Amyris (AMRS) Secures New Funding, Announces Strategic Transformation
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Amyris, Inc. (Nasdaq: AMRS), a leading synthetic biotechnology company accelerating the world's transition to sustainable consumption through its Lab-to-MarketTM technology platform and clean beauty consumer brands, today announced that its Board of Directors has engaged the Business Recovery Services unit of PricewaterhouseCoopers ("PwC") and established a subcommittee of the Board (the "Restructuring Committee"), made up of three independent directors, working with Management, to execute on a transformation program to accelerate improvements to the Company's cost and capital structure and liquidity.
The Company recently communicated during its Q1 2023 earnings call on
The Company has established a Transformation Office which is supported by PwC and oversees various workstreams to deliver the Company's planned cost reduction target of approximately
The Company has entered into loan amendments with its principal secured lenders, Foris Ventures, LLC ("Foris") and DSM Finance B.V., that result in a waiver of all existing defaults and thus ending the forbearances previously entered into with these same parties. On
About Amyris
Amyris (Nasdaq: AMRS) is a leading synthetic biotechnology company, transitioning the Clean Health & Beauty and Flavors & Fragrances markets to sustainable ingredients through fermentation and the company's proprietary Lab-to-MarketTM technology platform. This Amyris platform leverages state-of-the-art machine learning, robotics and artificial intelligence, enabling the company to rapidly bring new innovation to market at commercial scale. Amyris ingredients are included in over 20,000 products from the world's top brands, reaching more than 300 million consumers. Amyris also owns and operates a family of consumer brands that is constantly evolving to meet the growing demand for sustainable, effective and accessible products. For more information, please visit http://www.amyris.com.
Forward-Looking Statements
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 Amyris' strategy, expectations, and success of the Transformation Office and Amyris' strategic transformation initiatives in improving its cost and capital structure, liquidity and operational effectiveness, and achieving sustainable growth, as well as Amyris' expectations regarding the anticipated use of net proceeds from the Loan Facility. 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' liquidity and ability to operate as a going concern, risks related to its financing activities including successfully obtaining waivers and amendments of outstanding loan agreements, risks related to potential delays or failures in completing planned strategic transactions and dispositions, risks related to potential delays or failures in development, regulatory approval, launch, production and commercialization of products, risks related to global economic trends, inflation and policy measures undertaken to address inflation, the COVID-19 pandemic and any other geopolitical events, including the Ukraine conflict, resulting in global economic, financial and supply chain disruptions that may negatively impact Amyris' business operations and financial results or cause market volatility, risks related to Amyris' reliance on third parties particularly in the supply chain, 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.
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SOURCE Amyris, Inc.
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