<SEC-DOCUMENT>0001683168-19-003701.txt : 20191118
<SEC-HEADER>0001683168-19-003701.hdr.sgml : 20191118
<ACCEPTANCE-DATETIME>20191118092852
ACCESSION NUMBER:		0001683168-19-003701
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191118
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191118
DATE AS OF CHANGE:		20191118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACACIA RESEARCH CORP
		CENTRAL INDEX KEY:			0000934549
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				954405754
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37721
		FILM NUMBER:		191226380

	BUSINESS ADDRESS:	
		STREET 1:		520 NEWPORT CENTER DRIVE
		STREET 2:		12TH FLOOR
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		9494808300

	MAIL ADDRESS:	
		STREET 1:		520 NEWPORT CENTER DRIVE
		STREET 2:		12TH FLOOR
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>acacia_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of earliest event reported):
<B>November 18, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ACACIA RESEARCH CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>001-37721</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>95-4405754</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(State or other jurisdiction of incorporation)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Commission File Number)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(IRS Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; border-bottom: Black 1pt solid; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>4 Park Plaza, Suite 550</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Irvine, California</B></P></TD>
    <TD STYLE="width: 25%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>92614</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Registrant&rsquo;s telephone number, including area code:&#9;<B>(949)
480-8300</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#9;<U>&#9;Not applicable&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former name or former address, if changed
since last report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<U>see</U> General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9746;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744;</P></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Stock, $0.001 par value per share</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ACTG</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The NASDAQ Stock Market, LLC</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Emerging growth company <FONT STYLE="font-size: 10pt">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-size: 10pt">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7.01 Regulation FD Disclosure.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On November 18, 2019, Acacia Research Corporation, a Delaware
corporation (the &ldquo;Company&rdquo;), entered into a Securities Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;) with
Starboard Value LP and certain of its affiliates (the &ldquo;Buyers&rdquo;) pursuant to which the Company (i) sold and issued 350,000
shares of Series A Convertible Preferred Stock, par value $0.001 per share (the &ldquo;Preferred Shares&rdquo;) at an aggregate
purchase price of $35,000,000, and (ii)&nbsp;issued warrants (the &ldquo;Series A Warrants&rdquo;) to purchase up to 5,000,000
shares of the Company&rsquo;s common stock, par value $0.001 per share (&ldquo;Common Stock&rdquo;), at an exercise price equal
to $3.65 per share (subject to certain price-based anti-dilution adjustments).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Purchase Agreement, the Company may issue up
to $365 million in senior secured notes due 2027 (the &ldquo;Notes&rdquo;) to the Buyers, the proceeds of which may be used to
fund investment opportunities and strategic acquisitions approved by the Buyers and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, promptly following the receipt of Stockholder Approval
(as defined below), the Company has agreed to issue to the Buyers warrants to purchase up to 100,000,000 shares of Common stock
(the &ldquo;Series B Warrants&rdquo; and together with the Preferred Shares, the Series A Warrants and the Notes, the &ldquo;Securities&rdquo;)
at an exercise price (subject to certain price-based anti-dilution adjustments) of either (i) $5.25 per share if exercising by
cash payment, or (ii) to the extent Notes have been issued, $3.65 per share if exercising by cancellation of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company has agreed to solicit the affirmative vote of the
Company&rsquo;s stockholders for the approval of resolutions providing for: (i) the Company&rsquo;s issuance of the securities
described in the Purchase Agreement without giving effect to any limitations under the rules of the Nasdaq Stock Market LLC, and
(ii) an amendment to the Company&rsquo;s certificate of incorporation to increase the number of authorized shares of Common Stock
by not less than 200,000,000 shares (such approvals, collectively, the &ldquo;Stockholder Approval&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the receipt of Stockholder Approval and certain other
conditions, the Company will have the option to complete one or more offerings (a &ldquo;Stockholder Offering&rdquo;) of senior
secured notes with terms substantially identical to the Notes, in an aggregate principal amount of up to $100,000,000, and warrants
to purchase up to 27,397,261 shares of Common Stock with terms substantially identical to the Series B Warrants, to holders of
Common Stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing transactions contemplated by the Purchase Agreement
are referred to herein as the &ldquo;Financing.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On November 18, 2019, the Company issued a press release announcing
the transactions contemplated by the Financing. A copy of the press release is furnished as Exhibit 99.1 to this Current Report
on Form 8-K. The information in this Item 7.01 and in Exhibit 99.1 to this Current Report shall not be deemed &quot;filed&quot;
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &quot;Exchange Act&quot;), or incorporated by
reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth
by specific reference in such a filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information in this report and the exhibit hereto may contain
&ldquo;forward-looking statements&rdquo; within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act. Such statements are made based on the current beliefs and expectations of the Company&rsquo;s management and are subject to
significant risks and uncertainties. Actual results or events may differ from those anticipated by forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Important Additional Information and Where to Find It</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Financing, the Company will file with
the SEC a Current Report on Form 8-K describing the terms of the Financing, a preliminary proxy statement and other documents relating
to the Financing and the Stockholder Approvals required thereunder and may file one or more amendments to such documents. When
completed, a definitive proxy statement and a form of proxy will be filed with the SEC and mailed to the Company&rsquo;s stockholders.&nbsp;
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS
TO BE FILED WITH THE SEC IN CONNECTION WITH THE FINANCING OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE FINANCING AND THE AUTHORIZATION AND ISSUANCE OF SECURITIES THEREUNDER. Investors and security
holders may obtain a free copy of the proxy statement and other documents filed by the Company at the SEC&rsquo;s Web site at http://www.sec.gov.
The proxy statement and such other documents may also be obtained for free from the Company by directing such request to Acacia
Research Corporation, 4 Park Plaza, Suite 550, Irvine, California 92614, Attention: Corporate Secretary, Telephone: (949) 480-8300.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company and its directors, executive officers and other
members of its management and employees may be deemed to be participants in the solicitation of proxies from its stockholders in
connection with the proposed authorization and issuance of securities. Information concerning the interests of the Company&rsquo;s
participants in the solicitation, which may be different than those of the Company stockholders generally, is set forth in the
Company&rsquo;s definitive proxy statement for the Company&rsquo;s 2019 annual meeting of stockholders, previously filed with the
SEC on June 14, 2019, and the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with
the SEC on March 15, 2019, as amended by Amendment No. 1 to Form 10-K on Form 10-K/A, filed with the SEC on April 30, 2019, as
well as other documents filed with the SEC. Additional information regarding the interests of such participants will be included
in the preliminary proxy statement, definitive proxy statement and other relevant documents regarding the Financing filed with
the SEC when they become available. To the extent holdings of such participants in the Company&rsquo;s securities are not reported,
or have changed since the amounts described in the proxy statements, such changes have been or will be reflected on Initial Statements
of Beneficial Ownership on Form&nbsp;3 or Statements of Change in Ownership on Form&nbsp;4 filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>Item 9.01 Financial Statements
and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exhibit No.</U></FONT></TD>
    <TD STYLE="width: 85%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Description</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><A HREF="acacia_ex9901.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press release, dated November 18, 2019, issued by Acacia Research Corporation announcing strategic partnership with Starboard Value LP</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">ACACIA RESEARCH CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">Date: November 18, 2019</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%"><U>/s/ Clifford Press&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Chief Executive Officer</TD></TR>
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<TYPE>EX-99.1
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<DESCRIPTION>PRESS RELEASE
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<P STYLE="margin: 0">Exhibit 99.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #565656">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_001.jpg" ALT=""><BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00A4E4"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>FOR RELEASE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 18, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Acacia Research Announces Strategic Partnership
with Starboard Value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Agreement to Provide up to $400 Million
in Additional Capital for Strategic Investments and Acquisitions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Jonathan Sagal, Managing Director of
Starboard, Has Joined Acacia&rsquo;s Board of Directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>Company to Host Investor Conference Call
Today at 10:00 a.m. ET</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Irvine, Calif. </B>&ndash; November
18, 2019 - Acacia Research Corporation (&ldquo;we&rdquo;, &quot;Acacia&quot; or &quot;the Company&quot;) (Nasdaq: ACTG) today announced
a strategic partnership with Starboard Value LP (together with its affiliates, &ldquo;Starboard&rdquo;), a New York-based investment
adviser with a focused and fundamental approach to investing in publicly traded U.S. companies. This financing (the &ldquo;Transaction&rdquo;)
will provide Acacia with access to up to $400 million of new capital for strategic investments and acquisitions, and Starboard
will work directly with Acacia to identify and execute on these opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Under terms of the agreements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Starboard has made a $35 million&nbsp;investment in Acacia, acquiring
350,000 shares of Series A Convertible Preferred Stock (the &ldquo;Preferred Shares&rdquo;) convertible at $3.65 per share, a 38%
premium to Acacia&rsquo;s 30-day trailing volume-weighted average price (VWAP), and warrants to purchase five million shares of
common stock (the &ldquo;Series A Warrants&rdquo;) with an exercise price of $3.65 per share.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Acacia may issue up to $365 million in senior secured notes due 2027
with a cash interest rate of 6% (the &ldquo;Notes&rdquo;) to Starboard, the proceeds of which may be used to fund investment opportunities
and strategic acquisitions approved from time to time by the Company and Starboard. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Promptly upon the receipt of Acacia stockholder approval (as described
below), Starboard will purchase warrants (the &ldquo;Series B Warrants&rdquo;) to purchase up to 100 million shares of the Company&rsquo;s
common stock at a cash exercise price of $5.25 per share or by the cancellation of Notes, to the extent the Notes have been issued,
at an exercise price of $3.65 per share. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Acacia has reserved the right to offer existing Acacia common stockholders
the opportunity to purchase up to $100 million in notes and 27 million warrants on substantially the same terms of the Notes and
Series B Warrants.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Jonathan Sagal, Managing Director of Starboard Value, has joined Acacia&rsquo;s
Board of Directors, and Starboard Value has certain other board appointment rights, as described below.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Clifford Press, Acacia&rsquo;s Chief
Executive Officer, commented, &ldquo;This transaction is the culmination of our work to prepare Acacia for its next stage as a
leading absolute return focused platform for investing in intellectual property, technology, and other unique investment and acquisition
opportunities. We believe that our strategic alliance with Starboard will allow us to pursue opportunities of greater scale and
flexibility. Starboard is an ideal partner for us given their strong investment track record and deep focus on operational, strategic
and governance oriented investing.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Press continued, &ldquo;We are very
pleased that we will be able to give Stockholders the option to participate in the Starboard Notes and Series B Warrants on substantially
the same terms as Starboard.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Al Tobia, Acacia&rsquo;s President
and Chief Investment Officer, commented, &ldquo;We are excited and very pleased to welcome Jonathan to the Board and establish
a close working relationship with Starboard to accelerate our growth. This further strengthens Acacia&rsquo;s new Board of highly
qualified independent directors and provides us with access to capital and strategic insights to drive our strategy.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Jeff Smith, CEO of Starboard, commented,
&ldquo;We have a shared vision for how Acacia can deploy capital in innovative ways to create value for all shareholders. Clifford,
Al, and the new Board have led a substantial transformation at Acacia. They have established an exemplary governance framework
and built a significant capital position with approximately $170 million in cash and short-term investments and substantial net
tax assets. We believe the Acacia platform is a solid base of assets from which to build. Together with the capital that we are
providing, Acacia is now well positioned to identify and execute on the most attractive investment opportunities, and we look forward
to working closely with the Company.&rdquo;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Transaction Overview </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Under the terms of the Transaction
agreements, Starboard has purchased 350,000 Preferred Shares, with a liquidation preference of $100 per share and an initial cash
dividend rate of 3%, and Series A Warrants to purchase up to five million shares of common stock, resulting in proceeds to Acacia
of $35 million. The conversion price of the Preferred Shares and the exercise price of the Series A Warrants is $3.65 (subject
to price-based anti-dilution adjustments), a 38% premium to Acacia&rsquo;s trailing 30-day VWAP. These proceeds will be held in
escrow until used for an approved investment. Following the use of the proceeds to fund a strategic investment or acquisition,
the dividend rate on the Preferred Shares will increase to 8%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Transaction also establishes a
structure by which the Company and Starboard may agree on approved investments from time to time to be financed by Notes in an
aggregate principal amount up to $365 million with a 6% annual interest rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Acacia will seek stockholder approval
for (i) the Company&rsquo;s issuance of the securities described in the Transaction agreements (including shares of the Company&rsquo;s
common stock underlying the Preferred Stock and warrants) without giving effect to any limitations under the rules of the Nasdaq
Stock Market LLC, and (ii) an amendment to its Certificate of Incorporation to increase the number of authorized shares of common
stock to 300,000,000 shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">After the receipt of stockholder approval,
Starboard will also purchase Series B Warrants to purchase up to 100 million shares of common stock at a cash exercise price of
$5.25 (subject to price-based anti-dilution adjustments) until 30 months after their issuance date. The Series B Warrants may also
be exercised by the cancellation of outstanding Notes at an exercise price of $3.65 per share at any time after the Notes have
been issued until the maturity date of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Preferred Shares, Notes, and Warrants
all contain limitations on conversion or exercise, such that Starboard may not convert or exercise its securities into greater
than 4.89% of Acacia&rsquo;s outstanding common stock. The Preferred Shares contain and the Notes, if and when issued, will contain,
affirmative and negative covenants customary for transactions of this type, including but not limited to, limitations on the Company&rsquo;s
ability to incur debt, grant liens on its assets, make certain distributions in respect of its equity and make certain investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Acacia&rsquo;s Board of Directors intends
to offer $100 million of notes and warrants to purchase up to 27 million shares of common stock, with substantially identical terms
as the Notes and Series B Warrants held by Starboard, to Acacia&rsquo;s common stockholders. The Company, subject to the Board&rsquo;s
discretion, intends to effect this through one or more rights offerings to stockholders of record on each date that an approved
investment to be funded by the sale of Notes to Starboard is announced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Company has entered into a Governance
Agreement with Starboard whereby Jonathan Sagal of Starboard has joined the Board of Directors and has the right to appoint two
additional directors to the Board of Directors. The Board has established a Strategic Committee, consisting of Clifford Press,
Al Tobia, and Jonathan Sagal, to work with Starboard to identify and execute on strategic investments and acquisition opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Acacia has also entered into a Registration
Rights Agreement with Starboard, granting Starboard certain registration rights with respect to the securities issued and issuable
in the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The foregoing summary of the Transaction
agreements is not complete, does not contain a description of all terms and conditions of the Transaction and is qualified in its
entirety by the full text of the Transaction agreements, copies of which are to be filed on a Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investor Conference Call </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company will host a conference call and webcast today at
10:00 a.m. ET to discuss the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To access the live call, please dial 844-602-0380 (U.S. and
Canada) or 862-298-0970 (international) and reference conference ID 81699151.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The conference call will also be simultaneously webcast on the
investor relations section of Acacia&rsquo;s website at http://acaciaresearch.com under the events and presentations tab. Following
the conclusion of the live call, a replay of the webcast will be available on the Company's website for at least 30 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Jonathan Sagal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jonathan Sagal is a Managing Director at Starboard Value. Prior
to joining Starboard Value in June 2011, Mr. Sagal was an investment analyst at Casablanca Capital, an investment firm focused
on shareholder activism. Previously, he was an investment analyst at Mill Road Capital, where he focused on long-term public and
private equity investments in microcap companies, and Prentice Capital Management, where he focused on investments in consumer
and retail companies. Prior to Prentice, he was an Investment Banking Analyst in the Mergers &amp; Acquisitions group at Rothschild
Inc. Mr. Sagal received an M.B.A. from Columbia Business School and graduated from Princeton University, where he received an A.B.,
summa cum laude, in Philosophy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Acacia Research Corporation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Founded in 1993, Acacia Research Corporation (ACTG) invests
in intellectual property and related absolute return assets and engages in the licensing and enforcement of patented technologies.
Acacia bridges the gap between invention and application, facilitating efficiency and delivering monetary rewards to patent owners.
Information about Acacia Research Corporation and its subsidiaries is available at www.acaciaresearch.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Starboard Value LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><BR>
</B>Starboard Value LP is a&nbsp;New York-based investment adviser with a focused and differentiated fundamental approach to investing
primarily in publicly traded U.S. companies. Starboard invests in deeply undervalued companies and actively engages with management
teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 4 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Important Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Transaction, Acacia will file with the
Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a preliminary proxy statement and other documents relating to the Transaction
and the stockholder approvals required thereunder and may file one or more amendments to such documents. When completed, a definitive
proxy statement and a form of proxy will be filed with the SEC and mailed to the Company&rsquo;s stockholders. INVESTORS AND SECURITY
HOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS TO BE FILED WITH THE
SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE TRANSACTION AND THE AUTHORIZATION AND ISSUANCE OF SECURITIES THEREUNDER. Investors and security holders may
obtain a free copy of the proxy statement and other documents filed by the Company at the SEC&rsquo;s Web site at http://www.sec.gov.
The proxy statement and such other documents may also be obtained for free from the Company by directing such request to Acacia
Research Corporation, 4 Park Plaza, Suite 550, Irvine, California 92614, Attention: Corporate Secretary, Telephone: (949) 480-8300.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company and its directors, executive officers and other
members of its management and employees may be deemed to be participants in the solicitation of proxies from its stockholders in
connection with the proposed authorization and issuance of securities. Information concerning the interests of the Company&rsquo;s
participants in the solicitation, which may be different than those of the Company stockholders generally, is set forth in the
Company&rsquo;s definitive proxy statement for the Company&rsquo;s 2019 annual meeting of stockholders, previously filed with the
SEC on June 14, 2019, and the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with
the SEC on March 15, 2019, as amended by Amendment No. 1 to Form 10-K on Form 10-K/A, filed with the SEC on April 30, 2019, as
well as other documents filed with the SEC. Additional information regarding the interests of such participants will be included
in the preliminary proxy statement, definitive proxy statement and other relevant documents regarding the Transaction filed with
the SEC when they become available. To the extent holdings of such participants in the Company&rsquo;s securities are not reported,
or have changed since the amounts described in the proxy statements, such changes have been or will be reflected on Initial Statements
of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>This news release contains forward-looking statements within
the meaning of the &ldquo;safe harbor&rdquo; provisions of the Private Securities Litigation Reform Act of 1995.&nbsp; These statements
are based upon our current expectations and speak only as of the date hereof.&nbsp; Our 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
ability to successfully execute our growth strategy, the ability to successfully identify strategic acquisitions and investments
by us and Starboard, our intention to conduct a rights offering to our stockholders, the potential additional investments by Starboard,
the ability to obtain stockholder approval of the authorization and issuance of securities under the Transaction, general economic
conditions and the success of our investments.&nbsp; Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on
Form 10-Q, recent Current Reports on Form 8-K, and any amendments to the forgoing, and other SEC filings discuss some of the important
risk factors that may affect our business, results of operations and financial condition.&nbsp; We undertake no obligation to revise
or update publicly any forward-looking statements for any reason.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The results achieved in the most recent quarter are not necessarily
indicative of the results to be achieved by us in any subsequent quarters, as it is currently anticipated that Acacia Research
Corporation&rsquo;s financial results will vary, and may vary significantly, from quarter to quarter.&nbsp; This variance is expected
to result from a number of factors, including risk factors affecting our results of operations and financial condition referenced
above, and the particular structure of our licensing transactions, which may impact the amount of inventor royalties and contingent
legal fees&nbsp;expenses we incur from period to period.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Acacia Research Investor Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FNK IR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rob Fink, 646-809-4048</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">rob@fnkir.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Acacia Research Media Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sloane &amp; Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Joe Germani / Kristen Duarte, 212-486-9500</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">jgermani@sloanepr.com / kduarte@sloanepr.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Starboard Contacts:<BR>
</B>Peter Feld,&nbsp;(212) 201-4878<BR>
Gavin Molinelli,&nbsp;(212) 201-4828<FONT STYLE="color: #626262"><BR>
</FONT><FONT STYLE="color: #148F6A; background-color: white">www.starboardvalue.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
