24 May 2019listing compliance notice▼ BadMajor
A further Nasdaq deficiency notice, this time for Minimum Market Value of Listed Securities falling below $35 million -- the company's fourth distinct Nasdaq compliance issue in three years.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 June 2018capital raising announcement▲ Good
Arcadia raised more capital -- 1,392,345 shares at $9.93 plus matching warrants -- via a shelf takedown, with H.C. Wainwright engaged as placement agent, a relationship that would recur in nearly every subsequent financing.
What it means for a shareholder
1.4m new shares at US$9.93 to raise about US$13.8m. That's 36% dilution: every existing holder's slice gets 36% smaller. If you held US$1,000 of shares (101 at the issue price), your slice goes from 0.00406% to 0.0026% of the company. To keep it you'd need 57 more shares - about US$566 at the issue price.
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23 Mar 2018capital raising announcement▼ BadMajor
Arcadia raised capital in a structured private placement -- 300,752 shares plus warrants initially priced at $45.75 -- with unusual downward-resetting pricing mechanics that could cut the purchase/exercise price to as low as $8.322 depending on later trading prices, a sign of a weak bargaining position typical of a company under Nasdaq compliance pressure.
30 May 2017listing compliance notice▼ BadMajor
A second, simultaneous Nasdaq deficiency: the market value of Arcadia's publicly held shares fell below the $5 million minimum, stacked on top of the still-unresolved minimum bid price problem from February.
17 Feb 2017listing compliance notice▼ BadMajor
Arcadia's stock fell out of compliance with Nasdaq's $1.00 minimum bid price requirement -- the first of what would become a recurring Nasdaq compliance problem for the company over the following decade.
22 July 2016listing compliance notice▼ Bad
Arcadia fell out of Nasdaq compliance on board independence after two independent directors resigned, leaving the board evenly split between independent and non-independent members; the company said it planned to add a new independent director before the cure period expired.
30 Dec 2015debt financing▲ GoodMajor
Arcadia Biosciences refinanced its debt, borrowing $25 million from Silicon Valley Bank under a new term loan (0.90% above prime, secured by substantially all assets) and using the proceeds to fully prepay its prior Tennenbaum Capital term loan -- swapping an expensive private-credit lender for a conventional bank facility shortly after its 2015 IPO.
15 May 2015listing compliance notice▲ GoodMajor
Nasdaq certified Arcadia Biosciences, Inc.'s securities for listing, clearing them to begin trading.
11 May 2015listing compliance notice▲ GoodMajor
Nasdaq certified Arcadia Biosciences, Inc.'s securities for listing, clearing them to begin trading.