NEW YORK, March 21 - CombiMatrix may have its own stock if a plan floated by its parent company, Acacia Research, is approved.
Acacia's board of directors on Thursday gave the green light to the company's plan to divide its common stock into two new classes: the new CombiMatrix stock and Acacia Technologies stock, which would reflect Acacia's media technology business.
If shareholders of Newport Beach, Calif.-based Acacia approve the plan in their meeting on May 14, holders of Acacia Research stock would receive shares of both new classes in exchange for the shares they now hold. The new shares would be traded separately on the Nasdaq stock exchange.
Acacia's and CombiMatrix's board have also approved plans for Acacia to buy the minority stockholder interest in CombiMatrix. The proposed acquisition would have through a merger in which minority stockholders of CombiMatrix would receive shares of the new CombiMatrix stock in exchange for their existing shares. Stockholders of both companies must also approve this proposition.