Arcadia Biosciences shares slip after Roosevelt Resources terminates merger agreement

 

• Arcadia Biosciences (RKDA) announced on Friday it received a notice from Roosevelt Resources, terminating the securities exchange agreement between Arcadia and Roosevelt dated December 4, 2024
• The agreement provided for a proposed business combination transaction between the two companies, the firm said. 
• “In light of these circumstances, Arcadia will resume the process of evaluating strategic alternatives in order to create value for our shareholders.” said T.J. Schaefer, CEO of Arcadia.
• Schaefer continued, “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 GoodWheat. 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.”

https://www.msn.com/en-us/money/companies/arcadia-biosciences-shares-slip-13-after-roosevelt-resources-terminates-merger-agreement/ar-AA1T5boR