By Sheri Kasprzak
New York, June 15 - Acacia Research Corp. has received a $50 million equity line from Cornell Capital Partners, LP on behalf of its subsidiary CombiMatrix Group.
The two-year line allows Cornell to buy shares of Acacia at a 2.5% discount to the volume weighted average price of the company's stock for the five trading days after notice of a draw.
The company intends to use the proceeds to continue to expand into molecular diagnostics.
Based in Newport Beach, Calif., CombiMatrix Group develops technologies to produce customizable arrays - or semiconductor-based tools used to determine the roles of genes, gene mutations and proteins.
| Issuer: | Acacia Research Corp. (on behalf of CombiMatrix Group)
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| Issue: | Equity line
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| Amount: | $50 million
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| Tenor: | Two years
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| Price: | 2.5% discount to the VWAP for the five trading days after notice of a draw
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| Warrants: | No
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| Settlement date: | June 14
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| Stock symbol: | Nasdaq: CBMX
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| Stock price: | $1.57 at close June 14
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