Aug 9, 2019
Marrone Bio to Acquire Pro Farm Technologies and Establish Financing Facility

Marrone Bio Innovations (MBI), an international leader in sustainable bioprotection and plant health solutions, has announced it has entered into a definitive purchase agreement to acquire Pro Farm Technologies.

This acquisition will add proprietary nutrient and biostimulant technology and products for seed and foliar treatments to its portfolio. This transaction also will give the company a significant opportunity to leverage an expanded global distribution network for all of MBI’s products.

MBI’s CEO Pam Marrone said this acquisition is a “critical step in our strategic objective to build a platform company that leverages our scientific, manufacturing and commercial expertise through new agricultural solutions. We believe we have the technology, talent and financial support to achieve our goal of creating a biological ag inputs company of major scope and scale.”

The transaction is expected to close in the third quarter of 2019. Pro Farm is being acquired for an agreed value of $31.8 million.

Marrone Bio has also announced it has established a $36.6 million facility with existing investors Ospraie Ag Science LLC, Ardsley Partners Renewable Energy Fund, L.P., and Ivan SAval through a right for Marrone Bio to call the exercise of the investors’ outstanding warrants at $1.00 per share. New warrants to purchase shares at a higher exercise price of $1.75 will be issued on a one-for-one basis along with every called share under the outstanding warrants.

The company expects to draw upon the facility only as needed, and may draw on the facility at any time the company’s stock trades above $1.00 per share.

“The establishment of this financing facility demonstrates the support of our largest investors to grow Marrone Bio as a leading biologicals platform company in the agricultural industry,” said Marrone Bio Chairman of the Board Bob Woods. “With the ability to call the exercise of existing warrants at its election, the company is assured of the funds it needs to make strategic moves for the foreseeable future through a cost-effective vehicle.”

To learn more about Marrone Bio Innovations, go to www.marronebio.com.




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P.O. Box 128
Sparta, Michigan 49345

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