RKDA - Arcadia Biosciences to raise $6M in stock offering

• Arcadia Biosciences ( NASDAQ: RKDA ) entered into securities purchase agreements for the purchase and sale of 666,334 shares, Series A and Series B preferred investment options to purchase shares at a purchase price of $9/share of stock and associated preferred investment options in a private placement.
• Gross proceeds are expected to be ~$6M; net proceeds to be used for supporting Project Greenfield, its 3-year plan to unlock the company's potential and create a path to profitability.
• Offer is expected to close on or about Mar.6, 2023.
• The company also signed an amendment to certain existing preferred investment options to purchase up to an aggregate of 178,132 shares issued earlier in September 2019 through August 2022 and have exercise prices ranging from $37.35 to $300.80/share.

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