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Moolec Science SA (NASDAQ:MLEC, ", , Company", , , , ", , Moolec', ', ))))), a science-based food ingredient company, announced today that it has entered into agreements to issue a convertible note due 2026 to Grupo Insud ("Insud") in a principal amount of approximately US $21 million (the "Insud Convertible Note") with a strike price of US $6.00 per share. The Insud Convertible Note will be issued against a cash payment of US $10 million and in-kind contributions to be made by Insud to Moolec. In-kind contributions include credits to access Insud's state-of-the-art industrial capabilities, operational services, and the incorporation of Joint Venture participation, started with Moolec in 2021. At maturity, Moolec will hold the option to deliver ordinary shares, cash, or a combination of cash and ordinary shares.
This transaction follows Moolec's previous announcement that it entered into a Memorandum of Understanding with Bioceres Crop Solutions (NASDAQ:BIOX, , ", , BIOX", , , ))))) that secures the supply of approximately 15,000 tons of HB4® soybeans (the "BIOX Supply Agreement") that may be upsized for a similar volume. The BIOX Supply Agreement will be paid through the issuance of a convertible note (the "BIOX Convertible Note'' and together with the Insud Convertible Note, the "Convertible Notes") on arms-length terms to the Insud Convertible Note.
Under the BIOX Supply Agreement, Bioceres Crop Solutions will engage with Generation HB4® farmers to source and deliver to Moolec soybeans with a sustainability-linked premium, which are produced under regenerative agricultural practices, minimizing water, carbon, and chemical footprints. The Generation HB4® program is an identity-preserved farming program that utilizes HB4® drought-tolerance technology to enable soybean-wheat crop rotations and improve agricultural sustainability.
Together, the Convertible Notes total approximately US $30 million of cash and in-kind contributions that include soybean inventories, operational services, and the acquisition of Joint Venture equity.
