Metabolix Signs Stock Purchase Agreement with Aspire
Metabolix, Inc., an advanced biomaterials company focused on sustainable solutions for the plastics industry, announces that it has entered into a $20 million common stock purchase agreement with Aspire Capital Fund, LLC. Under terms of the agreement, Aspire has committed to purchase up to $20 million of Metabolix's common stock over a 30 month period beginning on the effective date of the registration statement relating to the transaction. Common stock may be sold from time to time at the company's option under a pricing formula based on prevailing market prices around the time of each sale.
"The agreement with Aspire Capital provides us with a new way to access capital. Because we control the timing and pace of stock sales under the agreement, we can use this facility to opportunistically supplement other sources of capital as we continue to build our specialty biopolymers business over the next several years," said Joseph Shaulson, CEO and President of Metabolix. "We are pleased to welcome Aspire as a shareholder and look forward to having this additional flexibility in our capital structure."
"We have been impressed with Metabolix's pivot from a commodity approach to one based on specialty applications for its high performance PHA biopolymer materials," said Steven G. Martin, Managing Member of Aspire Capital. "We look forward to providing Metabolix with access to additional capital to help support the successful execution of its business plan."
Terms of the Aspire Capital Financing Agreement Include:
Metabolix controls the timing and amount of all sales of common stock under the agreement
Aspire Capital has no right to require any sale of shares by Metabolix, but is obligated to make purchases as Metabolix directs in accordance with the agreement
There are no limitations on use of proceeds, financial covenants, restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages
Aspire Capital has agreed not to hedge or short Metabolix stock; and
The agreement may be terminated by Metabolix at any time, at its discretion, without cost or penalty
Metabolix plans to use the net proceeds from any sale of common stock under the agreement for general corporate purposes and working capital requirements.
In connection with the transaction, Metabolix also entered into a registration rights agreement with Aspire Capital that requires Metabolix to file a registration statement covering Aspire Capital's sale of shares acquired under the agreement. Metabolix issued 300,000 shares of its common stock to Aspire Capital as a commitment fee under the purchase agreement. A more complete and detailed description of the purchase agreement and registration rights agreement is set forth in Metabolix's Current Report on Form 8-K filed today with the SEC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Source: Metabolix
"The agreement with Aspire Capital provides us with a new way to access capital. Because we control the timing and pace of stock sales under the agreement, we can use this facility to opportunistically supplement other sources of capital as we continue to build our specialty biopolymers business over the next several years," said Joseph Shaulson, CEO and President of Metabolix. "We are pleased to welcome Aspire as a shareholder and look forward to having this additional flexibility in our capital structure."
"We have been impressed with Metabolix's pivot from a commodity approach to one based on specialty applications for its high performance PHA biopolymer materials," said Steven G. Martin, Managing Member of Aspire Capital. "We look forward to providing Metabolix with access to additional capital to help support the successful execution of its business plan."
Terms of the Aspire Capital Financing Agreement Include:
Metabolix controls the timing and amount of all sales of common stock under the agreement
Aspire Capital has no right to require any sale of shares by Metabolix, but is obligated to make purchases as Metabolix directs in accordance with the agreement
There are no limitations on use of proceeds, financial covenants, restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages
Aspire Capital has agreed not to hedge or short Metabolix stock; and
The agreement may be terminated by Metabolix at any time, at its discretion, without cost or penalty
Metabolix plans to use the net proceeds from any sale of common stock under the agreement for general corporate purposes and working capital requirements.
In connection with the transaction, Metabolix also entered into a registration rights agreement with Aspire Capital that requires Metabolix to file a registration statement covering Aspire Capital's sale of shares acquired under the agreement. Metabolix issued 300,000 shares of its common stock to Aspire Capital as a commitment fee under the purchase agreement. A more complete and detailed description of the purchase agreement and registration rights agreement is set forth in Metabolix's Current Report on Form 8-K filed today with the SEC.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Source: Metabolix
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