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STOCKHOLDERS’ EQUITY
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
Repurchases of Common Stock
On November 9, 2023, the Board approved a stock repurchase program (the "Repurchase Program") for up to $20.0 million of the Company's common stock, subject to a cap of 5,800,000 shares of common stock. The Repurchase Program has no time limit and does 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 Securities Exchange Act of 1934, as amended (the "Exchange Act").
Stock repurchases during the nine months ended September 30, 2024, all of which were purchased pursuant to the Repurchase 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)
August 1, 2024 - August 31, 2024676,775 $4.68 $16,833 
September 1, 2024 - September 30, 2024860,347 $4.72 $12,769 
Total repurchases in the quarter1,537,122 $4.70 
Between October 1, 2024 and November 7, 2024, we repurchased a total of 1,470,172 shares at an average price per share of $4.63. Under the Repurchase Program as of November 7, 2024, we have repurchased a total of 3,007,294 shares at an average price per share of $4.67, and $6.0 million may yet be purchased under the Repurchase Program, subject to the aggregate cap for the Repurchase Program of 5,800,000 shares of common stock.
In determining whether or not to repurchase any shares of Acacia’s common stock, management considers such factors, among others, as market conditions, legal requirements, stock price, 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. The authorization to repurchase shares provides an opportunity to reduce the outstanding share count and enhance stockholder value.
Tax Benefits Preservation Charter Provision
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. 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.