Here's Why Arcadia Biosciences Shares Are Falling

Arcadia Biosciences Inc RKDA shares are trading lower by 12.1% to $0.91 Monday morning after the company announced a registered direct offering of 4,722,506 shares at a purchase price of $1.06 per share.

What Else?

The company intends to use the net proceeds from the offerings to support Project Greenfield, its three-year plan to unlock the company's potential and create a path to profitability.

Arcadia Biosciences says Project Greenfield aligns company resources around several key goals, including expanding retail for the company's GoodWheat^TM high-fiber pasta, driving growth in its other core brands and partnerships and maintaining an agile organization to cultivate next-generation wellness products.   

Arcadia Biosciences says the registered direct offering is expected to close on or about August 16th subject to the satisfaction of customary closing conditions.

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According to data from Benzinga Pro, Arcadia Biosciences has a 52-week high of $2.67 and a 52-week low of $0.74.