Arcadia Biosciences (RKDA) Announces $6.0 Million Private Placement Priced at a Premium to Market Under Nasdaq Rules

About this update from Arcadia Biosciences, Inc.

[{"type":"text","content":"DAVIS, Calif., March 2, 2023 /PRNewswire/ -- Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a producer and marketer of innovative, plant-based health and wellness products, announced today that it has entered into securities purchase agreements for the purchase and sale of 666,334 shares of its common stock (or common stock equivalents), Series A preferred investment options to purchase up to an aggregate of 666,334 shares of common stock and Series B preferred investment options to purchase up to an aggregate of 666,334 shares of common stock at a purchase price of $9.00 per share of common stock (or common stock equivalent) and associated preferred investment options in a private placement priced at a premium to market under Nasdaq rules.\n\n \n \n \n \n \n \n\n \nH.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.\nEach share of common stock (or common stock equivalent) was sold in the private placement together with a Series A preferred investment option to purchase one share of common stock and a Series B preferred investment option to purchase one share of common stock. The Series A preferred investment options have an exercise price of $9.00 per share of common stock and will be exercisable immediately upon issuance for a period of five years from the date of issuance. The Series B preferred investment options have an exercise price of $9.00 per share of common stock and will be exercisable immediately upon issuance for a period of eighteen months from the date of issuance.\nThe aggregate gross proceeds to the company from the offering are expected to be approximately $6.0 million before deducting placement agent fees and other offering expenses. Arcadia intends to use the net proceeds from the offering to support Project Greenfield, its three-year plan to unlock the company's potential and create a path to profitability. Project Greenfield aligns company resources around several key goals, including expanding retail for the company's GoodWheat™ high-fiber pasta, expanding GoodWheat to additional categories through launches, acquisitions and partnerships, driving growth on Zola coconut water and maintaining an agile organization to cultivate next-generation wellness products.\nThe offering is expected to close on or about March 6, 2023, subject to the satisfaction of customary closing conditions...

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