As reported last week, Paul Falzone resigned from Acacia Research Corporation’s board of directors. On July 31, NASDAQ advised Acacia that it is no longer in compliance with their audit committee requirements due to Mr. Falzone’s departure. NASDAQ provided a cure period through 2019 to replace Mr. Falzone and restore the minimum number of members to its audit committee. Acacia’s notice states that the Nominating and Governance Committee has already initiated a search for replacements. However, it’s worth noting that Acacia also spent two and a half years without filling it’s vacant CEO position.
Simultaneously, Acacia also issued a press release (full text below) stating that departing director William S. Anderson failed to attend the required number of board and committee meetings in 2017. The release states that Acacia requested repayment of Anderson’s monthly director’s fees.
Acacia Research Announces Changes to Board of Directors
NEWPORT BEACH, July 31, 2018 – Acacia Research Corporation (NASDAQ: ACTG) (the “Company”) announced today that William S. Anderson and Paul Falzone have resigned from the Board of Directors (the “Board”), effective July 25, 2018. The Company has determined that Mr. Anderson did not meet the minimum director attendance requirement for Board of Director and committee meetings held during 2017. Under the Company’s governance policies, the Company requested repayment of, and Mr. Anderson promptly remitted, a pro rata amount of Mr. Anderson’s 2017 monthly director fees.
Newly elected directors Clifford Press and Al Tobia said: “The Acacia Board is committed to cutting operating costs to protect stockholder capital and seeking highly-credentialed, independent directors with demonstrated governance and investment skills.”
ABOUT ACACIA RESEARCH CORPORATION
Founded in 1993, Acacia Research Corporation (NASDAQ:ACTG) is an industry leader in patent licensing and partners with inventors and patent owners to unlock the financial value in their patented inventions. Acacia bridges the gap between invention and application, facilitating efficiency and delivering monetary rewards to the patent owner.
Information about Acacia and its subsidiaries is available at www.acaciaresearch.com.
Acacia Research Corporation
Clayton Haynes, 949-480-8316
Sloane & Company
Joe Germani / Kristen Duarte, 212-486-9500
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