Plant-based health and wellness products producer Arcadia Biosciences Inc RKDA said it looks at a range of potential transactions and alternative strategies to maximize long-term shareholder value.
Arcadia will explore strategic options, including the potential for an acquisition, company sale, merger, business combination, asset sale, joint venture, licensing arrangement, capital raise or other strategic transaction.
"This review is in line with Project Greenfield, our 3-year plan to maximize the company's potential and drive shareholder value," said CEO Stan Jacot.
"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."
Arcadia Biosciences expects to announce its second-quarter financial results on August 10, 2023.
The company anticipates second-quarter revenue of $1.3 million - $1.5 million (consensus $1.82 million).
As part of the Project Greenfield strategy to focus resources on high-opportunity, scalable businesses, Arcadia has decided to streamline its operations and exit the remaining body care brands, ProVault and SoulSpring, which the company expects to result in annual operating expense savings of $3 million to $4 million starting in August 2023.
Price Action: RKDA shares are trading higher by 5.83% at $4.90 on the last check Thursday.
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