Arcadia Biosciences Receives Termination Notice From Roosevelt Resources
(RTTNews) - Arcadia Biosciences, Inc. (RKDA), a plant-based food and beverage products manufacturer, Friday announced that it has received a notice from Roosevelt Resources, LP, an oil and natural gas company, terminating its Securities Exchange Agreement with the company.
Previously, the two companies had agreed to a proposed business combination transaction between themselves.
Under these new developments, Arcadia has assured its shareholders that it will resume the process of evaluating strategic alternatives.
"Over the last two-and-a-half years, we have streamlined our operations, significantly reduced our operating expenses and grown the Zola coconut water brand while avoiding the use of long-term debt. We continue to own approximately 2.7 million shares of Above Food Ingredients Inc. common stock and believe we are entitled to additional consideration and compensation relating to our May 2024 sale of GoodWheatTM. We believe these assets, along with our Nasdaq public listing and our Zola business, should make Arcadia an attractive candidate for a merger or other strategic transaction.", commented T.J. Schaefer, CEO of Arcadia.
In pre-market activity, RKDA shares were trading at $3.31, up 8.96% on the Nasdaq.
