Arcadia Biosciences Shares Surge After Roosevelt Resources Deal

Dow Jones12-05

By Chris Wack

Arcadia Biosciences shares more than tripled after the agricultural biotechnology company agreed to be bought by Roosevelt Resources in an all-stock transaction.

Shares were recently up 233% at $9.37.

After the transaction closes, the current equity owners of Roosevelt are expected to own about 90% of the new company.

Roosevelt is a privately held Dallas exploration-and-production company whose primary asset is a project for carbon-capture utilization and storage and oil-and-natural gas production.

After the closing, Arcadia will change its corporate name to Roosevelt Resources. The company is expected to continue trading on the Nasdaq Capital Market under a new trading symbol.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

December 05, 2024 10:34 ET (15:34 GMT)

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