Arcadia Biosciences Announces Closing of $14.0 Million Registered Direct Offering
June 14 2018 - 4:30PM
Business Wire
Arcadia Biosciences, Inc. (Nasdaq: RKDA), an agricultural food
ingredient company, today announced the closing of its previously
announced registered direct offering of 1,392,345 shares of its
common stock. The offering was priced at-the-market at a purchase
price of $9.93 per share, for gross proceeds of approximately
$13.83 million. Additionally, in a concurrent private placement,
Arcadia issued unregistered warrants to purchase up to 1,392,345
shares of common stock, representing 100% of the shares of common
stock purchased in the registered direct offering. Each warrant was
sold at a price of $0.125 per underlying warrant share for gross
proceeds of approximately $0.17 million. Each warrant has an
exercise price of $9.94 per share, is exercisable immediately and
will expire five and one-half years from the issuance date.
H.C. Wainwright & Co. acted as the exclusive placement
agent for the offering.
The net proceeds of the offering are estimated to be
approximately $12.9 million, after deducting placement agent fees
and other estimated offering expenses. Arcadia intends to use the
net proceeds from this offering for general corporate purposes,
including, but not limited to, scale-up of its GoodWheatTM
Resistant Starch wheat production, early commercialization
activities, continued research and development activities and for
general and administrative expenses.
The shares of common stock (but not the warrants or the shares
of common stock underlying the warrants) were offered by Arcadia
pursuant to a “shelf” registration statement on Form S-3 that was
filed and declared effective by the Securities and Exchange
Commission (“SEC”) and the base prospectus contained therein (File
No. 333-224893). The offering of the shares of common stock was
made by means of a prospectus supplement that forms a part of the
registration statement.
Copies of the final prospectus supplement and accompanying base
prospectus may be obtained on the SEC's website
at www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at 646-975-6996 or
e-mail at placements@hcwco.com.
The warrants described above were offered in a private placement
under Section 4(a)(2) of the Securities Act of 1933, as amended
(the "Act"), and Regulation D promulgated thereunder and, along
with the shares of common stock underlying the warrants, have not
been registered under the Act, or applicable state securities laws.
Accordingly, the warrants and underlying shares of common stock may
not be offered or sold in the United States except
pursuant to an effective registration statement or an applicable
exemption from the registration requirements of the Act and such
applicable state securities laws.
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 an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Arcadia Biosciences, Inc.
Arcadia Biosciences, Inc. (Nasdaq: RKDA) develops and markets
high-value food ingredients and nutritional oils that help meet
consumer demand for a healthier diet. Arcadia’s GoodWheat™ branded
ingredients deliver health benefits to consumers and enable
consumer packaged goods companies to differentiate their brands in
the marketplace. The company’s portfolio of agricultural traits are
being developed to enable farmers around the world to be more
productive and minimize the impact of agriculture on the
environment. For more information, visit www.arcadiabio.com.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. 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, but are
not limited to: the anticipated use of proceeds from the offering,
the company’s and its partners’ and affiliates’ ability to identify
and isolate desired traits; the demand for the company’s products,
both from commercial partners and consumers; the company’s and its
partners’ ability to develop commercial products incorporating its
traits and complete the regulatory review process for such
products; the company’s compliance with laws and regulations that
impact the company’s business, and changes to such laws and
regulations; the company’s future capital requirements and ability
to satisfy its capital needs; and the other risks set forth in the
company’s filings with the Securities and Exchange Commission from
time to time, including the risks set forth in the company’s annual
report on Form 10-K for the year ended December 31, 2017 and other
filings. These forward-looking statements speak only as of the date
hereof, and Arcadia Biosciences, Inc. disclaims any obligation to
update these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20180614006110/en/
Arcadia Biosciences, Inc.Jeff
Bergau+1-312-217-0419jeff.bergau@arcadiabio.com
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