AMRS - Amyris drops 11% announces capital structure transformation

2023-06-05 10:20:54 ET

• Synthetic biotechnology company, Amyris ( NASDAQ: AMRS ) Board of Directors will execute on a transformation program to accelerate improvements to the company's cost and capital structure and liquidity.
• The company has a cost reduction target of ~$250M from cost of goods sold, operating expense, including a reduction in force, and a simplification of its business portfolio.
• On June 5, 2023, the company entered into a secured term loan facility with Anesma Group, an affiliate of Foris, whereby Anesma made available to the company up to $50M, which was partially drawn by the company on June 5, 2023.
• The company intends to use the net proceeds of funds advanced under the loan facility for working capital and general corporate purposes.

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