Arcadia Biosciences closes $4 million private placement

Arcadia Biosciences Inc. (NASDAQ: RKDA) announced the completion of a $4 million private placement involving the sale of 3,883,496 shares of common stock and associated investment options.

The Dallas-based wellness products company sold shares at $1.03 per share, with H.C. Wainwright & Co. serving as the exclusive placement agent. The offering included Series A-1 and Series A-2 preferred investment options, each allowing the purchase of up to 3,883,496 additional shares at an exercise price of $0.91 per share.

The Series A-1 options become exercisable after stockholder approval and expire five years from that approval date. The Series A-2 options are immediately exercisable and expire 24 months from the effective date of a resale registration statement.

Arcadia plans to use the net proceeds for working capital and general corporate purposes. The securities were sold through a private placement under Section 4(a)(2) of the Securities Act of 1933 and have not been registered with the Securities and Exchange Commission.

The company has agreed to file registration statements with the SEC to allow for the resale of the unregistered securities issued in the offering.

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