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Renewable oil firm Solazyme Inc. raises $212.8M in gross proceeds

By Solazyme Inc. | April 08, 2014

Solazyme Inc. announced the closing of its sale of 5,750,000 shares of its common stock, and $149.5 million aggregate principal amount of 5.00 percent convertible senior subordinated notes due 2019, in each case pursuant to separate public offerings of the securities. The securities include 750,000 shares and $19.5 million aggregate principal amount of notes sold pursuant to the exercise in full of options granted to the respective underwriters of the offerings.

Solazyme has received aggregate net proceeds from the sale of the securities of approximately $202.8 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by Solazyme. Solazyme intends to use the net proceeds for capital expenditures, working capital and general corporate purposes.

 

1 Responses

  1. Marc

    2014-04-10

    1

    I personally think that this is "doubling down on dumb".... Solazyme's IPO was sold as an energy play. But there ex-factory cost for biodiesel is still too expensive; and probably will remain so, until the company wilts and dies. None of their products seem to be cost-competitive with readily available alternatives.... IJS For all of you who will proceed to flame me, because you simply want to believe that algal can work, please don't.

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