Form 4: Starboard Value Adjusts Stake in Acacia Research Corp Through Internal Transfer

Starboard Value LP reports an internal transfer of Acacia Research Corp shares between its affiliated entities, with no net change in the overall holdings of the reporting persons.

Summary

• Starboard Value LP and affiliated entities filed a Form 4 detailing changes in beneficial ownership of Acacia Research Corp (ACTG) common stock.
• The filing reports an internal transfer of 290,000 shares from Starboard Value and Opportunity C LP to Starboard X Master Fund Ltd on May 16, 2025, at a price of $3.71 per share.
• This transfer did not affect the aggregate holdings of the Reporting Persons.
• The Reporting Persons may be deemed to be a member of a Section 13(d) group that owns more than 10% of the Issuer's outstanding shares of Common Stock.
• The Reporting Persons disclaim beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

Sentiment

Score: 5

Explanation: The document is a neutral regulatory filing, reporting a transaction without expressing any positive or negative sentiment about the company's prospects.

Positives

• The filing provides transparency into the holdings and transactions of a major shareholder, Starboard Value LP, and its affiliated entities.
• The internal transfer suggests a potential strategic realignment within Starboard's investment portfolio.

Future Outlook

The document does not contain any specific forward-looking statements regarding Acacia Research Corp's future performance or Starboard Value's future investment strategy.

Industry Context

Form 4 filings are a routine part of the regulatory landscape for publicly traded companies and their major shareholders, providing transparency into significant ownership changes. Starboard Value is known for its activist investing approach, so any changes in its holdings are closely watched by the market.

Comparison to Industry Standards

• Form 4 filings are standard practice for major shareholders in publicly traded companies, ensuring transparency and compliance with SEC regulations.
• Other activist investors like Elliott Management or Pershing Square Capital Management also regularly file similar forms to disclose their transactions and ownership positions.

Stakeholder Impact

• The filing provides information to shareholders regarding the ownership structure of the company.
• The transaction itself is an internal transfer and is unlikely to have a significant impact on other stakeholders.

Key Dates

Keywords

Starboard Value LP, Acacia Research Corp, ACTG, beneficial ownership, Form 4, internal transfer, shareholding, investment