Bookrunners Credit Suisse, JPMorgan, Piper Jaffray assist with sale
By Devika Patel
Knoxville, Tenn., May 14 – Arcadia Biosciences, Inc. said it priced its $65.6 million initial public sale of stock with a $3 million greenshoe. The deal was announced Feb. 17.
The company will sell 8.2 million common shares at $8.00 apiece.
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the lead bookrunning managers. Piper Jaffray & Co. is also a bookrunner.
Ligand Pharmaceuticals Inc. intends to buy about $9 million of the shares at the initial public offering price.
Settlement is expected May 19.
Proceeds will be used for general corporate purposes, including working capital, capital expenditures, development and commercialization and sales and marketing.
The agricultural biotechnology trait development company is based in Davis, Calif. The company intends to list its common stock on the Nasdaq under the symbol “RKDA.”
| Issuer: | Arcadia Biosciences, Inc.
|
| Issue: | Common stock
|
| Amount: | $65.6 million
|
| Greenshoe: | $3,003,000
|
| Shares: | 8.2 million
|
| Price: | $8.00
|
| Warrants: | No
|
| Bookrunners: | Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC (leads), Piper Jaffray & Co.
|
| Announcement date: | Feb. 17
|
| Pricing date: | May 14
|
| Settlement date: | May 19
|
| Stock exchange: | Nasdaq: RKDA
|
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