DAVIS, Calif., June 18, 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 the closing of
its previously announced registered direct offering of 1,489,575
shares of its common stock. The offering was priced at-the-market
at a purchase price per share of $4.91, for gross proceeds of approximately
$7.31 million. Additionally, in a
concurrent private placement, Arcadia issued unregistered warrants to
purchase up to 1,489,575 shares of common stock, representing 100
percent of the shares of common stock purchased in the registered
direct offering. Each warrant was sold at a price of $0.125 per underlying warrant share for gross
proceeds of approximately $0.19
million. Each warrant has an exercise price of $5.00 per share, is exercisable immediately and
will expire five and one-half years from the issuance date.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The net proceeds of the offering are estimated to be
approximately $6.9 million after
deducting placement agent fees and other estimated offering
expenses. Arcadia intends to use
the net proceeds from this 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.
The shares of common stock described above (but not the warrants
or the shares of common stock underlying the warrants) were 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.
The offering of such shares of common stock was made by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement. Copies of the final
prospectus supplement and the accompanying prospectus relating to
this offering may be obtained on the SEC's website at
http://www.sec.gov or by contacting H.C. Wainwright & Co.,
LLC at 430 Park Avenue, 3rd Floor, New
York, NY 10022, by emailing placements@hcwco.com or by
calling (646) 975-6996.
The warrants described above were offered in a private placement
under Section 4(a)(2) of the Securities Act of 1933, as amended
(the "Act"), and Regulation D promulgated thereunder and, along
with the shares of common stock underlying the warrants, have not
been registered under the Act, or applicable state securities laws.
Accordingly, the warrants and underlying shares of common stock may
not be offered or sold in the United
States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Act and such applicable state securities
laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Arcadia Biosciences, Inc.
Arcadia Biosciences
(Nasdaq: RKDA) develops and markets high-value food ingredients and
nutritional oils that help meet consumer demand for a healthier
diet. Arcadia's GoodWheat™ branded
ingredients deliver health benefits to consumers and enable
consumer packaged goods companies to differentiate their brands in
the marketplace. The company's agricultural traits are being
developed to enable farmers around the world to be more productive
and minimize the impact of agriculture on the environment. For
more information, visit www.arcadiabio.com.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
relating to the company's anticipated use of proceeds from the
offering. Forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially,
and reported results should not be considered as an indication of
future performance. These risks and uncertainties include, but are
not limited to, changes in the company's cash demands and other
risks set forth in the company's filings with the Securities and
Exchange Commission from time to time, including the risks set
forth in the company's annual report on Form 10-K for the year
ended December 31, 2018 and other
filings. These forward-looking statements speak only as of the date
hereof, and Arcadia Biosciences, Inc. disclaims any obligation to
update these forward-looking statements.
Press Contact:
Trailblaze
Lisa Weser
lisa@trailblaze.co
Twitter: @ArcadiaAg
LinkedIn: Arcadia Biosciences
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SOURCE Arcadia Biosciences, Inc.