Current Report Filing (8-k)
January 09 2020 - 8:46AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported): January 7, 2020
MARRONE
BIO INNOVATIONS, INC.
(Exact
Name of Registrant as Specified in Charter)
Delaware
|
|
001-36030
|
|
20-5137161
|
(State
or Other Jurisdiction
of
Incorporation)
|
|
(Commission
File
Number)
|
|
(I.R.S.
Employer
Identification
No.)
|
1540
Drew Avenue, Davis, CA 95618
(Address
of Principal Executive Offices, and Zip Code)
(530)
750-2800
Registrant’s
Telephone Number, Including Area Code
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
|
[ ]
|
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
|
|
[ ]
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
|
|
[ ]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
|
|
Trading
Symbol(s)
|
|
Name
of each exchange on which registered
|
Common
Stock, $0.00001 par value
|
|
MBII
|
|
Nasdaq
Capital Market
|
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging
growth company [ ]
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item
1.01. Entry into a Material Definitive Agreement.
Secured
Revolving Borrowing
On
January 7, 2020, Marrone Bio Innovations, Inc. (the “Company”) entered into a Second Amendment to the Company’s
Invoice Purchase Agreement (the “Amendment”) dated as of March 24, 2017 with LSQ Funding Group, L.C. (“LSQ”).
The
amendment, among other things, (i) increases the amount in which LSQ may elect to purchase up to $20,000,000 of eligible customer
invoices from the Company from $7,000,000; (ii) increases the advance rate to 90% from 85% and 70% from 60%, respectively,
of the face value of domestic and international receivables being sold; (iii) decreases the invoice purchase fee rate from 0.40%
to 0.25%; (iv) increases the funds usage fee from 0.020% to 0.025%; (v) extends the 0% aging and collection fee percentage charged
at the time when the purchased invoice is collected from 90 days to 120 days, and increases the fee percentage charged thereafter
from 0.35% to 0.75%; and (vi) decreases the early termination fee from 0.75% to 0.50%.
In
addition to the Amendment, the Company simultaneously entered into an Amended Inventory Financing Addendum (the “Addendum”)
with LSQ. The Addendum allows the Company to request an advance up to the lesser of (i) 100% of the Company’s unpaid finished
goods inventory; (ii) 65% of the appraised value of the Company’s inventory performed on or on behalf of LSQ; or (iii) $3,000,000.
Funds advance under the Addendum are subject to a monthly inventory management fee of 0.5% on the average monthly inventory funds
available and a daily interest rate of 0.025%.
The Amendment and the Addendum are filed
herewith as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference, and the foregoing descriptions are
qualified in their entirety by the terms contained therein.
Item
2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The
information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item
8.01. Other Events.
On
January 9, 2019, the Company issued a press release announcing its amendment to the secured revolving borrowing agreements.
A copy of the press release as attached hereto as Exhibit 99.1.
Item
9.01. Financial Statements and Exhibits.
Signature
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
|
MARRONE
BIO INNOVATIONS, INC.
|
|
|
Date:
January 9, 2020
|
By:
|
/s/
Linda V. Moore
|
|
Name:
|
Linda
V. Moore
|
|
Title:
|
Executive
Vice President, General Counsel, Secretary and Chief Compliance Officer
|
Marrone Bio Innovations (NASDAQ:MBII)
Historical Stock Chart
From Mar 2024 to Apr 2024
Marrone Bio Innovations (NASDAQ:MBII)
Historical Stock Chart
From Apr 2023 to Apr 2024