EMERYVILLE, Calif., May 15, 2019 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), a leader in the development and production of sustainable ingredients for the Health & Wellness, Clean Beauty and Flavors & Fragrances markets, today announced that it has retired its 6.5% convertible notes due May 2019. The company retired the majority of the debt using cash and the exchange of certain notes for common stock and warrants. One of the noteholders, board-affiliated Total S.A., which holds about $9.7 million of the remaining notes, requested an extension and the company has paid this portion with a new note payable to Total.
“We have succeeded in retiring $87 million of convertible debt this year that posed an overhang on our stock price and capital structure and we remain focused on continuing to simplify our balance sheet,” said John Melo, Amyris President and CEO. “With our May 2019 convertible debt resolved, we now have a runway to leverage improved financial flexibility toward meeting our strategic growth objectives in the markets we serve.”
Terms of the debt to equity conversion are more fully disclosed in a Form 8-K filed yesterday. Terms regarding the extension will be more fully disclosed in a Form 8-K to be filed later this week with the Securities and Exchange Commission and made available free of charge at sec.gov.
Amyris is the integrated renewable products company that is enabling the world’s leading brands to achieve sustainable growth. Amyris applies its innovative bioscience solutions to convert plant sugars into hydrocarbon molecules and produce specialty ingredients and consumer products. The company is delivering its No Compromise™ products and services across a number of markets, including specialty and performance chemicals, flavors and fragrances, cosmetics ingredients, pharmaceuticals, and nutraceuticals. More information about the company is available at www.amyris.com.
This release contains forward-looking statements, and any statements other than statements of historical fact could be deemed to be forward-looking statements. These forward-looking statements include, among other things, statements regarding future events, such as the anticipated simplification of Amyris’s balance sheet, expected future financial flexibility and anticipated business growth. These statements are based on management's current expectations and actual results and future events may differ materially due to risks and uncertainties, including risks related to Amyris's liquidity and ability to fund operating and capital expenses, risks related to potential delays or failures in development, production and commercialization of products, risks related to Amyris's reliance on third parties, and other risks detailed from time to time in filings Amyris makes with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Amyris disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events, or otherwise.
Amyris, the Amyris logo and No Compromise are trademarks or registered trademarks of Amyris, Inc. in the U.S. and/or other countries.
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