Acadia Research Drops 6% On Public Equity Offering Announcement (ACTG)

Acacia Research Corporation ACTG announced today that it has filed a preliminary prospectus supplement with the Securities and Exchange Commission for a proposed public offering of 5,000,000 shares of its common stock. Barclays Capital is acting as the sole underwriter for the offering. The Company also expects to grant an option to Barclays Capital to purchase up to an additional 750,000 shares of common stock. The Company intends to use the net proceeds from the offering for its operations and for other general corporate purposes, including, but not limited to, working capital, strategic acquisitions and other transactions. The shares of common stock are being offered by the Company pursuant to an effective shelf registration statement that was previously filed by the Company with the SEC and became effective on March 24, 2011