Yield10 Bioscience Announces Closing of $12.7 Million Public Offering

Rhea-AI Summary

Yield10 Bioscience, Inc. (Nasdaq: YTEN) has successfully closed its public offering of 1,040,000 shares at a price of $12.25 per share, generating approximately $12.7 million in gross proceeds. The offering included participation from existing investors and was managed by Maxim Group LLC. This public offering was conducted under an effective shelf registration and the final prospectus supplement has been filed with the SEC. Yield10 is focused on agricultural innovations to enhance global food security and sustainability, utilizing its advanced Trait Factory platform.

Positive

• Raised approximately $12.7 million in gross proceeds from the offering.
• Involvement of existing investors indicates confidence in the company.
• Potential for growth in agricultural bioscience through innovative crop technologies.

Negative

• Issuance of new shares may lead to shareholder dilution.
• -

WOBURN, Mass., Feb. 03, 2021 (GLOBE NEWSWIRE) -- Yield10 Bioscience, Inc. (Nasdaq: YTEN), an agricultural bioscience company, today announced the closing of its previously announced underwritten public offering of 1,040,000 shares of its common stock at a public offering price of $12.25 per share. Gross proceeds before deducting underwriting discounts and commissions and other offering expenses are approximately $12.7 million. Existing investors, including shareholder Jack W. Schuler, as well as institutional and retail investors participated in the offering.

Maxim Group LLC acted as the sole book-running manager for the public offering.

The public offering was made pursuant to an effective shelf registration statement on Form S-3 that was filed with the U.S. Securities and Exchange Commission (SEC) on April 1, 2020 and declared effective on April 10, 2020. A final prospectus supplement describing the terms of the public offering has been filed with the SEC and will form a part of the effective registration statement. Copies of the final prospectus supplement and accompanying prospectus relating to the public offering may be obtained by contacting Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, or by telephone at (212) 895-3745.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Yield10 Bioscience

Yield10 Bioscience, Inc. is an agricultural bioscience company developing crop innovations aligned with trends in global food security, social responsibility, and sustainability. The Company is using its “Trait Factory,” a differentiated trait gene discovery platform including the “GRAIN” big data mining trait gene discovery tool as well as the Camelina oilseed “Fast Field Testing” system, to develop improved Camelina varieties to produce proprietary products, and to produce high value seed traits for the agriculture and food industries. The Company’s goals are to efficiently develop and commercialize a high value crop products business based on superior varieties of Camelina for producing feedstock oils, nutritional oils, and PHA bioplastics. As a path toward commercialization of novel traits, Yield10 is pursuing a partnering approach with major agricultural companies to drive new traits into development for canola, soybean, corn, and other commercial crops. Yield10 is headquartered in Woburn, MA and has an Oilseeds Center of Excellence in Saskatoon, Canada.

For more information about the company, please visit www.yield10bio.com, or follow the Company on Twitter, Facebook and LinkedIn.

(YTEN-G)

Contacts:
Yield10 Bioscience:
Lynne H. Brum, (617) 682-4693, LBrum@yield10bio.com

Investor Relations:
Bret Shapiro, (561) 479-8566, brets@coreir.com
Managing Director, CORE IR

Media Inquiries:
Eric Fischgrund, eric@fischtankpr.com
FischTank PR

 

FAQ

What was the stock offering size for Yield10 Bioscience (YTEN)?

Yield10 Bioscience closed a public offering of 1,040,000 shares.

What was the public offering price for YTEN shares?

The shares were offered at a price of $12.25 each.

How much gross proceeds did Yield10 Bioscience raise from the offering?

The gross proceeds from the offering were approximately $12.7 million.

Who managed the public offering for Yield10 Bioscience?

Maxim Group LLC acted as the sole book-running manager for the offering.

What are the implications of the recent stock offering for YTEN shareholders?

The issuance of new shares can lead to shareholder dilution.