Arcadia Biosciences Q1 Profit Down, Acquires Lief Brands

(RTTNews) - Shares of Arcadia Biosciences Inc. (RKDA) are gaining over 11% in extended trading session on Monday after the company reported its first-quarter results and announced its plans to acquire Lief Brands.

Arcadia's first-quarter profit dropped to $2.1 million or $0.11 per share from $2.5 million or $0.29 per share last year. Revenues for the quarter rose to $828 thousand from $309 thousand last year. The increase was largely driven by GoodWheat grain sales and higher GLA product sales.

Separately, Arcadia Biosciences (RKDA) announced it has acquired the assets of Lief Holdings LLC and its portfolio of wellness products from The Parent Company, along with select assets of Live Zola, LLC. The acquisition includes leading consumer CBD brands like Soul Spring as well as Saavy Naturals. The purchase price for these assets was $4.0 million in cash, plus 827 thousand common shares.

RKDA closed Monday's trading at $2.61, up $0.13 or 5.24%, on the Nasdaq. The stock further gained $0.30 or 11.49%, in the after-hours trade.