Yield10 Bioscience and Marathon Petroleum Corporation Sign LOI for Potential Investment and Offtake Agreement for Camelina Feedstock Oil for Renewable Fuels
May 01 2023 - 9:17AM
Yield10 Bioscience, Inc. (Nasdaq:YTEN) (“Yield10” or the
“Company”), an agricultural bioscience company, today announced
that it has signed a non-binding Letter of Intent (“LOI”) with
Marathon Petroleum Corp. (NYSE: MPC, “Marathon”) for a
potential investment and offtake agreement for low-carbon intensity
Camelina feedstock oil for use in renewable fuels production.
Marathon is a leading, integrated downstream energy company in the
U.S.
“Yield10 continues to execute on our commercialization plan to
supply low-carbon intensity Camelina feedstock oil to the growing
North American biofuel market through a network of supply chain
alliances,” said Oliver Peoples, Ph.D., President and Chief
Executive Officer of Yield10 Bioscience. “We look forward to
working closely with Marathon’s team to finalize a definitive
investment and offtake agreement as the basis for a strategic
alliance in biofuels over the long term.”
In connection with the execution of the LOI, the Company also
sold and issued a senior unsecured convertible promissory note to
an affiliate of Marathon in the original principal amount of $1.0
million (the “Convertible Note”), which is convertible into shares
of the Company’s common stock or other Qualified Securities (as
defined in the Convertible Note), subject to certain conditions and
limitations set forth in the Convertible Note. The Company plans to
use the net proceeds from the Convertible Note for working capital
and general corporate purposes. Additional information regarding
the Convertible Note will be included in a Form 8-K to be filed by
the Company with the Securities and Exchange Commission.
The securities issued and sold in the private placement have not
been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any states' securities laws and may not be
offered or sold in the United States, except pursuant to an
effective registration statement or an applicable exemption from
the registration requirements of the Securities Act.
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
securities of the Company in any state or other 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
that is using its differentiated trait gene discovery platform, the
“Trait Factory”, to develop improved Camelina varieties for the
production of proprietary seed products, and to discover high value
genetic traits for the agriculture and food industries. Our goals
are to efficiently establish a high value seed products business
based on developing superior varieties of Camelina for the
production of feedstock oils, PHA bioplastics and omega-3 (EPA,
DHA+EPA) oils, and to license our yield traits to major seed
companies for commercialization in major row crops, including corn,
soybean and canola. Yield10 is headquartered in Woburn, MA and has
a Canadian subsidiary, Yield10 Oilseeds Inc., located 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 Company’s plans and expectations related to the LOI
and to working with Marathon, including plans to negotiate an
investment and offtake agreement for Camelina feedstock oil; the
Company’s plans to develop its Camelina business in the U.S. and
other geographies; and the Company’s goals related to developing
superior varieties of Camelina to produce biofuel feedstock oils,
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
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