Benzinga | Jan 5, 2021 09:06AM EST

Marrone Bio Announces On Dec. 29 Amendment Was Made To Prior Warrant Agreement; Van Herk Exercised 33.3% Of Outstanding Warrants, Providing $1.7M In Funds To Co.

DAVIS, Calif., Jan. 05, 2021 (GLOBE NEWSWIRE) -- Marrone Bio Innovations, Inc. (NASDAQ: MBII), a leading provider of effective and environmentally responsible pest management and plant health products, today provided an update on its warrant transactions.



Effective Dec. 29, 2020, an amendment was made to a prior warrant agreement with Van Herk Investments that extends the maturities of its existing warrants. As a result, Van Herk exercised 33.3% of its outstanding warrants, reducing the total number of its outstanding warrants, and providing $1.7 million in funds to Marrone Bio.

"With this warrant amendment, our prior warrant restructurings and recent warrant exercises and expirations, only 27.6% percent of the total warrants outstanding at the beginning of 2020 are currently outstanding. Assuming full cash exercise of remaining warrants from our restructuring transactions, we would receive $6.2 million in the first quarter and $5.5 million in the fourth quarter of 2021," said Chief Executive Officer Kevin Helash. "Our warrant overhang will be essentially removed by the end of this year."

"These warrant transactions have provided financial and timing flexibility to the company that allows us to pursue strategic alternatives to strengthen our position as the leader in agricultural biological solutions," Helash added.