NEW YORK (GenomeWeb News) – Combimatrix yesterday filed an S-1 form with the US Securities and Exchange Commission outlining its plans to split from parent company Acacia Research.
Currently a wholly owned subsidiary of the Newport Beach, Calif., firm, Combimatrix said in its SEC filing that it will no longer be an affiliate of Acacia after the split off.
Combimatrix will apply to list its common stock on the American Stock Exchange under the symbol CBMX. Each issued and outstanding share of Acacia Research-CombiMatrix common stock will be redeemed for a share of CombiMatrix stock.
Acacia’s board of directors voted to split off CombiMatrix last January.
The transaction was originally expected to close in the second quarter of 2006. Combimatrix did not provide an updated target date for the proposed spin-off in yesterday's filing.
In the filing, Combimatrix said that Acacia’s business “is significantly different than our business” and “includes significant patent litigation that, by its nature, creates financial risks not otherwise associated with the CombiMatrix group or our company following the redemption.”
The split off is expected to prevent those future risks from affecting Combimatrix, the company said.
Combimatrix said that no stockholder approval is required for the split off.
Shares of AR-Combimatrix common stock closed at $.80 yesterday.