DAVIS, CALIFORNIA, US. — Arcadia Biosciences, Inc., maker of GoodWheat pasta and pancake mixes, will explore a range of potential transactions and alternative strategies focused on maximizing shareholder value, the Davis-based company announced July 20. Possibilities are an acquisition, a company sale, a merger, a business combination, an asset sale, a joint venture, a licensing arrangement and a capital raise.
“This review is in line with Project Greenfield, our three-year plan to maximize the company’s potential and drive shareholder value,” said Stan Jacot, chief executive officer. “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.”
Lake Street Capital Markets, LLC will advise Arcadia Biosciences during the strategic review.
Arcadia Biosciences has decided to exit body care brands ProVault and SoulSpring, which is expected to result in annual operating expense savings of $3 million to $4 million starting in August. Arcadia earlier this year expanded its GoodWheat portfolio by launching GoodWheat pancake mixes.
Arcadia Biosciences as of June30 had about $18.8 million in cash and cash equivalents and anticipated second-quarter revenue in a range of $1.3 million to $1.5 million. Arcadia Biosciences will announce its second-quarter financial results Aug. 10. The company in thefirst quarterended March 31 had net revenues of $1.5 million and a net loss from operations of $4 million.
