Arcadia Biosciences, Inc. (RKDA) that markets plant-based food and beverage products announced that it has entered into securities purchase agreements to sell 3.88 million shares of its common stock or Series A-1 preferred investment options, along with Series A-2 preferred investment options to purchase up to an aggregate of 3.88 million shares of common stock each at a purchase price of $1.03 per share.
The aggregate gross proceeds to the company from the offering are expected to be approximately $4 million, and the offering is expected to close on or about June 12, 2026.
Arcadia intends to use the net proceeds from the offering for working capital and general corporate purposes.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The Series A-1 and Series A-2 preferred investment options have an exercise price of $0.91 per share. The Series A-1 options expire five years after stockholder approval, while the Series A-2 options expire 24 months after the effectiveness of the resale registration statement.
RKDA has traded between $0.80 and $6.71 over the last year. The stock closed Thursday's trade at $1.03, down 3.74%.
In the overnight market, RKDA is down 5.61% at $1.01.
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