Marrone Bio Warrant Holders Exercise Final Tranche, Eliminating Warrant Overhang
December 16 2021 - 4:30PM
During November and December 2021, certain warrant holders
in
Marrone Bio Innovations, Inc. (NASDAQ:
MBII) completed the exercise of the fifth and final tranche of
warrants, generating a total of $3.5 million in cash during the
fourth quarter of 2021 and increasing the company’s outstanding
shares by 4.7 million. With these exercises, and the December 15,
2021, expiration of the substantial majority of the company’s other
unexercised warrants, the company’s material warrant overhang has
been eliminated.
“The support of our investors through their
warrant exercises has provided the company with additional
financial flexibility beyond our ongoing generation of cash from
operations,” said Chief Executive Officer Kevin Helash. “As a
result, we have accelerated the advancement of key products in our
research and development pipeline while continuing to expand our
global commercial footprint.
“The elimination of the warrant overhang is a positive for our
capital structure as we move into the 2022 fiscal year and
agricultural growing season,” Helash added.
About Marrone Bio
Innovations
Marrone Bio Innovations Inc. (NASDAQ: MBII)
is a growth-oriented agricultural company leading the movement to
environmentally sustainable farming practices through the
discovery, development and sale of innovative biological products
for crop protection, crop health and crop nutrition. Our portfolio
of 18 products helps customers operate more sustainably while
increasing their return on investment. The company’s commercial
products are sold globally and supported by a robust portfolio of
more than 500 issued and pending patents. Our end markets
include row crops; fruits and vegetables; trees, nuts and vines;
and greenhouse production. Marrone Bio’s research and development
program uses proprietary technologies to isolate and screen
naturally occurring microorganisms and plant extracts to create
new, environmentally sound solutions in agriculture.
Learn more about Marrone Bio Innovations at
www.marronebio.com. We also use our investor relations website,
https://investors.marronebio.com, as well as our corporate Twitter
account, @Marronebio, as means of disclosing material non-public
information, and encourage our investors and others to monitor and
review the information we make public in these locations. Follow us
on social media: Twitter, LinkedIn and Instagram.
Marrone Bio Innovations Forward Looking
Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve substantial risks and
uncertainties. All statements, other than statements of historical
facts, included in this press release regarding strategy, product
development, future operations and plans, including assumptions
underlying such statements, are forward-looking statements, and
should not be relied upon as representing the company’s views as of
any subsequent date. Examples of such statements include
expectations regarding advancement of key products, expansion of
the company’s global footprint and anticipated benefits to the
warrant exercises on the company’s capital structure. Such
forward-looking statements are based on information available to
the company as of the date of this release and involve a number of
risks and uncertainties, some beyond the company’s control, that
could cause actual results to differ materially from those
anticipated by these forward-looking statements, including the
recent uncertainty in the global economy and industry-specific
economy caused by the COVID-19 pandemic, consumer, regulatory,
weather and other factors affecting demand for the company’s
products, any difficulty in expanding the company’s sales and
marketing infrastructure or marketing the company’s products in
global markets, competition in the market for herbicide products,
lack of understanding of bio-based herbicide products by customers
and growers, adverse actions by distributors, manufacturers,
regulatory agencies and other relevant third parties. Additional
information that could lead to material changes in the company’s
performance is contained in its filings with the Securities and
Exchange Commission. The company is under no obligation to, and
expressly disclaims any responsibility to, update or alter
forward-looking statements contained in this release, whether as a
result of new information, future events or otherwise.
Marrone Bio Innovations Contact:Clyde
MontevirgenVice President of Business Development & Investor
RelationsTelephone: 530-750-2800info@marronebio.com
Marrone Bio Innovations (NASDAQ:MBII)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marrone Bio Innovations (NASDAQ:MBII)
Historical Stock Chart
From Jul 2023 to Jul 2024