EMERYVILLE, Calif., June 5, 2023
/PRNewswire/ -- Amyris, Inc. (Nasdaq: AMRS), a leading synthetic
biotechnology company accelerating the world's transition to
sustainable consumption through its Lab-to-MarketTM
technology platform and clean beauty consumer brands, today
announced that its Board of Directors has engaged the Business
Recovery Services unit of PricewaterhouseCoopers ("PwC") and
established a subcommittee of the Board (the "Restructuring
Committee"), made up of three independent directors, working with
Management, to execute on a transformation program to accelerate
improvements to the Company's cost and capital structure and
liquidity.
The Company recently communicated during its Q1 2023 earnings
call on May 9 that it had initiated a
strategic review of all aspects of its cost structure in support of
its Fit-to-Win initiatives. Over the past several weeks, Management
has been working closely with PwC to define a transformation
program that was reviewed and endorsed by the Company's Board
during its most recent meeting.
The Company has established a Transformation Office which is
supported by PwC and oversees various workstreams to deliver the
Company's planned cost reduction target of approximately
$250 million from cost of goods sold,
operating expense, including a reduction in force, and a
simplification of its business portfolio.
John Melo, Chief Executive
Officer and President, commented, "We are pleased with the support
of the PwC team as well as our board Restructuring Committee on the
expansion and acceleration of our "Fit to Win" efficiency and cost
reduction program. It is an important and necessary step in the
evolution of Amyris to reduce our cost base, improve our
operational effectiveness and achieve sustainable growth while
continuing to execute the delivery of sustainable chemistry through
our Lab to MarketTM capabilities and invest in our
leading consumer brand portfolio. We are executing our strategy and
accelerating our path to profitability."
The Company has entered into loan amendments with its principal
secured lenders, Foris Ventures, LLC ("Foris") and DSM Finance
B.V., that result in a waiver of all existing defaults and thus
ending the forbearances previously entered into with these same
parties. On June 5, 2023, the Company
entered into a secured term loan facility with Anesma Group, LLC
("Anesma"), an affiliate of Foris, whereby Anesma made available to
the Company up to $50 million, 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. Additional information about this Loan
Facility is provided in a Form 8-K filed with the Securities and
Exchange Commission.
About Amyris
Amyris (Nasdaq: AMRS) is a leading
synthetic biotechnology company, transitioning the Clean Health
& Beauty and Flavors & Fragrances markets to sustainable
ingredients through fermentation and the company's proprietary
Lab-to-MarketTM technology platform. This Amyris
platform leverages state-of-the-art machine learning, robotics and
artificial intelligence, enabling the company to rapidly bring new
innovation to market at commercial scale. Amyris ingredients are
included in over 20,000 products from the world's top brands,
reaching more than 300 million consumers. Amyris also owns and
operates a family of consumer brands that is constantly evolving to
meet the growing demand for sustainable, effective and accessible
products. For more information, please visit
http://www.amyris.com.
Forward-Looking Statements
This release contains
forward-looking statements, and any statements other than
statements of historical fact could be deemed to be forward-looking
statements. These forward-looking statements include, among other
things, statements regarding future events, such as Amyris'
strategy, expectations, and success of the Transformation Office
and Amyris' strategic transformation initiatives in improving its
cost and capital structure, liquidity and operational
effectiveness, and achieving sustainable growth, as well as Amyris'
expectations regarding the anticipated use of net proceeds from the
Loan Facility. These statements are based on management's current
expectations, and actual results and future events may differ
materially due to risks and uncertainties, including risks related
to Amyris' liquidity and ability to operate as a going concern,
risks related to its financing activities including successfully
obtaining waivers and amendments of outstanding loan agreements,
risks related to potential delays or failures in completing planned
strategic transactions and dispositions, risks related to potential
delays or failures in development, regulatory approval, launch,
production and commercialization of products, risks related to
global economic trends, inflation and policy measures undertaken to
address inflation, the COVID-19 pandemic and any other geopolitical
events, including the Ukraine conflict, resulting in global
economic, financial and supply chain disruptions that may
negatively impact Amyris' business operations and financial results
or cause market volatility, risks related to Amyris' reliance on
third parties particularly in the supply chain, and other risks
detailed from time to time in filings Amyris makes with the
Securities and Exchange Commission, including Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. Amyris disclaims any obligation to update information
contained in these forward-looking statements, whether as a result
of new information, future events, or otherwise.
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SOURCE Amyris, Inc.