MPC - Yield10 Bioscience inks LOI for potential investment offtake deal with Marathon

2023-05-01 09:39:01 ET

Yield10 Bioscience ( NASDAQ: YTEN ) +10.5% in early trading Monday after saying it signed a non-binding letter of intent with Marathon Petroleum ( MPC ) for a potential investment and offtake agreement for low-carbon intensity Camelina feedstock oil for use in renewable fuels production.

In connection with the execution of the LOI, Yield10 ( YTEN ) also said it sold and issued a $1M senior unsecured convertible promissory note to a Marathon Petroleum ( MPC ) affiliate  which is convertible into common shares.

"Yield10 continues to execute on our commercialization plan to supply low-carbon intensity Camelina feedstock oil to the growing North American biofuel market through a network of supply chain alliances," President and CEO Oliver Peoples said.

More on Yield10 Biosciences:

• See financial and valuation comparisons to sector peers
• Q4 GAAP EPS -$0.67 misses by $0.07, revenue of $0.08M misses by $0.05M
• Stock price return:78% gain YTD, 5% gain in the past 12 months

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