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Marrone Bio Innovations Raises $1 MM via Unsecured Promissory Note

October 19, 2017

|

Susie Peterson

(Photo Credit - Nick Youngson) 

 

Marrone Bio Innovations, Inc. (NASDAQ:MBII) just filed an 8-K with the SEC to disclose that the company has taken a new loan for $1 million from an accredited investor via an unsecured promissory note. While shares of MBII are down slightly on the news, this loan should help the company shore up its balance sheet. 

 

Just recently, the company announced positive results of field trials in Brazil that show its products are matching or beating chemical-based pesticides in key crops for pesticide use. The company officially got on our radar after announcing that its bio-based pest-management products were approved for use on cannabis plants in California. 

 

On October 12, 2017, MBII sold Dwight W. Anderson an unsecured promissory note in the principal amount of $1,000,000.00. From the date of the closing through December 31, 2017, the note will bear interest at a rate of 1% per annum, payable in arrears on the maturity date, unless earlier converted into shares of MBII.

 

Thereafter, beginning January 1, 2018, the note will bear interest at a rate of 10% per annum, payable in arrears on the maturity date, unless earlier converted into shares of MBII common stock as described below.

 

"Any or all of the principal or accrued interest under the Note may be converted into shares of the Company’s common stock at a rate of one share of common stock per $1.00 of converting principal or interest, rounded down to the nearest share with any fractional amounts cancelled, at the election of the Lender by delivery of written notice to the Company. In addition, upon the consummation of a qualified equity financing of the Company prior to the Maturity Date, the aggregate outstanding principal balance of the Note and all accrued and unpaid interest thereon may convert, at the option of the Lender, into that number of the securities issued and sold in such financing, determined by dividing (a) such aggregate principal and accrued interest amounts, by (b) the purchase price per share or unit paid by the purchasers of the Company’s securities issued and sold in such financing. Notwithstanding the foregoing, Lender’s ability to affect any such conversions will be limited by applicable provisions governing issuances of shares of the Company’s common stock under the rules of The Nasdaq Capital Market, subject to the Company’s receipt of any applicable waivers thereof, and any amounts not issuable to the Lender in the Company’s equity securities as a result of this limitation will be payable in cash."

 

For the full 8-K filing, click here. For MBII-specific e-mail alerts, subscribe here. Be sure to subscribe to one or more of our free e-mail newsletters so you never miss an important marijuana stock update. Also, don't forget to connect with The Daily Marijuana Observer on social media via Facebook, Twitter, StockTwits, YouTube, and Instagram.

 

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    Disclaimer: Except for the historical information and data presented herein, matters discussed in articles on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future performance or achievements expressed or implied by such coverage. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Smoke Show Ventures, Inc., which owns The Daily Marijuana Observer, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. Before making specific investment decisions, readers should seek their own professional advice and that of their own professional financial adviser. Smoke Show Ventures, Inc. or its affiliates, which owns The Daily Marijuana Observer, may be compensated for its services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.dailymarijuanaobserver.com/legal-disclaimer/.

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