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CombiMatrix Finalizes Split with Acacia Research, Begins Trading on Nasdaq

NEW YORK (GenomeWeb News) - CombiMatrix has completed its split from former parent company Acacia Research through a share swap and this morning began trading on the Nasdaq Capital Market, the companies said today in separate statements.
 
The US Securities and Exchange Commission approved the break-up plan in June.
 
CombiMatrix initially filed its plan to split from Acacia in December 2006. CEO Amit Kumar said at the time that the split would enable each company to forge independent business plans, and would afford CombiMatrix the freedom to “invent ourselves with a focus on molecular diagnostics and personalized medicine.”
 
The split took place through a share trade, under which every 10 shares of Acacia Research-CombiMatrix common stock was traded for one share of CombiMatrix common stock.
 
CombiMatrix began trading today under the symbol “CBMXD,” but will shift to “CBMX” after 20 days, at which time Acacia will begin trading under the symbol “ACTG.”
 
Shares opened today at $5.96 a share, and were down more than 7 percent, to $5.55 a share, in mid-afternoon trading.
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