History
Arcadia Biosciences went from a 2015 crop-trait IPO to a cash-strapped Nasdaq shell after selling its businesses and losing its Roosevelt oil and gas merger.
2015-2018: Listing and early strain
Arcadia Biosciences had its securities certified for Nasdaq listing in May 2015, clearing them to begin trading. In December 2015 it refinanced its debt, borrowing $25 million from Silicon Valley Bank on a term loan secured by substantially all its assets, and using the money to fully repay an earlier loan from Tennenbaum Capital.
Trouble with the listing followed. In February 2017 the stock fell below Nasdaq's $1.00 minimum bid price. In May 2017 a second deficiency arrived when the market value of publicly held shares dropped below the $5 million minimum. In March 2018 Arcadia raised money in a private placement of 300,752 shares plus warrants at $45.75. The pricing could reset downward to as low as $8.322 depending on later trading, which suggested a weak bargaining position.
2019-2021: Hemp, Bioceres and a bigger raise
In May 2019 Nasdaq flagged another deficiency, this time because the market value of Arcadia's listed securities was below $35 million. It was the company's fourth distinct compliance problem in three years. In August 2019 Arcadia widened its focus beyond licensing crop traits by forming Archipelago Ventures Hawaii with Legacy Ventures Hawaii, a joint venture (split 50.75% and 49.25% between the partners) to develop and commercialize hemp-derived CBD products grown in Hawaii. Each partner committed up to roughly $2.5 million.
In November 2020 Arcadia sold its half of the Verdeca joint venture with Bioceres to Bioceres Crop Solutions (BIOX) for $5 million cash plus 1.875 million BIOX shares. BIOX also owed $1 million for expenses and $2 million in milestone payments, plus royalties of 6% on HB4 soybean sales (capped at $10 million) and 25% on wheat sales. In January 2021 it completed its largest financing yet, selling 7,876,784 shares at $3.1925 with warrants over another 3.9 million shares.
In May 2021 Arcadia bought the assets of three CBD and wellness brands, Eko, Lief and Zola, through a new subsidiary, Arcadia Wellness, for $4 million cash plus 827,400 shares. In July 2021 it sold all its remaining BIOX shares, raising about $22.1 million ($17,970,303 in a block sale and $4,125,403 on the open market). The year-end 2021 count of 554,609 shares is far below the previous year. The beats do not explain the fall, though a later financing price hints at a reverse split.
2022-2024: Smaller raises and selling the business
In August 2022 Arcadia sold 4,722,506 shares or pre-funded warrants at $1.05876, with long-dated investment options attached. A month later it again fell below Nasdaq's $1.00 minimum bid price. By March 2023 it was raising money at $9.00 a share (666,334 shares or pre-funded warrants, plus Series A and Series B options), a price consistent with a reverse split in between.
In May 2024 Arcadia sold and licensed its resistant starch durum wheat trait to Pioneer Hi-Bred International, a Corteva subsidiary that had worked on it since 2017, for $4 million cash. Days later it left the GoodWheat specialty-wheat business, selling the assets to Above Food Corp. Arcadia paid Above Food $2 million and received a $6 million promissory note, payable in three annual installments and secured by the assets sold.
2024-2026: The Roosevelt detour and a shell
In December 2024 Arcadia announced an all-stock reverse merger with Roosevelt Resources, LP, a Texas oil and gas exploration and production partnership formed in 2011. Roosevelt's partners would have held about 90% of the combined company. The February 2025 filing set out the terms: 12,284,475 shares, worth about $34.5 million at $2.77, would be issued for all of Roosevelt's equity. Shareholders were also asked to approve a reverse split. Arcadia warned that without the deal or other funding it might have to cut back, seek bankruptcy protection or dissolve.
In May 2025 the termination deadline moved from May 15 to August 15. A July 2025 amendment raised the share issue to 12,303,360. In late December 2025 Roosevelt terminated the agreement. The deal never closed and neither side owed a break-up fee.
In January 2026 Arcadia persuaded holders of older $9.00 options to exercise at $2.575, raising about $2.1 million, and issued them new options at $2.325. In April 2026 it dismissed its auditor, Deloitte, whose reports carried a going-concern qualification, and its 10-K disclosed material weaknesses in internal controls. There was no disagreement over accounting. In June 2026 it raised about $4 million at $1.0299 per unit through pre-funded warrants and options.
On August 10, 2026 Arcadia fell below Nasdaq's $1.00 minimum bid price for a third time, after 2017 and 2022. At that date it was a standalone Nasdaq-listed company with no operating business or merger partner identified in the record.
Written from the 26 story beats below (2015 to 10 Aug 2026), which come from the company's own announcements and filings.