NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Acacia Research Corporation (Nasdaq:ACTG)(Nasdaq:CBMX) announced today that is has obtained commitments to purchase $5 million of its Acacia Research-CombiMatrix common stock and warrants in a registered direct offering. Under the terms of the transaction, Acacia will sell approximately 6.8 million units for $0.738 per unit to a select group of investors. Participants in this financing included Dr. Amit Kumar, President and CEO of CombiMatrix, Tom Akin and Dr. John Abeles, all of whom are directors of CombiMatrix Corp. Each unit will consist of one share of Acacia Research-CombiMatrix common stock and a five-year warrant for the purchase of 1.5 shares of stock at an exercise price of $0.55 per share. The closing of the offering is expected to take place on May 7, 2007, subject to the satisfaction of customary closing conditions. All of the shares of Acacia Research-CombiMatrix common stock are being offered by Acacia pursuant to an effective registration statement previously filed with the Securities and Exchange Commission.
