Arcadia prepares for US IPO
The US plant biotechnology company, Arcadia BioSciences (Davis, California), has filed a registration statement with the US Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its common stock. It is seeking to raise some $86 million but the number of shares to be sold and the price range for the proposed offering have yet to be determined. The company intends to use the net proceeds of the offering for general corporate purposes, including working capital, capital expenditures, further development and commercialistion of its products, and sales and marketing activities. Arcadia may also use some of the proceeds to expand its business through investments in complementary strategic joint ventures, products and technologies.