Arcadia announces exercise of preferred investment options for $2.1M in proceeds

Arcadia Biosciences (RKDA) has entered into definitive agreements for the immediate exercise of certain outstanding preferred investment options to purchase up to an aggregate of 808,595 shares originally issued in December 2020, January 2021, August 2022 and March 2023, having an exercise price of $9.00 per share, at a reduced exercise price of $2.575 per share. The shares of common stock issuable upon exercise of the preferred investment options are registered pursuant to effective registration statements on Form S-1 and Form S-3. The gross proceeds to the company from the exercise of the preferred investment options are expected to be approximately $2.1M, prior to deducting placement agent fees and offering expenses. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. In consideration for the immediate exercise of the preferred investment options for cash, Arcadia will issue new unregistered preferred investment options to purchase up to 1,617,190 shares of common stock. The new preferred investment options will have an exercise price of $2.325 per share, will be exercisable immediately and will expire thirty months after the effective date of the Resale Registration Statement. The offering is expected to close on or about January 12, 2026, subject to satisfaction of customary closing conditions. Arcadia intends to use the net proceeds from the offering for working capital and general corporate purposes.