NEW YORK (GenomeWeb News) — The Securities and Exchange Commission has declared that Acacia Research and CombiMatrix can split apart on Aug. 15 after completing a share trade.
At that date, every 10 shares of Acacia Research-CombiMatrix common stock will be redeemed for one share of CombiMatrix Corporation common stock.
CombiMatrix in December 2006 filed with the SEC to split off from parent company Acacia, saying at the time that Acacia’s business “is significantly different than our business,” and that Acacia’s business involves added financial risks related to patent litigation that would not otherwise be a part of CombiMatrix’s business.
"The separation of our two companies will enable each to execute its business independently, and we are excited about the future prospects of our company as we re-invent ourselves with a focus on molecular diagnostics and personalized medicine," CombiMatrix President and CEO Amit Kumar said in a statement.
On Aug. 15 CombiMatrix’ stock will begin trading on the Nasdaq Capital Market under the symbol CBMXD, and after 20 days will begin trading under the symbol CBMX.
Acacia Research will then trade under the symbol ACTG. Until that time, Acacia Research-CombiMatrix common stock will trade as CBMX.