Aemetis, Inc.Closes $35.5 Million Phase I EB-5 Program
September 04 2020 - 8:28AM
via NEWMEDIAWIRE --
Aemetis, Inc. (NASDAQ: AMTX)
(“Aemetis”), an advanced renewable fuels and biochemicals company,
today announced the closing of its $35.5 million Phase I EB-5
Program, which was funded by 71 foreign investors.
The EB-5 Program is a U.S. Government program
authorized by the Immigration and Naturalization Act designed to
provide employment-based visa preferences for immigrant investors
who deploy capital into U.S.-based projects that provide jobs for
American workers. Aemetis closed its Phase I EB-5 Program with
the issuance of 71 subordinated convertible promissory notes,
raising $35.5 million of low interest investment funds used to
create both direct and indirect jobs at its high grade alcohol and
fuel ethanol plant in Keyes, California.
“The Aemetis plant EB-5 project is an excellent
example of sound immigration policy that generated $35.5 million of
new investment to create high quality manufacturing jobs in the
Central Valley of California,” stated Eric McAfee, Chairman and CEO
of Aemetis, Inc. “100% of the investors in our Phase I EB-5
funding have been fully vetted by the U.S. Department of Homeland
Security and granted approval to receive conditional permanent
residency, which could allow them become citizens after completing
the remaining steps in the EB-5 process.”
On November 21, 2019, the EB-5 Program minimum
investment increased from $500,000 to $900,000 per
investor. Aemetis has launched the Phase II EB-5
offering with plans to issue $50.0 million in additional EB-5
notes, and received an approved Project Exemplar from the United
States Citizenship and Immigration Services, demonstrating that
about 2,000 jobs are expected to be created by Aemetis, allowing
200 investors the opportunity to participate the offering (10 jobs
per investor).
Eight investors in the Phase II EB-5 offering have
received National Interest Expedite (“NIE”) approval, which is
granted to EB-5 projects that have strategic importance to the
United States. The NIE approval allows investors to
benefit from an approximately three-month application review
process instead of the regular multi-year review process.
The Phase I EB-5 offering provided Aemetis with a
3% interest rate, subordinated funding instrument that matures four
years from the date of funding, while providing automatic
extensions for one year periods beyond the original note term while
investor immigration approvals are pending. $35.0
million of the Phase I EB-5 offering proceeds were received during
prior quarters and used to repay Third Eye Capital senior debt
bridge funding.
About Aemetis
Headquartered in Cupertino, California, Aemetis is
an advanced renewable fuels and biochemicals company focused on the
acquisition, development and commercialization of innovative
technologies that replace traditional petroleum-based products by
the conversion of ethanol and biodiesel plants into advanced
biorefineries. Founded in 2006, Aemetis owns and operates a 65
million gallon per year ethanol production facility in California’s
Central Valley near Modesto. Aemetis also owns and operates a 50
million gallon per year renewable chemical and advanced fuel
production facility on the East Coast of India producing high
quality distilled biodiesel and refined glycerin for customers in
India and Europe. Aemetis is building a biogas anaerobic
digester network and pipeline to convert dairy animal waste gas to
Renewable Natural Gas (RNG), and is developing a plant to convert
waste orchard wood into high grade cellulosic
alcohol. Aemetis holds a portfolio of patents and
related technology licenses for the production of renewable fuels
and biochemicals. For additional information about
Aemetis, please visit www.aemetis.com.
Safe Harbor Statement
This news release contains forward-looking
statements, including statements regarding our assumptions,
projections, expectations, targets, intentions or beliefs about
future events or other statements that are not historical facts.
Forward-looking statements in this news release include, without
limitation, our ability to sell additional notes under our EB-5
note program and our ability to create the expected number of new
jobs in connection with the use of proceeds from our EB-5 Program.
Words or phrases such as “anticipates,” “may,” “will,”
“should,” “believes,” “estimates,” “expects,” “intends,” “plans,”
“predicts,” “projects,” “showing signs,” “targets,” “view,” “will
likely result,” “will continue” or similar expressions are intended
to identify forward-looking statements. These forward-looking
statements are based on current assumptions and predictions and are
subject to numerous risks and uncertainties. Actual results or
events could differ materially from those set forth or implied by
such forward-looking statements and related assumptions due to
certain factors, including, without limitation, competition in the
ethanol, biodiesel and other industries in which we operate,
commodity market risks including those that may result from current
weather conditions, financial market risks, customer adoption,
counter-party risks, risks associated with changes to federal
policy or regulation, and other risks detailed in our reports filed
with the Securities and Exchange Commission, including our Annual
Report on Form 10-K for the year ended December 31, 2019, our
Quarterly Report on Form 10-Q for the quarters ended March 31, 2020
and June 30, 2020 and in our subsequent filings with the
SEC. We are not obligated, and do not intend, to update
any of these forward-looking statements at any time unless an
update is required by applicable securities laws.
External Investor Relations
Contact:Kirin SmithPCG Advisory
Group(646) 863-6519ksmith@pcgadvisory.com
Investor Relations/Media
Contact:Todd Waltz(408) 213-0940investors@aemetis.com
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