Yield10 Bioscience Announces Closing of $4.0 Million Public Offering, Including Exercise of the Over-Allotment Option, and Co...
August 26 2020 - 1:00PM
Yield10 Bioscience, Inc. (Nasdaq: YTEN), an agricultural bioscience
company, today announced the closing of its previously announced
underwritten public offering of 835,000 shares of its common stock
at a public offering price of $4.25 per share. In addition,
Maxim Group LLC has exercised its over-allotment option to purchase
116,835 shares of common stock, at the public offering price less
underwriting discounts. Gross proceeds before deducting
underwriting discounts and commissions and other offering expenses
are approximately $4.0 million, inclusive of the over-allotment.
Concurrent with the public offering, investors affiliated with
existing investor Jack W. Schuler purchased 396,450 shares of
Yield10’s common stock pursuant to a securities purchase agreement
at the same price per share as in the public offering, in a
separate private placement transaction. The gross proceeds
from the private placement were approximately $1.7 million. All
shares in the public offering and private placement were sold by
Yield10.
Maxim Group LLC acted as the sole book-running manager for the
public offering.
The public offering was 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 final prospectus
supplement describing the terms of the public offering has been
filed with the SEC and will form a part of the effective
registration statement. Copies of the final 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 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)
Contacts: Yield10
Bioscience:ynne 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
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