Acacia Research Completes Private Financing.
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 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 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 to complete the purchase of its majority control interest in Soundview Technologies Incorporated as well as its interest in Greenwich Information Technologies LLC. 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), and the company's investment advisory business (managing four private investment funds).
CONTACT: Acacia Research Corporation
Kathryn King-Van Wie, 818/449-6431
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|Date:||Dec 1, 1997|
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