Marrone Bio Provides Update on Warrant Transactions; No New Securities Offered

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.

About Marrone Bio Innovations

Marrone Bio Innovations Inc. (NASDAQ: MBII) is a growth-oriented company leading the movement to a more sustainable world through the discovery, development and sale of innovative biological products for crop protection, plant health and waterway systems treatment that help customers operate more sustainably while increasing their return on investment. MBI has screened over 18,000 microorganisms and 350 plant extracts, leveraging its in-depth knowledge of plant and soil microbiomes enhanced by advanced molecular technologies and natural product chemistry to rapidly develop seven product lines. Supported by a robust portfolio of over 400 issued and pending patents, MBI’s currently available commercial products are Regalia, Stargus, Grandevo, Venerate, Majestene, Haven, Pacesetter, Zelto Jet Oxide and Jet Ag and Zequanox, with a next-generation insecticide-nematicide, a breakthrough bioherbicide and a biofumigant in the Company’s product pipeline. MBI’s Pro Farm Finland-based subsidiary employs a proprietary technology derived from wood waste to stimulate plant growth and improve plant health, resulting in improved yields and crop quality. Products include UBP 110, Foramin, UBP Seed Treatment, Foramin ST.