Amyris, Inc. (NASDAQ:AMRS) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
Item 2.03
|
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information contained in Item8.01 below is incorporated
herein by reference.
| Item 3.02 | Unregistered Sales of Equity Securities. |
The information contained in Item8.01 below is incorporated
herein by reference.
| Item 8.01 | Other Events. |
As previously reported, onOctober 26, 2016, Amyris, Inc. (the
Company) and Guanfu Holding Co., Ltd.
(together with its subsidiaries,
Guanfu), an existing commercial partner
of the Company, entered into a credit agreement (the
Credit Agreement) to make available to
the Company an unsecured credit facility with an aggregate
principal amount of up to$25.0 million(the Credit
Facility). The entry into the Credit Agreement was
previously reported in a Current Report on Form 8-K filed by the
Company with the Securities and Exchange Commission on November
1, 2016, which is incorporated herein by reference. The Credit
Agreement became effective on November 16, 2016 in accordance
with its terms upon obtaining necessary approvals.
On December 31, 2016, the Company and Guanfu closed the Credit
Facility (the Closing). At the Closing,
the Company issued a promissory note in the principal amount of
$25.0 million (the Note) in exchange
for proceeds to the Company of $25.0 million, representing the
entire amount available under the Credit Facility. The Note (i)
is an unsecured obligation of the Company, (ii) has a term of
five years and (iii) will accrue interest from and including
December 31, 2016 at a rate of 10% per annum, payable quarterly
beginning on March 31, 2017. The Company may at its option repay
the amounts outstanding under the Note before its maturity date,
in whole or in part, at a price equal to 100% of the amount being
repaid plus accrued and unpaid interest on such amount to the
date of repayment. The Note was issued to the exemption from
registration under Section 4(2) of the Securities Act of 1933, as
amended (the Securities Act) and
Regulation D promulgated under the Securities Act.
The Note contains customary terms and covenants, including
customary events of default. Upon the occurrence of certain
specified events of default under the Note, the Company will
grant to Guanfu an exclusive, royalty-free, global license to
certain intellectual property useful in connection with Guanfus
existing commercial relationship with the Company. In addition,
in the event the Company fails to pay interest or principal under
the Note within ten days of when due, the Company will also be
required, subject to applicable laws and regulations, to repay
the outstanding principal amount under the Note, together with
accrued and unpaid interest, in the form of shares of the
Companys common stock at a per share price equal to 90% of the
volume weighted average closing sale price of the Companys common
stock for the 90 trading days ending on and including the trading
day that is two trading days preceding such default. Such shares,
if issued, will be issued to the exemption from registration
under Section 4(2) of the Securities Act and Regulation D
promulgated under the Securities Act.
About Amyris, Inc. (NASDAQ:AMRS)
Amyris, Inc. is an integrated industrial biotechnology company. The Company is engaged in research and development and sales of fuels and farnesene-derived products. It is applying its industrial synthetic biology platform to engineer, manufacture and sell products into a range of consumer and industrial markets, including cosmetics, flavors and fragrances (F&F), solvents and cleaners, polymers, lubricants, healthcare products and fuels. The Company focuses on a renewable hydrocarbon molecule called farnesene (Biofene). The Company is expanding its range of products across various categories divided into consumer and industrial applications. For consumer applications, the Company is developing and selling personal care products (which include ingredients for cosmetics and F&F), healthcare products and formulated end user products, such as Biossance brand skincare products and Muck Daddy brand hand cleaner product. Amyris, Inc. (NASDAQ:AMRS) Recent Trading Information
Amyris, Inc. (NASDAQ:AMRS) closed its last trading session up +0.016 at 0.808 with 4,569,673 shares trading hands.
