Acacia Research Corp. said Friday it plans to sell $10.5 million worth of shares in its CombiMatrix unit.
The Newport Beach-based company will sell 6.4 million shares at $1.65 each to unnamed investors, who also will get five-year warrants to buy another 1.6 million shares at $2.40 each. Piper Jaffray & Co. is managing the stock sale for Acacia.
Shares of CombiMatrix slumped 18.2% to $1.62 on the news.
Acacia’s CombiMatrix unit is developing semiconductor-based tools to investigate how genes and proteins work. The company’s other unit acquires and enforces patents related to audio and video technology.
