Business
Arcadia Biosciences Announces $7.5 Million Registered Direct Offering Priced At-the-Market
DAVIS, Calif., June 13, 2019 /PRNewswire/ -- Arcadia Biosciences, Inc. (Nasdaq: RKDA), a food ingredient company and proven leader in agricultural
About this update from Arcadia Biosciences, Inc.
[{"type":"text","content":" DAVIS, Calif., June 13, 2019 /PRNewswire/ -- Arcadia Biosciences, Inc. (Nasdaq: RKDA), a food ingredient company and proven leader in agricultural innovation, improving the quality and nutritional content of crops, today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase of 1,489,575 shares of its common stock, at a purchase price per share of $5.035, in a registered direct offering priced at-the-market. Additionally, Arcadia has also agreed to issue to the investors unregistered warrants to purchase up to 1,489,575 shares of common stock. The closing of the offering is expected to occur on or about June 14, 2019, subject to the satisfaction of customary closing conditions.\nH.C. Wainwright & Co. is acting as exclusive placement agent for the offering.\nThe warrants to purchase up to 1,489,575 shares of common stock have an exercise price of $5.00 per share, will be immediately exercisable, and will expire five and one-half years from the issue date. \nThe gross proceeds to Arcadia, before deducting placement agent fees and other offering expenses, are expected to be approximately $7.50 million. The potential gross proceeds from the exercise of the warrants, if fully exercised on a cash basis, will be approximately $7.48 million. No assurance can be given that any of the warrants will be exercised. Arcadia intends to use the net proceeds from the offering for general corporate purposes, including, but not limited to, hemp germplasm acquisition, breeding and research activities, the scale-up of GoodWheatTM and for general and administrative expenses.\nThe shares of common stock described above (but not the warrants or the shares of common stock underlying the warrants) are being offered pursuant to a \"shelf\" registration statement (File 333-224893) filed with the Securities and Exchange Commission (SEC) and declared effective on June 8, 2018. Such shares of common stock may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and the accompanying prospectus relating to the offering will be filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, on the SEC's ...