Arcadia Biosciences (RKDA) Announces $6.0 Million Private Placement Priced at a Premium to Market Under Nasdaq Rules
Each share of common stock (or common stock equivalent) was sold in the private placement together with a Series A preferred investment option to purchase one share of common stock and a Series B preferred investment option to purchase one share of common stock. The Series A preferred investment options have an exercise price of $9.00 per share of common stock and will be exercisable immediately upon issuance for a period of five years from the date of issuance. The Series B preferred investment options have an exercise price of $9.00 per share of common stock and will be exercisable immediately upon issuance for a period of eighteen months from the date of issuance.
The aggregate gross proceeds to the company from the offering are expected to be approximately
The offering is expected to close on or about
Arcadia has also agreed to amend certain existing preferred investment options to purchase up to an aggregate of 178,132 shares of the company's common stock held by the investors that were previously issued in
The securities described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended and Regulation D promulgated thereunder and, along with the shares of common stock underlying the Series A preferred investment options and Series B preferred investment options, have not been registered under the Act or applicable state securities laws. Accordingly, the securities may not be offered or sold in
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
With origins as a trailblazing developer of science-based approaches to enhancing the quality and nutritional value of crops and food ingredients,
Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company's expectations regarding the completion of the private placement, satisfaction of closing conditions and use of proceeds therefrom. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, without limitation, market and other conditions, the future capital requirements of the company are different than expected, the closing conditions related to the private placement are not satisfied and other risks set forth in the company's filings with the
View original content to download multimedia:https://www.prnewswire.com/news-releases/arcadia-biosciences-rkda-announces-6-0-million-private-placement-priced-at-a-premium-to-market-under-nasdaq-rules-301761728.html
Investor Contact: T.J. Schaefer, Chief Financial Officer, email@example.com