Arcadia Biosciences Announces Cash Proceeds of $6.8 Million from Warrant Exercise

— Net proceeds expected to fund strategic growth opportunities
within the company’s hemp business unit —

DAVIS, Calif. (May 18, 2020) – Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients, today announced the closing of a transaction resulting in gross cash proceeds to the company of approximately $6.8 million, through the exercise of certain existing warrants by several holders to purchase an aggregate of 1,392,345 shares of common stock shares at a reduced exercise price of $4.90 per share.

In consideration for the immediate exercise of the existing warrants for cash, the exercising holders received new unregistered warrants to purchase up to an aggregate of 1,392,345 shares of common stock at an exercise price of $4.775 per share with an exercise period of five years from the date of issuance. The common shares issued upon exercise of the existing warrants are registered for resale pursuant to a registration statement on Form S-1 (File No. 333-229047).

The net proceeds of the offering are estimated to be approximately $6.3 million after deducting placement agent fees and other estimated offering expenses. Arcadia expects to use the net proceeds from this offering to pursue a range of near-term inorganic growth opportunities within the company’s hemp business unit.

“We saw this warrant exercise as an opportunity with our current investors to strengthen our balance sheet and to provide additional cash resources as we persevere through the headwinds of the COVID-19 pandemic,” said Matt Plavan, president and CEO.  “The proceeds of this financing will also help advance our strategy for growth and transform our business through the potential acquisition of assets aiming to add value and speed to our hemp and hemp products business.”

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The new warrants described above were offered in a private placement pursuant to an applicable exemption from the registration requirements of the Securities Act and, along with the shares of common stock issuable upon the exercise thereof, have not been registered under the Securities Act, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements.

This press release shall not constitute an offer to sell or a 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 the registration or qualification under the securities laws of any such state or jurisdiction.

About Arcadia Biosciences, Inc.
Arcadia Biosciences (Nasdaq: RKDA) is a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients. The company’s new GoodHempTM seed catalog delivers genetically superior hemp seeds, clones, transplants, flowers and extracts, applying the company’s proprietary crop innovation technology, ArcaTech™, to an emerging crop. The company’s GoodWheat™ branded ingredients deliver health benefits to consumers and enable consumer packaged goods companies to differentiate their brands in the marketplace. Arcadia’s 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

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 regarding the intended use of proceeds from the warrant exercise and the impact of the transaction on the Company’s business. 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, the future capital requirements of the Company are different than expected and 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, 2019 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.

Media Contact:
Lisa Weser

Investor Relations:
Pam Haley