Davis, California, USA
July 20, 2023
Arcadia Biosciences, Inc.® (Nasdaq: RKDA), a producer and marketer of innovative, plant-based health and wellness products, today disclosed that it has initiated a process to explore a range of potential transactions and alternative strategies focused on maximizing long-term shareholder value.
As part of this process, the company will explore strategic options that may include the potential for an acquisition, company sale, merger, business combination, asset sale, joint venture, licensing arrangement, capital raise or other strategic transaction.
Lake Street Capital Markets, LLC, will act as Arcadia’s financial advisor with respect to the strategic review process. There can be no assurance that this exploration of strategic alternatives will result in the company entering or completing any transaction, and no timetable has been set for the conclusion of the strategic review.
“This review is in line with Project Greenfield, our 3-year plan to maximize the company’s potential and drive shareholder value,” said Stan Jacot, Arcadia’s CEO. “We see this as an opportune time to undertake these efforts after closing the second quarter of 2023 in an excellent cash position and streamlining our operating expenses in anticipation of challenging economic headwinds.”
Business Update
As of June 30, 2023, Arcadia Biosciences had approximately $18.8 million in cash and cash equivalents. The company anticipates second-quarter revenue in the range of $1.3 million – $1.5 million. As part of the Project Greenfield strategy to focus resources on high-opportunity, scalable businesses, Arcadia has made the decision to streamline its operations and exit the remaining body care brands, ProVault and SoulSpring, which the company expects to result in annual operating expense savings of $3 million to $4 million starting in August 2023. Arcadia also recently announced an expanded GoodWheat portfolio with the launch of GoodWheat pancake mixes. Arcadia Biosciences expects to announce its second-quarter financial results on August 10, 2023.
About Arcadia Biosciences, Inc.
Since 2002, Arcadia Biosciences has been innovating crops to provide high-value, healthy ingredients to meet consumer demand for healthier choices. With its roots in agricultural innovation, Arcadia cultivates next-generation wellness products that make everybody feel good, inside and out. The company’s food and beverage products include GoodWheat™ and Zola® coconut water. For more information, visit arcadiabio.com.
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