Marrone Bio Innovations, Inc. (MBII), a company involved in the development of biological products meant to treat plant diseases, has rocketed 36.56% in the premarket trading session. Consequently, the stock was trading at $0.93 when last checked. During Wednesday’s regular trading session, the stock slumped by 8.89 percentage points to close the day at $0.70. The massive surge in aftermarket could be attributed to the announcement of a merger by the company.
Merger Agreement with Bioceres
On Wednesday, after the closure of the market, Marrone Bio and Bioceres Crop Solutions Corp. announced to have entered into a definitive agreement for the combination of both the companies under the term of the all-stock transaction. The terms of the transaction have been unanimously approved by both of the BoD’s of both of the companies, according to which, each of the shares of MBII would be exchanged at the closing of the ordinary shares of Bioceres at the fixed ratio of 0.088.
When MIIB will Announce Q4 2021 Results?
On the 8th of March, MBII announced that it would release the financial results for the fourth quarter of fiscal 2021 as well as for the full year 2021 after the closure of the market on the 28th of March 2022. The management of the company would hold a conference call on the same day to discuss the results as well as provide the corporate update regarding the affairs of the company.
Change in CFO
On 22nd February, MBII announced that it would be transitioning its Chief Financial Officer. Sue Cheung, who was serving as the CFO of the company, chose to resign due to personal reasons. The resignation became effective on the 9th of March 2022. The company announced to appoint LaDon Johnson as its interim CFO. LaDon was serving as the director with CFO Systems. Meanwhile, the company initiated the search to fill the post of CFO permanently.
What’s in Store for MIIB?
Looking ahead, analysts are holding a negative evaluation of MIIB stock owing to the bleak technical signals. As a result, the stock is expected to perform weakly in the next couple of weeks.