By Sheri Kasprzak
Atlanta, June 30 - Acacia Research Corp. said it plans to raise $2,925,999 in a direct placement of CombiMatrix Corp.'s shares.
The offering includes 1,300,444 shares of CombiMatrix at $2.25 each to a group of institutional investors.
The shares are being sold under Acacia's shelf registration.
The deal is expected to close July 5.
Based in Newport Beach, Calif., Acacia operates Acacia Technologies Group and CombiMatrix Group. CombiMatrix develops technologies to determine roles of genes, gene mutations and proteins for use in the biotechnology sector.
The proceeds will be used to fund the company's entry into molecular diagnostics. The funds will also be used for research and development.
| Issuer: | Acacia Research Corp.
|
| Issue: | Stock (shares of CombiMatrix Corp.)
|
| Amount: | $2,925,999
|
| Shares: | 1,300,444
|
| Price: | $2.25
|
| Warrants: | No
|
| Pricing date: | June 30
|
| Settlement date: | July 5
|
| Stock price: | $2.43 at close June 29
|
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