Yield10 Bioscience Announces Pricing of $5.2 Million Public Offering and Concurrent Private Placement
August 22 2020 - 9:30PM
Yield10 Bioscience, Inc. (Nasdaq: YTEN), an agricultural bioscience
company, today announced the pricing of its underwritten public
offering of 835,000 shares of its common stock at a public offering
price of $4.25 per share. The gross proceeds from the public
offering will be approximately $3.5 million, before deducting
underwriting discounts and commissions and estimated offering
expenses. In addition, Yield10 also announced that investors
affiliated with existing investor Jack W. Schuler, have agreed to
purchase 396,450 shares of Yield10’s common stock pursuant to a
securities purchase agreement with Yield10 at the same price per
share as in the public offering, in a separate private placement
transaction that is expected to close concurrently with the public
offering. The gross proceeds from the private placement will
be approximately $1.7 million. All shares in the public
offering and private placement are to be sold by Yield10.
The public offering and private placement are expected to close
concurrently on or about August 26, 2020, subject to customary
closing conditions.
Maxim Group LLC is acting as the sole book-running manager for
the public offering.
Yield10 also has granted to the underwriter a 45-day option to
purchase up to an additional 125,250 shares of common stock, at the
public offering price less discounts and commissions.
The public offering is being made pursuant to an effective shelf
registration statement on Form S-3 that was filed with the U.S.
Securities and Exchange Commission (SEC) on April 1, 2020 and
declared effective on April 10, 2020. A preliminary prospectus
supplement describing the terms of the public offering has been
filed with the SEC. A final prospectus supplement will be
filed with the SEC and will form a part of the effective
registration statement. Copies of the preliminary prospectus
supplement and accompanying prospectus relating to the public
offering may be obtained by contacting Maxim Group LLC, 405
Lexington Avenue, 2nd Floor, New York, NY 10174, or by telephone at
(212) 895-3745.
The shares being sold in the private placement have not been and
will not be registered under the Securities Act of 1933, as
amended, or any state securities laws and may not be offered or
sold in the United States absent registration with the SEC or an
applicable exemption from such registration requirements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
About Yield10
Bioscience
Yield10 Bioscience, Inc. is an agricultural bioscience company
developing crop innovations for sustainable global food security.
The Company uses its “Trait Factory” including the “GRAIN” big data
mining trait gene discovery tool as well as the Camelina oilseed
“Fast Field Testing” system to develop high value seed traits for
the agriculture and food industries. As a path toward
commercialization of novel traits, Yield10 is pursuing a partnering
approach with major agricultural companies to drive new traits into
development for canola, soybean, corn, and other commercial crops.
The Company is also developing improved Camelina varieties as a
platform crop for the production and commercialization of
nutritional oils, proteins, and PHA biomaterials. The Company’s
expertise in oilseed crops also extends into canola, where it is
currently field-testing novel yield traits to generate data to
drive additional licensing opportunities. Yield10 is headquartered
in Woburn, MA and has an Oilseeds Center of Excellence in
Saskatoon, Canada.
For more information about the company, please visit
www.yield10bio.com, or follow the Company on Twitter, Facebook and
LinkedIn.
(YTEN-G)
Safe Harbor for Forward-Looking
Statements
This press release contains forward-looking statements which are
made pursuant to the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The forward-looking
statements in this release do not constitute guarantees of future
performance. Investors are cautioned that statements in this press
release which are not strictly historical, including, without
limitation,the closing of the public offering and concurrent
private placement described in this press release, constitute
forward-looking statements. Such forward-looking statements are
subject to a number of risks and uncertainties that could cause
actual results to differ materially from those anticipated,
including the risks and uncertainties detailed in Yield10
Bioscience's filings with the Securities and Exchange Commission.
Yield10 assumes no obligation to update any forward-looking
information contained in this press release or with respect to the
matters described herein.
Contacts: Yield10
Bioscience:Lynne H. Brum, (617) 682-4693, LBrum@yield10bio.com
Investor Relations: Bret Shapiro, (561) 479-8566,
brets@coreir.comManaging Director, CORE IR
Media Inquiries: Eric Fischgrund, eric@fischtankpr.com FischTank
PR
Yield10 Bioscience (NASDAQ:YTEN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Yield10 Bioscience (NASDAQ:YTEN)
Historical Stock Chart
From Sep 2023 to Sep 2024