiMatrix Announces $50 Million Equity Financing Commitment.NEWPORT BEACH, Calif. -- Acacia Research Corporation (Nasdaq:CBMX) (Nasdaq:ACTG ACTG Acting ACTG AIDS Clinical Trial Group ACTG Actuating/Actuator ) announced today that it has executed a standby equity distribution agreement In Finance, SEDA stands for a Standby Equity Distribution Agreement. This is an agreement whereby a small publicly-traded company arranges to raise additional capital by selling new stock without making a formal Secondary Market Offering to the market. for up to $50 million in common stock equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. from Cornell Capital Partners, LP ("Cornell") for its CombiMatrix group. Subject to the terms and conditions of the agreement between Acacia Research Corporation and Cornell, over the next 24 months, Acacia may sell registered shares of its AR-CombiMatrix common stock at its discretion to Cornell at a 2.5% discount from the market price. The shares of common stock are being offered pursuant to an effective registration statement filed with the SEC on April 25, 2006. "This funding structure provides us the flexibility to access additional capital at our discretion," stated Dr. Amit Kumar, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CombiMatrix. "This commitment will enable us to finance the company for the next two years, during which time we hope to become the leading company in molecular diagnostics." ABOUT ACACIA RESEARCH CORPORATION Acacia Research Corporation comprises two operating groups: Acacia Technologies Group and CombiMatrix Group. The CombiMatrix group is developing a platform technology to rapidly produce customizable arrays, which are semiconductor-based tools for use in identifying and determining the roles of genes, gene mutations and proteins. The CombiMatrix's group's technology has a wide range of potential applications in the areas of genomics, proteomics, biosensors, drug discovery, drug development, diagnostics, combinatorial chemistry, material sciences and nanotechnology. The Acacia Technologies group develops, acquires, and licenses patented technologies. Acacia controls 45 patent portfolios, which include over 160 U.S. patents, and certain foreign counterparts, covering technologies used in a wide variety of industries including audio/video enhancement & synchronization, broadcast data retrieval, computer memory cache coherency, credit card fraud Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. protection, database management, data encryption & product activation, digital media transmission (DMT See DSL. (R)), digital video production, dynamic manufacturing modeling, enhanced Internet navigation, high resolution optics, image resolution enhancement, interactive data sharing, interactive television, hearing aid ECS See eComStation. , interstitial Internet advertising, laptop docking station connectivity, microprocessor enhancement, multi-dimensional bar codes, network data storage, resource scheduling, rotational video imaging and spreadsheet automation. Acacia Research-Acacia Technologies (Nasdaq:ACTG) and Acacia Research-CombiMatrix (Nasdaq:CBMX) are both classes of common stock issued by Acacia Research Corporation and are intended to reflect the performance of the respective operating groups and are not issued by the operating groups. Information about the Acacia Technologies Group and the CombiMatrix Group is available at www.acaciaresearch.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: 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 our current expectations and speak only as of the date hereof. Our 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 economic slowdown affecting technology companies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , recent and forthcoming Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. , recent Current Reports on Forms 8-K and 8-K/A, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion