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Arcadia Biosciences to undergo $10M direct offering

The company sold 1.3 million shares at a per share price of $7.58

$100 bills
The funds are expected to go towards the acquisition of hemp germplasm and a ramp-up of GoodWheat

Arcadia Biosciences Inc (NASDAQ:RKDA) is cashing in $10 million by way of a registered direct offering of stock, the company announced Friday.

The company sold 1.3 million shares at a per share price of $7.58 in a priced-at-the-market offering $0.06 above its Thursday closing price. 

The food ingredient company also issued the investors registered warrants to buy an additional 659,414 shares of stock at a price of $7.52. If exercised, they would net Arcadia another $4.9 million.

READ: Arcadia Biosciences wants to build a better hemp seed in California's Imperial County

The funds are expected to go towards the acquisition of hemp germplasm, breeding and research, a scale-up of GoodWheat and other general and administrative costs, the company said.

The deal is expected to close on September 10. 

Traders dropped Arcadia stock 8.8% lower Friday morning to $6.86 in response to the dilutive measure.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Arcadia Biosciences Inc

Price: 4.01 USD

NASDAQ:RKDA
Market: NASDAQ
Market Cap: $34.67 m
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