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STOCKHOLDERS’ EQUITY
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
Repurchases of Common Stock
On December 6, 2021, the Board approved a stock repurchase program, which authorized the purchase of up to $15.0 million of the Company’s common stock through open market purchases, through block trades, through 10b5-1 plans, or by means of private purchases, from time to time, through December 6, 2022. During February 2022, we completed the December 2021 program with total common stock purchases of 3,125,819 shares for the aggregate amount of $15.0 million.
On March 31, 2022, the Board approved a stock repurchase program for up to $40.0 million of shares of common stock. The repurchase authorization had no time limit and did not require the repurchase of a minimum number of shares. The common stock may be repurchased on the open market, in block trades, or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Exchange Act. During July 2022, we completed the March 2022 program with total common stock purchases of 8,453,519 shares for the aggregate amount of $40.0 million.
Stock repurchases, all of which were purchased as part of a publicly announced plan or program, were as follows:
Total Number
of Shares
Purchased		Average
Price
paid per
Share		Approximate Dollar
Value of Shares that
May Yet be Purchased
under the Program
(In thousands)
December 1, 2021 - December 31, 2021784,104 $5.12 $11,004 
January 1, 2022 - January 31, 20221,588,820 $4.85 $3,286 
February 1, 2022 - February 28, 2022752,895 $4.36 $— 
Total repurchases in the quarter2,341,715 $4.69 
Total program repurchases3,125,819 $4.80 
April 1, 2022 - April 30, 2022692,538 $4.48 $36,901 
May 1, 2022 - May 31, 20222,192,238 $4.59 $26,832 
June 1, 2022 - June 30, 20223,262,043 $4.71 $11,480 
Total repurchases in the quarter6,146,819 $4.64 
July 1, 2022 - July 31, 20222,306,700 $4.98 $— 
Total program repurchases8,453,519 $4.73 
In determining whether or not to repurchase any shares of Acacia’s common stock, the Board considers such factors, among others, as the impact of the repurchase on Acacia’s cash position, as well as Acacia’s capital needs and whether there is a better alternative use of Acacia’s capital. Acacia has no obligation to repurchase any amount of its common stock under its Stock Repurchase Programs. Repurchases to date were made in the open market in compliance with applicable SEC rules. The authorizations to repurchase shares presented an opportunity to reduce the outstanding share count and enhance stockholder value.
Tax Benefits Preservation Plan
The Company has a provision in its Amended and Restated Certificate of Incorporation, as amended (the “Charter Provision”) which generally prohibits transfers of its common stock that could result in an ownership change. Like the Plan, the purpose of the Charter Provision is to protect the Company’s ability to utilize potential tax assets, such as net operating loss carryforwards and tax credits to offset potential future taxable income. The Charter Provision was approved by the Company’s stockholders on July 15, 2019.