Arcadia Biosciences, Inc. Closes Underwriters’ Option to Purchase Additional Shares
DAVIS, Calif. (June 18, 2015) – Arcadia Biosciences, Inc. (NASDAQ: RKDA) announced that it closed the sale of an additional 328,306 shares of its common stock at the public offering price of $8.00 per share pursuant to the exercise by the underwriters of their option to purchase additional shares of common stock in connection with Arcadia’s recently completed initial public offering. The exercise of this option brings the total number of shares of common stock sold by Arcadia in its initial public offering to 8,528,306 shares. Including proceeds from the exercise of the underwriters’ option to purchase additional shares, gross proceeds from Arcadia’s initial public offering were approximately $68.2 million.
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC acted as joint lead book-running managers, and Piper Jaffray & Co. acted as an additional book-running manager, for the offering.
About Arcadia Biosciences, Inc.
Based in Davis, Calif., with additional facilities in Seattle, Wash. and Phoenix, Ariz., Arcadia Biosciences develops agricultural products that create added value for farmers while benefiting the environment and enhancing human health. Arcadia’s agronomic performance traits, including Nitrogen Use Efficiency, Water Use Efficiency, Salt Tolerance, Heat Tolerance and Herbicide Tolerance, are all aimed at making agricultural production more economically efficient and environmentally sound. Arcadia’s nutrition traits and products are aimed at creating healthier ingredients and whole foods with lower production costs.