The closing of the offering is expected to take place on or about June 14, 2018, subject to the satisfaction of customary closing conditions.
Singapore- -Arcadia Biosciences, an agricultural food ingredient company, announced that it has entered into definitive agreements with several institutional investors for the purchase of 1,392,345 shares of its common stock, at a purchase price per share of $9.93, for gross proceeds of approximately $13.83 million, in a registered direct offering priced at-the-market. Additionally, Arcadia has also agreed to issue to the investors unregistered warrants to purchase up to 1,392,345 shares of common stock, at a purchase price per warrant of $0.125, for gross proceeds of approximately $0.17 million. The closing of the offering is expected to take place on or about June 14, 2018, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The warrants have an exercise price of $9.94 per share of common stock, will be exercisable immediately and will expire five and one-half years from the issuance date.
Arcadia intends to use the net proceeds from this offering for general corporate purposes, including, but not limited to, scale-up of its GoodWheat Resistant Starch wheat production, early commercialization activities, continued research and development activities and for general and administrative expenses.
