Arcadia Biosciences and Roosevelt Resources Enter into Business Combination Agreement in All-Stock Transaction
DENVER, Colo., Dec 05, 2024 (247marketnews.com)- Arcadia Biosciences (NASDAQ: RKDA) and Roosevelt Resources, a privately held exploration and production company, entered into a definitive securities exchange agreement that will combine the two companies in an all-stock transaction, in which Arcadia will issue shares of Arcadia common stock to Roosevelt’s partners, in exchange for all of the equity interests in Roosevelt. Upon transaction closing, the current equity owners of Roosevelt and the Arcadia shareholders, as of the closing, are expected to own approximately 90% and 10%, respectively, of the outstanding shares of Arcadia.
T.J. Schaefer, Arcadia’s president and CEO, commented, “Since July 2023, Arcadia has been undergoing a strategic review with external advisors to evaluate the best alternatives for maximizing shareholder value. During that time, we have streamlined our operations to focus on Zola ® coconut water, reduced operating expenses and generated non-dilutive capital through the sale of our GoodWheat TM brand and our wheat IP. After a comprehensive and prolonged review, we have concluded that a business combination with Roosevelt Resources is the best alternative to create value for Arcadia and its shareholders.”
Roosevelt’s primary asset is a carbon capture utilization and storage (CCUS) oil and natural gas project that spans 16,208 (13,892 net) contiguous acres on the Northwest Shelf of the Texas Permian Basin, which Roosevelt plans to develop over the next 40+ years as an enhanced oil recovery (EOR) project reaching an anticipated peak production capacity in 2051 of 55,000 gross barrels of oil equivalent per day (boepd).
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