Arcadia Biosciences, Inc. (RKDA) Earnings Call Transcript & Summary

Welcome to the 2020 Annual Meeting for Arcadia Biosciences, Incorporated. Our host for today's call is Kevin Comcowich. [Operator Instructions] I would now like to turn the call over to your host. Kevin, you may begin.

Good morning, ladies and gentlemen. I'm Kevin Comcowich, Chairman of the Board of Directors of Arcadia Biosciences, and it's my pleasure to welcome you to the Arcadia Biosciences' Annual Meeting of Stockholders. I will act as Chair of this meeting, and I've got Pam Haley, our Chief Financial Officer and Corporate Secretary to record the minutes of this meeting. Before proceeding further, let me introduce the Directors and Director nominees of the company who are on the call with us today: Albert Bolles, Director; Matt Plavan, Director, who is also our President and Chief Executive Officer of Arcadia; Lilian Shackelford Murray, Director; Greg Waller, Director and Nominee; and Amy Yoder, Director. I would also like to introduce the corporate officers and company executives who are in attendance: Pam Haley, Chief Financial Officer, who will also be serving as our Inspector of Elections; Sarah Reiter, Chief Commercial Officer; and Randy Schultz, Chief Technology Officer. Also with us today are Chris Williams-Campbell, Head of People; Travis Childs, representing Deloitte, our independent registered public accountants; and Mike De Angelis, representing Weintraub Tobin, our outside Corporate Counsel. I will now turn the meeting over to Pam Haley, the company's Chief Financial Officer and Corporate Secretary, who will conduct the formal part of this meeting.

Thank you, Kevin. A copy of the agenda is showing on the screen and the rules of procedure for the meeting are available via the meeting materials section of the website in the bottom-right corner of the screen. The items on the agenda for the formal meeting are: the election of 1 Class II Director and the ratification of the appointment of Deloitte as independent public accountants for the fiscal year ending December 31, 2020. After we vote on these matters, an announcement will be made regarding the preliminary results, and the formal meeting will be adjourned. [Operator Instructions] And we are only taking questions related to the business of the annual meeting today. I have proof by affidavit that notice of this meeting has been duly given and that the notice of internet availability of proxy materials was mailed on or about April 17, 2020, to all stockholders of record at the close of business on April 6, 2020, the record date for this meeting. We have at this meeting a record of stockholders as of that date. We have present in person or by proxy, a sufficient number of shares to constitute the quorum. Therefore, the meeting is duly constituted and we may proceed with business. We will vote by proxy or by online ballot. Each holder of Arcadia common stock is entitled to one vote for each share of common stock held of record at the close of business on the record date. If you have previously submitted your proxy and you do not intend to change your vote, it is not necessary that you vote online. Your vote will be counted. If you are eligible to vote and have not submitted your proxy, or if you want to change your vote, please vote online at this time. The votes cast today will be counted in the final tally along with the proxies previously received. It is now 1:03 Pacific time on June 1, 2020, and the polls for each matter to be voted on at this meeting are now open. The first item of business is the election of 1 Class II Director. The Director elected at today's meeting will hold office until 2023 Annual Meeting of Stockholders or until his successor is duly elected and qualified. As indicated in the company's proxy statement, Gregory Waller has been nominated by the Board of Directors to serve as a Class II Director. Pursuant to the notice of this annual meeting and the proxy statement dated April 17, 2020, the proxy solicited by the Board of Directors will be voted in favor of this nominee. The company's bylaws require that a stockholder provide advanced notice to the company of the stockholder's intent to nominate persons as Directors. No such notice was received. Accordingly, I declare the nominations for directors closed. Those of you who are voting online should now complete your vote on proposal 1. The next item of business is to ratify the appointment of Deloitte as independent auditors for the company for the fiscal year ending December 31, 2020. The Board of Directors recommends that stockholders vote in favor of this proposal, and the proxies solicited by the Board will be voted in favor of this proposal. Travis Childs is present from Deloitte and is available to answer any questions -- any appropriate questions that you have at this time? We do not see any questions. Before we close the polls -- or are there any questions concerning the proposal? Does not look like there are any questions. It is now 1:04 Pacific time on June 1, 2020, and the polls for each matter to be voted on at this meeting are now closed. No additional votes and no changes or revocations will be accepted. We will now tabulate the votes and provide a preliminary report on the voting results. Based upon preliminary information, I can report that with regard to Proposal 1, Gregory Waller has been elected to the Board to serve as a Class II Director. And with regard to Proposal 2, the appointment of Deloitte to act as the company's independent auditor for the first fiscal year ending December 31, 2020, has been ratified by a majority of the shares present online or by proxy. These are the preliminary results of voting. The final results of voting will be set forth in the minutes of the meeting and will be reported to our report -- in our reports filed with the SEC. The annual meeting of stockholders is now adjourned. Thank you for your attendance. I will now turn over the meeting to Kevin.

Thank you, Pam. I want to thank all of you for attending today's meeting and for your interest you've shown in Arcadia Biosciences. We very much appreciate your attendance, and as always, thank you for your support.

This now concludes the meeting. Thank you for joining. And have a pleasant day.