Davis, California, USA
June 2, 2016
Marrone Bio Innovations, Inc. (NASDAQ:MBII) (MBI) today announced that it has obtained a waiver from the lenders of its $40 million senior secured promissory notes, dated August 20, 2015, terminating the requirement that the Company maintain a $15 million minimum cash balance.
Pam Marrone, MBI's Chief Executive Officer and Founder, said, "This waiver is very important to the Company as it frees up significant liquidity. We remain intently focused on the execution of our growth strategy and believe that we are well positioned in a fast-growing and deeply important segment of the agriculture market."
Smart. Natural. Solutions.
Marrone Bio Innovations, Inc. (NASDAQ:MBII) aims to lead the movement to a more sustainable world through the discovery, development and promotion of biological products for pest management and plant health. Our effective and environmentally responsible solutions help customers operate more sustainably while controlling pests, improving plant health, and increasing crop yields. We have four products for agriculture on the market--Regalia®, Grandevo®, Venerate® and Majestene®--and also distribute Bio-tam® 2.0 for Isagro USA. MBI also markets Zequanox® for invasive mussels, a proprietary discovery process, a rapid development platform, and a robust pipeline of pest management and plant health product candidates. At Marrone Bio Innovations we are dedicated to pioneering better biopesticides that support a better tomorrow for users around the globe.
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