Starboard Value LP - 16 May 2025 Form 4 Insider Report for ACACIA RESEARCH CORP (ACTG)

Reporting relationship: Other*, 10%+ Owner
Issuer ticker: ACTG
Reported as of: 16 May 2025
Net transaction value: $0
SEC form: 4
Accepted by SEC: 16 May 2025, 21:30:12 UTC
Prior SEC filing: 08 Mar 2024
Source filing: View source filing
Reporting owner signature: Starboard Value LP, By: /s/ Jeffrey C. Smith, Authorized Signatory

Key filing fact

Starboard Value LP filed Form 4 for ACACIA RESEARCH CORP (ACTG) on 16 May 2025.

Key facts

This page summarizes Starboard Value LP's Form 4 filing for ACACIA RESEARCH CORP (ACTG).
4 reported transactions and 0 derivative rows are listed below.
Accepted by SEC: 16 May 2025, 21:30.

Change

Previous filing in this sequence was filed on 08 Mar 2024.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (10)

CIK 0001517137 Primary reporting owner

Starboard Value LP

Relationship: Other*, 10%+ Owner
Address: 777 THIRD AVENUE, 18TH FLOOR, NEW YORK
Signature: Starboard Value LP, By: /s/ Jeffrey C. Smith, Authorized Signatory
Signature date: 16 May 2025

CIK 0001373638

STARBOARD VALUE & OPPORTUNITY MASTER FUND LTD

Relationship: Other*, 10%+ Owner
Address: 777 THIRD AVENUE, 18TH FLOOR, NEW YORK
Signature: Starboard Value & Opportunity Master Fund Ltd, By: /s/ Jeffrey C. Smith, Authorized Signatory
Signature date: 16 May 2025

CIK 0001519812

STARBOARD VALUE & OPPORTUNITY S LLC

Relationship: Other*, 10%+ Owner
Address: 777 THIRD AVENUE, 18TH FLOOR, NEW YORK
Signature: Starboard Value & Opportunity S LLC, By: /s/ Jeffrey C. Smith, Authorized Signatory
Signature date: 16 May 2025

CIK 0001571704

Starboard Value & Opportunity C LP

Relationship: Other*, 10%+ Owner
Address: 777 THIRD AVENUE, 18TH FLOOR, NEW YORK
Signature: Starboard Value and Opportunity C LP, By: /s/ Jeffrey C. Smith, Authorized Signatory
Signature date: 16 May 2025

CIK 0001767736

Starboard Value & Opportunity Master Fund L LP

Relationship: Other*, 10%+ Owner
Address: 777 THIRD AVENUE, 18TH FLOOR, NEW YORK
Signature: Starboard Value and Opportunity Master Fund L LP, By: /s/ Jeffrey C. Smith, Authorized Signatory
Signature date: 16 May 2025

CIK 0001833016

Starboard X Master Fund Ltd

Relationship: Other*, 10%+ Owner
Address: 777 THIRD AVENUE, 18TH FLOOR, NEW YORK
Signature: Starboard X Master Fund Ltd, By: /s/ Jeffrey C. Smith, Authorized Signatory
Signature date: 16 May 2025

CIK 0001575972

Starboard Value R LP

Relationship: Other*, 10%+ Owner
Address: 777 THIRD AVENUE, 18TH FLOOR, NEW YORK
Signature: Starboard Value R LP, By: /s/ Jeffrey C. Smith, Authorized Signatory
Signature date: 16 May 2025

CIK 0001767773

Starboard Value L LP

Relationship: Other*, 10%+ Owner
Address: 777 THIRD AVENUE, 18TH FLOOR, NEW YORK
Signature: Starboard Value L LP, By: /s/ Jeffrey C. Smith, Authorized Signatory
Signature date: 16 May 2025

CIK 0001517138

Starboard Value GP LLC

Relationship: Other*, 10%+ Owner
Address: 777 THIRD AVENUE, 18TH FLOOR, NEW YORK
Signature: Starboard Value GP LLC, By: /s/ Jeffrey C. Smith, Authorized Signatory
Signature date: 16 May 2025

CIK 0001575979

Starboard Value R GP LLC

Relationship: Other*, 10%+ Owner
Address: 777 THIRD AVENUE, 18TH FLOOR, NEW YORK
Signature: Starboard Value R GP LLC, By: /s/ Jeffrey C. Smith, Authorized Signatory
Signature date: 16 May 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

ACTG transaction

Common Stock, par value $0.001 per share

Other

Transaction value: $1,075,900
Shares: -290,000
Change %: -8.2%
Price: $3.71
Shares after: 3,255,169
Date: 16 May 2025
Ownership: By Starboard Value and Opportunity C LP
Footnotes: F1, F2, F6, F9

ACTG transaction

Common Stock, par value $0.001 per share

Other

Transaction value: $12,076,677
Shares: -3,255,169
Change %: -100%
Price: $3.71
Shares after: 0
Date: 16 May 2025
Ownership: By Starboard Value and Opportunity C LP
Footnotes: F1, F2, F6, F9

ACTG transaction

Common Stock, par value $0.001 per share

Other

Transaction value: $1,075,900
Shares: +290,000
Change %: +6.2%
Price: $3.71
Shares after: 4,954,889
Date: 16 May 2025
Ownership: By Starboard X Master Fund Ltd
Footnotes: F1, F2, F8, F9

ACTG transaction

Common Stock, par value $0.001 per share

Other

Transaction value: $12,076,677
Shares: +3,255,169
Change %: +66%
Price: $3.71
Shares after: 8,210,058
Date: 16 May 2025
Ownership: By Starboard X Master Fund Ltd
Footnotes: F1, F2, F8, F9

ACTG holding

Common Stock, par value $0.001 per share

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 33,048,368
Date: 16 May 2025
Ownership: By Starboard Value and Opportunity Master Fund Ltd
Footnotes: F1, F2, F3

ACTG holding

Common Stock, par value $0.001 per share

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 6,112,360
Date: 16 May 2025
Ownership: By Starboard Value and Opportunity S LLC
Footnotes: F1, F2, F4

ACTG holding

Common Stock, par value $0.001 per share

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 10,391,011
Date: 16 May 2025
Ownership: By Managed Account of Starboard Value LP
Footnotes: F1, F2, F5

ACTG holding

Common Stock, par value $0.001 per share

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 3,361,798
Date: 16 May 2025
Ownership: By Starboard Value and Opportunity Master Fund L LP
Footnotes: F1, F2, F7

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 9 footnotes

Footnote F1

This Form 4 is filed jointly by Starboard Value and Opportunity Master Fund Ltd ("Starboard V&O Fund"), Starboard Value and Opportunity S LLC ("Starboard S LLC"), Starboard Value and Opportunity C LP ("Starboard C LP"), Starboard Value and Opportunity Master Fund L LP ("Starboard L Master"), Starboard X Master Fund Ltd ("Starboard X Master"), Starboard Value R LP ("Starboard R LP"), Starboard Value L LP ("Starboard L LP"), Starboard Value LP ("Starboard Value LP"), Starboard Value GP LLC ("Starboard Value GP"), Starboard Value R GP LLC ("Starboard R GP"), Starboard Principal Co LP ("Principal Co"), Starboard Principal Co GP LLC ("Principal GP"), Peter A. Feld and Jeffrey C. Smith (collectively, the "Reporting Persons").

Footnote F2

To enable all of the Reporting Persons to gain access to the Securities and Exchange Commission's electronic filing system (which only accepts a maximum of 10 joint filers per report), this report is the first of two identical reports relating to the same transactions being filed with the Securities and Exchange Commission. Each Reporting Person 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. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

Footnote F3

Securities beneficially owned by Starboard V&O Fund. Starboard Value LP, as the investment manager of Starboard V&O Fund, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard V&O Fund. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard V&O Fund.

Footnote F4

Securities beneficially owned by Starboard S LLC. Starboard Value LP, as the manager of Starboard S LLC, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard S LLC. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard S LLC.

Footnote F5

Securities held in a certain account managed by Starboard Value LP (the "Starboard Value LP Account"). Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard Value LP and held by the Starboard Value LP Account.

Footnote F6

Securities beneficially owned by Starboard C LP. Each of Starboard R LP, as the general partner of Starboard C LP, and Starboard R GP, as the general partner of Starboard R LP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard C LP. Starboard Value LP, as the investment manager of Starboard C LP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard C LP. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard C LP. As of May 16, 2025, Starboard C LP no longer beneficially owns any securities of the Issuer.

Footnote F7

Securities beneficially owned by Starboard L Master. Each of Starboard L LP, as the general partner of Starboard L Master, Starboard R LP, as the general partner of Starboard L LP, and Starboard R GP, as the general partner of Starboard R LP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard L LP. Starboard Value LP, as the investment manager of Starboard L Master, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard L Master. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard L Master.

Footnote F8

Securities beneficially owned by Starboard X Master. Starboard Value LP, as the investment manager of Starboard X Master, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard X Master. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co, and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed to be the beneficial owner of the securities beneficially owned by Starboard X Master.

Footnote F9

Represents an internal transfer from Starboard C LP to Starboard X Master, which did not affect the Reporting Persons' holdings in the aggregate.