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.
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.
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