Acacia’s Portfolio Holding, Oxford Nanopore, Completes IPO on the London Stock Exchange, Generating Net Proceeds of $22.3M for Acacia

NEW YORK–(BUSINESS WIRE)–Acacia Research Corporation (Nasdaq: ACTG) (Acacia) today announced that Oxford Nanopore Technologies Limited (Oxford Nanopore), the company behind a next-generation nanopore-based detection technology, whose products enable the real-time, high-performance, scalable analysis of DNA and RNA, has successfully completed its first public offering of shares on the London Stock Exchange for 425 pence per share.

The sale of 3,895,500 shares in the IPO, representing 10% of the pre-IPO stake, will provide Acacia with net proceeds of $22.3 million. Prior to the IPO, Acacia owned 38,955,000 shares, representing a 5.5% stake in Oxford Nanopore, which was worth Acacia at $170.2 million on June 30, 2021. Following the IPO, Acacia will hold 35,059,500 million shares in Oxford Nanopore, representing approximately 4.4% of the outstanding shares. Acacia’s remaining stake in Oxford Nanopore, based on the Oxford Nanopores closing price on Oct. 4, is $280.8 million, which, combined with the proceeds from the share sale, represents an increase of approximately 78% over of the holding company’s last disclosed book value as of June 30, 2021. Acacia’s remaining shares in Oxford Nanopore may not be resold for a period of at least 180 days under customary lock-up agreements.

Clifford Press, Acacias President and Chief Executive Officer, noted: Oxford Nanopore is a global leader in an emerging industry and the crown jewel of the Woodford Portfolio, which we acquired last June. The successful IPO is one of the largest in London this year and reflects the many years of foresight and collaboration with which Neil Woodford and his team have supported and funded the development of this company from the very beginning. Oracle’s recently announced strategic investment is further proof of Oxford Nanopore’s innovation and leadership, and we are delighted to be major shareholders.

About Acacia Research Corporation

Acacia Research (NASDAQ:ACTG) aims to acquire undervalued companies and seeks opportunities for value creation. We leverage our (i) access to flexible capital that can be deployed unconditionally, (ii) expertise in corporate governance and operational restructuring, (iii) willingness to invest in out-of-favour industries and companies suffering from a complexity discount, and disentangle complex, multi-factor situations, and (iv) expertise and relationships in certain sectors, to complete strategic acquisitions of companies, divisions and/or assets with a focus on mature technology, healthcare, industrial and certain financial segments. We look for opportunities where we believe we are privileged buyers, where we can avoid structured sales processes and create the opportunity to buy companies, divisions and/or company assets at an attractive price thanks to our unique capabilities, relationships or expertise, or where we think the target would be worth more to us than to other buyers. Information about Acacia Research Corporation and its subsidiaries is available at: www.acaciaresearch.com.

Safe Harbor Statement

This press 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 on our current expectations and speak only as of the date hereof. Such forward-looking statements could be material and adverse to those contained in this press release due to a variety of factors and uncertainties, including the future value of Acacias’ investment in Oxford Nanopore, as well as the impact of Oracle’s recent investment in Oxford Nanopore. We assume no obligation to publicly revise or update any forward-looking statements for any reason.