The Amyris Inc (NASDAQ: AMRS) stock price surged 54%, attempting to reverse yesterday’s massive 80.75% decline triggered by the company’s filing for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.
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The company has secured $190 million of debtor-in-possession (DIP) financing to support continued daily operations from an entity affiliated with existing lender Foris Ventures. The DIP will allow the company’s operations to continue unhindered as it works with various stakeholders to restructure its business.
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Amyris noted that the latest developments resulted from the strategic transformation program launched in June this year, shortly after the appointment of Han Kieftenbeld as the new interim CEO, following the resignation of John Melo.
The restructuring process is meant to improve the Company's capital structure, cost structure, and liquidity position while streamlining Amyris' business portfolio. The company wants to focus on its core competencies in R&D and the scale-up, commercialization, and applications development of its sustainable ingredients derived through biofermentation.
Amyris told the bankruptcy court that it has assets in the range of $500 million to $1 billion and liabilities in the range of $1 billion to $10 billion. The company also secured a term loan facility of up to $50 million in June.
The company is planning to exit its consumer brands. It will begin marketing them for sale to have the brands continue to leverage Amyris’ cutting-edge science and technology while under new ownership.
Han Kieftenbeld, Amyris’ Interim CEO and CFO said: “Since its founding 20 years ago, Amyris has been a pioneer in the development of ingredients made with synthetic biology and has enjoyed great commercial success, particularly as a result of our innovative Lab-to-Market™ technology platform, proven ability to rapidly bring new products to market, and state-of-the-art science and manufacturing infrastructure,”
“Over the past months, we have been hard at work on a strategic transformation plan to reduce costs, improve operational effectiveness, and achieve sustainable growth. We believe the step forward our company has taken today puts us on the best path to address our financial challenges and achieve a comprehensive solution – rooted in Amyris' ground-breaking science, formulation capabilities, and technology.”
Amyris stock price.
The Amyris (AMRS) stock price surged 54.02% to trade at $0.1015, from Thrusday’s closing price of $0.0659.
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