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Voluntary Chapter 11 Commenced to Finalize Consensual Go-Forward Plan for Amyris’ Core Business

EMERYVILLE, Calif., Aug. 9, 2023 /PRNewswire/ — Amyris, Inc. (Nasdaq: AMRS) (“Amyris” or the “Company”), a leading synthetic biotechnology company, has announced that it is executing an operational and financial restructuring to further advance its ongoing strategic transformation and position the Company for long-term success.

The restructuring aims to improve Amyris’ cost structure, capital structure, and liquidity position, while streamlining its business portfolio to focus on its core competencies in research and development (R&D) and the scale-up, commercialization, and applications development of sustainable ingredients derived through biofermentation.

Amyris has commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware to facilitate the restructuring. However, its entities outside of the U.S. are not included in the proceedings.

AI legalese decoder Helping the Situation: In this situation, the AI legalese decoder can help in navigating the complex legal terminology and procedures involved in the Chapter 11 proceedings. It can assist the stakeholders, including employees, customers, partners, and vendors, in understanding the implications of the restructuring and their rights during the process. By providing clear and simplified explanations, the AI legalese decoder can help facilitate effective communication and ensure that all parties involved are well-informed about the proceedings.

Go-Forward Plan and Sale of Consumer Brands

Amyris is planning to exit its consumer brands as part of its restructuring and will begin marketing these brands for sale. This strategic move aims to maximize the value of its assets and allow the brands to continue leveraging Amyris’ innovative science and technology under new ownership. Throughout the sale process, Amyris will continue to operate these brands, including through retail partners and e-commerce platforms.

$190 Million Financing Commitment

Amyris has secured a $190 million financing commitment from Foris Ventures to support its day-to-day operations during the restructuring. This debtor-in-possession (DIP) financing, subject to Court approval and the DIP budget, will provide liquidity to meet the Company’s commitments to employees, customers, partners, and vendors throughout the process.

Comment from Interim Chief Executive Officer and Chief Financial Officer

Han Kieftenbeld, the Interim Chief Executive Officer and Chief Financial Officer of Amyris, expressed confidence in the Company’s strategic transformation plan to reduce costs, improve operational effectiveness, and achieve sustainable growth. He emphasized Amyris’ belief that the restructuring process will lead to a financially stronger company with a focused business model and a clear path to profitability.

Ensuring a Smooth Transition into Chapter 11

Amyris has filed customary motions with the Court to continue operating as usual and uphold commitments to employees and other stakeholders throughout the Chapter 11 process. These motions include requests to maintain wages, benefits, customer programs, and policies. The Company aims to pay vendors for goods and services received after the filing.

Additional Information

Court filings and other related documents can be found on the dedicated website: https://cases.stretto.com/Amyris. Vendors with inquiries can contact the dedicated hotline at (888) 855-0485 (toll-free) or +1 (303) 276-0309 (international) or email [email protected]

Amyris has appointed legal counsel, Pachulski Stang Ziehl & Jones LLP, as well as financial advisor, PricewaterhouseCoopers LLP, and investment banker, Intrepid Investment Bankers LLC, to assist with the restructuring process. The Company’s Chief Restructuring Officer is Philip J. Gund of Ankura Consulting Group, LLC.

About Amyris

Amyris (Nasdaq: AMRS) is a leading synthetic biotechnology company that is transforming the Clean Health & Beauty and Flavors & Fragrances markets through fermentation and its proprietary Lab-to-MarketÔäó technology platform. Leveraging machine learning, robotics, and artificial intelligence, Amyris can swiftly bring new innovations to market at scale. Amyris ingredients are incorporated into over 20,000 products from top brands, reaching more than 300 million consumers worldwide. The Company also owns and operates a family of consumer brands, constantly evolving to meet the demand for sustainable, effective, and accessible products.

Forward-Looking Statements

This release contains forward-looking statements that involve risks and uncertainties. The Company’s ability to continue operating during the Chapter 11 case, sell consumer brands, improve its cost structure and liquidity position, and the DIP financing providing sufficient liquidity are all subject to various risks. Amyris disclaims any obligation to update these forward-looking statements, which speak only as of the date of this press release.

Media Contact
For media inquiries, please contact Sherri L. Toub, Wendi Kopsick, or Daniel Hoadley at [email protected]

Amyris
For investor inquiries, please contact Kelly Franklin at [email protected]

SOURCE Amyris, Inc.

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