- 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.
For further details see:
Arcadia Biosciences to raise $5M in securities offering