Shares of Arcadia Biosciences, Inc. (RKDA) jumped nearly 250% on Thursday morning after the plant-based food and beverage products company is set to merge with the Dallas-based oil and gas company Roosevelt Resources in an all-stock deal.
RKDA is currently trading at $9.75, up $6.94 or 246.98%, on the Nasdaq. The stock opened its trading at $7.07 after closing Wednesday at $2.81. The stock has traded between $1.85 and $8.55 in the past 52-week period.
Arcadia Biosciences and Roosevelt Resources LP announced that they have entered into a definitive securities exchange agreement which, when completed, will combine the two companies in an all-stock transaction.
Under the terms of the agreement, Arcadia will issue to the partners of Roosevelt shares of Arcadia common stock at the closing of the transaction in exchange for all of the equity interests in Roosevelt.
Following the closing of the transaction, the current equity owners of Roosevelt and the Arcadia shareholders as of the closing are expected to own approximately 90% and 10%, respectively, of the outstanding shares of Arcadia.
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