Acacia Research Provides Update on Strategic Partnership with Starboard Value LP

Cash Exercise Date for Series B Warrants Extended by Four Weeks

Acacia Research Corporation (Nasdaq: ACTG) (“Acacia” or the “Company”) today provided an update on the Company’s relationship with Starboard Value LP (“Starboard”). As previously disclosed, the Board of Directors of Acacia Research Corporation had formed a Special Committee of directors not affiliated or associated with Starboard to review Starboard’s relationship with the Company with the objective of establishing a simplified capital structure with increased capital resources for the next phase of the Company’s growth (the “Strategic Relationship”). The Special Committee and Starboard have been working together to reach a resolution to these matters.

In connection with these discussions, On September 30, 2022, the Company amended the Series B Warrants to extend the Cash Exercise Date for four weeks from September 30, 2022 to October 28, 2022, to allow for additional time to reach a resolution with Starboard.

Clifford Press, Chief Executive Officer, stated, “The strategic partnership between Acacia and Starboard has evolved over the past three years and we have made significant progress toward defining an appropriate capital structure for the future development of the platform. We are committed to finalizing these arrangements as expeditiously as possible.”

Additional details about the amendment to the Series B Warrants are included in a Form 8-K, filed with the Securities and Exchange Commission.

About the Company

Acacia is a permanent capital platform with a strategy to purchase businesses based on the differentials between public and private market valuations. Acacia leverages its (i) access to flexible capital that can be deployed opportunistically as a result of its strategic partnership with Starboard Value LP, (ii) disciplined focus on identifying opportunities where it can be an advantaged buyer, initiate a transaction opportunity spontaneously, avoid a traditional sale process and complete the purchase of a business, division or other asset at an attractive price, (iii) willingness to invest across industries and in off-the-run, often misunderstood assets that suffer from a complexity or multi-factor discount, (iv) relationships and partnership abilities across functions and sectors, and (v) strong expertise in corporate governance and operational transformation. Acacia seeks to identify opportunities where it believes it is an advantaged buyer, where it can avoid structured sale processes and create the opportunity to purchase businesses, divisions and/or assets of companies at an attractive price due to Acacia’s unique capabilities, relationships or expertise, or Acacia believes the target would be worth more to it than to other buyers. Additional information about Acacia and its subsidiaries is available at www.acaciaresearch.com.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon the Company’s current expectations and speak only as of the date hereof. The Company’s actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the Company’s ability to successfully implement its strategic plan, the ability of the Company to renegotiate the terms of its relationship with Starboard Value LP, the ability to successfully identify and complete strategic acquisitions of businesses, divisions, and/or assets, the ability to successfully develop licensing programs and attract new business, changes in demand for current and future intellectual property rights, legislative, regulatory and competitive developments addressing licensing and enforcement of patents and/or intellectual property in general, general economic conditions, including the impact of the COVID-19 pandemic and the success of the Company’s investments. The Company’s Annual Report on Form 10-K, and other SEC filings discuss some of the important risks and uncertainties that may affect the Company’s business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

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