Arcadia Biosciences, Inc.® (Nasdaq: RKDA) disclosed that it has initiated a process to explore a range of potential transactions and alternative strategies focused on maximizing long-term shareholder value. As part of this process, the company will explore strategic options that may include the potential for an acquisition, company sale, merger, business combination, asset sale, joint venture, licensing arrangement, capital raise or other strategic transaction. Lake Street Capital Markets, LLC, will act as Arcadia?s financial advisor with respect to the strategic review process.

There can be no assurance that this exploration of strategic alternatives will result in the company entering or completing any transaction, and no timetable has been set for the conclusion of the strategic review. ?This review is in line with Project Greenfield, our 3-year plan to maximize the company?s potential and drive shareholder value,? said Stan Jacot, Arcadia?s CEO.

?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?.