Arcadia sells GoodWheat business; receives $6M promissory note, pays $2M cash at close

Arcadia Biosciences, Inc.

Net consideration $4M: $6M promissory note (3-yr, prime rate) from Above Food; Arcadia paid $2M cash at closing.
Principal due $2M on each anniversary; Arcadia can elect to settle $2M for Above Food stock at 90% of 20-day VWAP.
Pro forma 2022 net loss improves from ($15.4M) to ($8.5M); 2023 net loss from ($14.0M) to ($6.1M).
Transaction closed May 14, 2024; security agreement grants Arcadia lien on purchased assets (excl. inventory).

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