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Amyris Announces Agreements For Up to $95 Million In Equity Financing And In-Process Initiative To Significantly Reduce Debt
34 minutes ago - DJNF
Amyris Announces Agreements For Up to $95 Million In Equity Financing And In-Process Initiative To Significantly Reduce Debt
EMERYVILLE, Calif., May 08, 2017 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company, today announced a series of agreements for up to $95 million in equity financing via a registered direct offering of convertible preferred stock, and private placements of convertible preferred stock and warrants, and noted that the company is in the process of reducing its debt by approximately $75 million. The equity financing commitment includes participation by Koninklijke DSM N.V. (Royal DSM)(AEX
SM.AS), the global science-based company active in health, nutrition and materials, as well as participation by qualified institutional buyers and accredited investors, including some which have previously engaged in equity and/or debt investments in Amyris.
Equity Financing Led by DSM
The financing was led by DSM. As also announced today, DSM has agreed to an initial equity investment in Amyris of $25 million as part of the financing referred to above. Subject to the satisfaction of certain conditions, DSM may invest an additional $25 million in Amyris. The first tranche is expected to close on Thursday, May 11, 2017 with the second tranche (if completed) expected to close within 90 days of the closing of the first tranche. The remaining portion of the financing to be raised of $45 million consists of funding commitments provided by the investors noted above.
Planned Debt Reduction
Amyris is in the process of reducing its debt by approximately $75 million. Approximately $40 million of such amount is being converted pursuant to the terms of the equity financing referred to above and in addition, $15 million has already converted into equity over recent weeks with the remainder to be paid over the next 30 days.
"We are very pleased with the support of our existing shareholders and we are excited to welcome DSM as one of our newest investors and a key shareholder," said John Melo, Amyris President and CEO. "The combination of the new cash to support our strong growth, the simplification of our debt structure and a new long-term shareholder that is strongly aligned with our key growth markets of Health and Nutrition provides us a significant leap forward in our lead of the Industrial Biotechnology sector. We are very pleased with our ability to deliver better products at a lower cost while making our planet healthier and our customers' products and businesses more sustainable."
The company plans to provide more details on the transactions described above when it reports its first-quarter 2017 results on Monday, May 15, 2017 after the close of market.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as the exclusive placement agent for the registered direct offering and the private placement, and as our advisor on the debt conversion initiative.
Terms of the offering and private placement and related agreements are more fully disclosed in the Form 8-K filed today with the Securities and Exchange Commission, available free of charge at sec.gov.
About Amyris
Amyris is the integrated renewable products company that is enabling the world's leading brands to achieve sustainable growth. Amyris applies its innovative bioscience solutions to convert plant sugars into hydrocarbon molecules and produce specialty ingredients and consumer products. The company is delivering its No Compromise(R) products across a number of markets, including specialty and performance chemicals, flavors and fragrances, cosmetics ingredients, pharmaceuticals, and nutraceuticals. More information about the company is available at www.amyris.com.
Amyris Forward-Looking Statements
This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as the anticipated closing of the first tranche of the financing referenced above, including the timing thereof, the expected closing of a second tranche of financing, including the timing thereof, the anticipated closing of the remaining portion of the financing, expected debt reduction, including the timing and form thereof, and the anticipated effects of the transactions discussed above) that involve risks and uncertainties. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including risks related to manufacturing capacity at Amyris's Brotas facility, delays or failures in development, production and commercialization of products, liquidity and ability to fund capital expenditures, Amyris's reliance on third parties to achieve its goals, and other risks detailed in the "Risk Factors" section of Amyris's annual report on Form 10-K filed on April 17, 2017. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
Amyris, the Amyris logo and No Compromise are registered trademarks of Amyris, Inc. All other trademarks are trademarks of their respective owners.
Contact:
Peter DeNardo
Director, Investor Relations and Corporate Communications
Amyris, Inc.
+1 (510) 740-7481
investor@amyris.com
pr@amyris.com
(MORE TO FOLLOW) Dow Jones Newswires
May 08, 2017 08:30 ET (12:30 GM
Amyris Announces Agreements For Up to $95 Million In Equity Financing And In-Process Initiative To Significantly Reduce Debt
34 minutes ago - DJNF
Amyris Announces Agreements For Up to $95 Million In Equity Financing And In-Process Initiative To Significantly Reduce Debt
EMERYVILLE, Calif., May 08, 2017 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company, today announced a series of agreements for up to $95 million in equity financing via a registered direct offering of convertible preferred stock, and private placements of convertible preferred stock and warrants, and noted that the company is in the process of reducing its debt by approximately $75 million. The equity financing commitment includes participation by Koninklijke DSM N.V. (Royal DSM)(AEX
SM.AS), the global science-based company active in health, nutrition and materials, as well as participation by qualified institutional buyers and accredited investors, including some which have previously engaged in equity and/or debt investments in Amyris. Equity Financing Led by DSM
The financing was led by DSM. As also announced today, DSM has agreed to an initial equity investment in Amyris of $25 million as part of the financing referred to above. Subject to the satisfaction of certain conditions, DSM may invest an additional $25 million in Amyris. The first tranche is expected to close on Thursday, May 11, 2017 with the second tranche (if completed) expected to close within 90 days of the closing of the first tranche. The remaining portion of the financing to be raised of $45 million consists of funding commitments provided by the investors noted above.
Planned Debt Reduction
Amyris is in the process of reducing its debt by approximately $75 million. Approximately $40 million of such amount is being converted pursuant to the terms of the equity financing referred to above and in addition, $15 million has already converted into equity over recent weeks with the remainder to be paid over the next 30 days.
"We are very pleased with the support of our existing shareholders and we are excited to welcome DSM as one of our newest investors and a key shareholder," said John Melo, Amyris President and CEO. "The combination of the new cash to support our strong growth, the simplification of our debt structure and a new long-term shareholder that is strongly aligned with our key growth markets of Health and Nutrition provides us a significant leap forward in our lead of the Industrial Biotechnology sector. We are very pleased with our ability to deliver better products at a lower cost while making our planet healthier and our customers' products and businesses more sustainable."
The company plans to provide more details on the transactions described above when it reports its first-quarter 2017 results on Monday, May 15, 2017 after the close of market.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as the exclusive placement agent for the registered direct offering and the private placement, and as our advisor on the debt conversion initiative.
Terms of the offering and private placement and related agreements are more fully disclosed in the Form 8-K filed today with the Securities and Exchange Commission, available free of charge at sec.gov.
About Amyris
Amyris is the integrated renewable products company that is enabling the world's leading brands to achieve sustainable growth. Amyris applies its innovative bioscience solutions to convert plant sugars into hydrocarbon molecules and produce specialty ingredients and consumer products. The company is delivering its No Compromise(R) products across a number of markets, including specialty and performance chemicals, flavors and fragrances, cosmetics ingredients, pharmaceuticals, and nutraceuticals. More information about the company is available at www.amyris.com.
Amyris Forward-Looking Statements
This release contains forward-looking statements, and any statements other than statements of historical facts could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events (such as the anticipated closing of the first tranche of the financing referenced above, including the timing thereof, the expected closing of a second tranche of financing, including the timing thereof, the anticipated closing of the remaining portion of the financing, expected debt reduction, including the timing and form thereof, and the anticipated effects of the transactions discussed above) that involve risks and uncertainties. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including risks related to manufacturing capacity at Amyris's Brotas facility, delays or failures in development, production and commercialization of products, liquidity and ability to fund capital expenditures, Amyris's reliance on third parties to achieve its goals, and other risks detailed in the "Risk Factors" section of Amyris's annual report on Form 10-K filed on April 17, 2017. Amyris disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
Amyris, the Amyris logo and No Compromise are registered trademarks of Amyris, Inc. All other trademarks are trademarks of their respective owners.
Contact:
Peter DeNardo
Director, Investor Relations and Corporate Communications
Amyris, Inc.
+1 (510) 740-7481
investor@amyris.com
pr@amyris.com
(MORE TO FOLLOW) Dow Jones Newswires
May 08, 2017 08:30 ET (12:30 GM
1
I'm in it to win it!
NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'
NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'
