Lygos and Flexible Solutions International Announce Definitive Merger Agreement to Form Leading Sustainable Specialty Ingredient Company
Summary
BERKELEY, Calif. & VICTORIA, British Columbia--(BUSINESS WIRE)--Lygos, Inc. (“Lygos”), a vertically integrated biotechnology provider of sustainable specialty ingredients, and Flexible Solutions International, Inc. (“FSI”) (NYSE American: FSI), a developer and manufacturer of biodegradable products, today announced they have entered into a definitive merger agreement providing for an all-stock transaction. “In a world with increasing demand on resources, there is a greater need for alternative chemical ingredients that are reliable, scalable, and sustainable,” said Lygos CEO Eric Steen, PhD. We have adapted our business over time with this focus on our customer needs, and believe that as we enter this new phase, we can achieve even greater applications for our combined solutions.” Mr. O’Brien has agreed to vote in favor of the transaction. Under the terms of the purchase agreement, Lygos issued $160 million worth of convertible notes with a 5.5% fixed annual interest rate and a five-year maturity. Investors and security holders are urged to read the proxy statement, prospectus and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed merger.