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Marrone Bio Innovations announces closing of private placement and debt refinancing transactions
Feb. 7, 2018
Pro-Farm Group - Formerly Marrone Bio Innovations
United StatesFollow
United StatesMBI issued to the investors and converting debt holders an aggregate of 69,714,286 shares of its common stock, representing a weighted-average purchase price of $1.08 per share, together with warrants to purchase an aggregate of 46,476,189 shares of its common stock at a weighted-average exercise price of $1.03 per share. In addition, MBI issued 800,000 shares of its common stock and warrants to purchase 2,017,043 shares of its common stock at an exercise price of $1.00 per share to National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (NHLD), and its affiliates, in connection with its services as exclusive placement agent and financial adviser to MBI for the private placement and debt refinancing transactions.
“We are truly thrilled to have successfully closed the transactions, which will dramatically improve our balance sheet, flexibility and resources,” said Dr. Pamela G. Marrone, CEO and Founder of MBI. “We’d like to thank our team, advisors and investors for their hard work on this transformative financing. Looking forward, we will remain squarely focused on growing our company and shareholder value.”
Immediately after the closing of these transactions, MBI has a total of 102.0 million shares of common stock and $17.5 million in aggregate principal amount of indebtedness outstanding with a maturity date in 2022.
Source: Marrone Bio Innovations
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