Marrone secures $40 m loan
The US biopesticide company, Marrone Bio Innovations (MBI - Davis, California), has secured a $40 million loan repayable over the next three to five years. It has also issued the lenders warrants to purchase a total of 4 million shares of common stock at $1.91 per share. The company intends to use the proceeds for working capital and other general corporate purposes. MBI has notified its continuing non-compliance with the Nasdaq stock exchange's financial reporting requirements for the three months to June 30th 2015. The company has not submitted financial reports since the second quarter of 2014 following an investigation into an $870,000 transaction in the fourth quarter of 2013. Last month, MBI detailed its plans for filing a form 10-K and form 10-Qs with the US Securities and Exchange Commission. Meanwhile, the company's president and chief operating officer, James Iademarco, has resigned with effect from August 31st. He has held the position since January.