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Yield10 Bioscience (Nasdaq: YTEN) reported its Q1 2024 financial results, highlighting a strategic shift to focus on commercializing Camelina products for the aquafeed and nutritional markets. The company earned $1 million in milestone payments from Vision Bioenergy Oilseeds and plans regulatory approvals and commercial partnerships for omega-3 oil sales.
Recent progress includes U.S. EPA and USDA-APHIS clearances for herbicide-tolerant Camelina and new patents for traits boosting crop yield. A reverse stock split was effected on May 2, 2024. Yield10 ended Q1 2024 with $1.6 million in cash, reduced operating expenses, and a net loss of $2.5 million. The company continues to work towards commercialization and regulatory milestones.
On May 15, 2024, Yield10 Bioscience (Nasdaq:YTEN) announced its delisting from Nasdaq due to non-compliance with the minimum stockholders’ equity requirement of $2,500,000 set by Nasdaq Listing Rule 5550(b)(1). Trading suspension of YTEN on Nasdaq will start on May 16, 2024, after which the shares will trade publicly on the OTC Markets under the same symbol, YTEN. Yield10 plans to apply for trading on the OTC-QB market. The company assures that the transition to the OTC Market will not impact its business operations and remains committed to advancing Camelina development and exploring strategic opportunities to enhance shareholder value. The common stock will continue to be SEC-registered and reports will be available on the SEC's website. This announcement aligns with Nasdaq Listing Rule 5810(b) requirements.
Yield10 Bioscience, Inc. announced a 1-for-24 reverse stock split of its common stock following stockholder approval. The reverse stock split will reduce outstanding shares from 15,420,951 to 642,539, with proportional adjustments to options and warrants. The split aims to increase the market price per share to maintain Nasdaq listing, with trading under symbol 'YTEN' continuing. Stockholders will receive cash for fractional shares, and no action is needed for registered stockholders. More information is available in the definitive proxy statement filed with the SEC.