WOBURN, Mass., May 01, 2023 (GLOBE NEWSWIRE) — Yield10 Bioscience, Inc. YTEN (“Yield10” or the “Company”), an agricultural life sciences company, announced today that it has entered into a non-binding letter of intent (“LOI”) with Marathon Petroleum Corp. has signed. MPC “Marathon”))) for a potential investment and offtake agreement for low-carbon intensity Camelina crude oil for use in renewable fuel production. Marathon is a leading integrated downstream energy company in the United States

“Yield10 continues our commercialization plan to supply low-carbon Camelina crude oil to the growing North American biofuels market through a network of supply chain alliances,” said Oliver Peoples, Ph.D., president and chief executive officer of Yield10 Life Sciences. “We look forward to working closely with the Marathon team to complete a definitive investment and offtake agreement as the basis for a long-term strategic alliance in the biofuels space.”

In connection with the execution of the LOI, the Company also sold and issued a senior unsecured convertible debenture to a subsidiary of Marathon in the original principal amount of $1.0 million (the “Convertible Note”), convertible into shares of the Company’s common stock or other Qualifying Securities (as defined in the Convertible Bond), subject to certain conditions and restrictions set out in the Convertible Bond. The Company plans to use the net proceeds of the Convertible Debenture for working capital and general corporate purposes. Additional information regarding the convertible debenture will be contained on a Form 8-K to be filed by the Company with the Securities and Exchange Commission.

The securities issued and sold pursuant to the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities statutes, and may not be offered or sold in the United States except in accordance with the Provisions relating to an effective declaration of registration or an applicable exemption from the …