other material
confidence high
sentiment neutral
materiality 0.60
Arcadia creates Series A Preferred with voting rights on reverse stock split; quorum lowered to one-third
Arcadia Biosciences, Inc.
- Declared dividend of 1/1000th share of Series A Preferred per common share; record date Dec 28, 2022, distribution Dec 29, 2022.
- Each 1/1000th of Series A Preferred carries 1,000 votes, but only on proposals for a reverse stock split and adjournment.
- Preferred shares are not transferable except with transfer of common shares; voting automatically mirrors common share vote.
- Bylaws amended to reduce stockholder meeting quorum from majority to one-third of voting power.
- Unredeemed preferred shares redeemed after meeting for $0.10 per 100 shares (subject to conditions); odd lots may receive no cash.