Extracted from this filing and checked against the source text.
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Arcadia Biosciences, Inc. completed a disposition involving Above Food Corp. and Above Food Ingredients Corp. for Parent and Buyer issued a promissory note in the original principal amount of $6,000,000 (closed 2024-05-14).
- Action
- disposition
- Counterparty
- Above Food Corp. and Above Food Ingredients Corp.
- Consideration
- Parent and Buyer issued a promissory note in the original principal amount of $6,000,000
- Closing
- 2024-05-14
Exact text from the filing
Pursuant to the Purchase Agreement, Arcadia and Wellness sold to Buyer certain assets relating to Arcadia’s GoodWheat business (“Purchased Assets”) and Arcadia transferred to Buyer $2,000,000 of cash. The Purchase Agreement includes a number customary provisions addressing matters such as closing deliverables, representations and warranties, covenants, survival of the representations and warranties for a period of time after the closing, and indemnification obligations. The transactions contemplated by the Purchased Agreement closed on May 14, 2024. As consideration for the Purchased Assets and the $2,000,000 cash payment, Parent and Buyer issued a promissory note, dated May 14, 2024, in favor of Arcadia and in the original principal amount of $6,000,000 (“Promissory Note”).
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