RKDA - Arcadia Biosciences to raise $5M in securities offering

• Arcadia Biosciences ( NASDAQ: RKDA ) has entered into securities purchase pact with a single healthcare-focused institutional investor for the purchase and sale of 4,722,506 shares of its common stock at a purchase price of $1.05876/share in a registered direct offering priced at-the-market under Nasdaq rules.
• In addition, the company agreed to issue to the investor in the offerings unregistered preferred investment options to purchase up to an aggregate of 4,722,506 shares of common stock.
• The unregistered investment options will be exercisable immediately upon issuance at an exercise price of $0.93376/share and will expire five years from the date of issuance.
• The aggregate gross proceeds to Arcadia of both offerings are expected to be ~$5M.
• Net proceeds from the offerings will be used to support Project Greenfield, its three-year plan to unlock the company's potential and create a path to profitability.
• The registered direct offering is expected to close on or about August 16, 2022.

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