Jefferies and Piper Jaffray were joint lead bookrunning managers
By Devika Patel
Knoxville, Tenn., June 11 – Marrone Bio Innovations, Inc. said the underwriters for its public offering of stock opted to exercise the deal’s $6.41 million greenshoe in full for total proceeds of $43.46 million and a selling stockholder raised $5.7 million in a concurrent secondary sale. The deal was announced on May 16 and priced for $37.05 million with the greenshoe on June 6.
The company sold 4,575,000 common shares, and stockholder Syngenta Ventures Pte. Ltd. sold 600,000 shares at $9.50 per share. The price per share is a 1.04% discount to the June 5 closing share price of $9.60. Of the shares, 675,000 were part of the fully exercised greenshoe.
Jefferies LLC and Piper Jaffray & Co. were the joint lead bookrunners.
Proceeds will be used for working capital, product development, capital expenditures and general corporate purposes, such as potential acquisitions.
Based in Davis, Calif., Marrone makes bio-based pest management and plant health products.
| Issuer: | Marrone Bio Innovations, Inc.
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| Issue: | Common stock
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| Amount: | $43,462,500 (including $6,412,500 greenshoe)
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| Shares: | 4,575,000
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| Price: | $9.50
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| Warrants: | No
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| Bookrunners: | Jefferies LLC and Piper Jaffray & Co. (joint leads)
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| Co-managers: | Stifel, Nicolaus & Co., Inc., Robert W. Baird & Co. Inc. and Roth Capital Partners, LLC
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| Announcement date: | May 16
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| Pricing date: | June 6
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| Settlement date: | June 11
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| Stock symbol: | Nasdaq: MBII
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| Stock price: | $9.60 at close June 5
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| Market capitalization: | $212.44 million
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