Arcadia Biosciences Raises $4M Through 3.88M-Share ATM Private Placement
RKDA•Arcadia Biosciences closed a $4 million at-the-market private placement, issuing 3,883,496 shares and associated Series A-1 and A-2 preferred investment options at $1.03 per share. Net proceeds will fund working capital and general corporate purposes.
1. Private Placement Overview
Arcadia Biosciences executed an at-the-market private placement under Nasdaq rules, selling 3,883,496 shares of common stock (or pre-funded warrants) alongside Series A-1 and Series A-2 preferred investment options at $1.03 per share. H.C. Wainwright & Co. served as exclusive placement agent, generating approximately $4 million in gross proceeds before fees and expenses.
2. Preferred Investment Option Terms
The Series A-1 options carry an exercise price of $0.91 per share, become exercisable upon stockholder approval of underlying share issuances, and expire five years after approval. The Series A-2 options also have a $0.91 exercise price, are immediately exercisable, and expire 24 months after effectiveness of the resale registration statement.
3. Use of Proceeds
Arcadia intends to allocate the net proceeds from the offering toward working capital needs and general corporate purposes, supporting ongoing operations and potential strategic initiatives.
