Yield10 Bioscience signs LOI with Marathon Petroleum for potential investment and offtake

In Massachusetts, Yield10 Bioscience has signed a non-binding Letter of Intent with Marathon Petroleum Corp. for a potential investment and offtake agreement for low-carbon intensity Camelina feedstock oil for use in renewable fuels production. Marathon is a leading, integrated downstream energy company in the U.S.

In connection with the execution of the LOI, the company also sold and issued a senior unsecured convertible promissory note to an affiliate of Marathon in the original principal amount of $1 million, which is convertible into shares of the company’s common stock or other Qualified Securities (as defined in the Convertible Note), subject to certain conditions and limitations set forth in the Convertible Note. The company plans to use the net proceeds from the Convertible Note for working capital and general corporate purposes. Additional information regarding the Convertible Note will be included in a Form 8-K to be filed by the Company with the Securities and Exchange Commission.