As of September 30, 2012, a warrant to purchase 1,000,000 shares of our common stock at an exercise price of $13.50 per share was outstanding. In connection with the strategic collaboration agreement we entered into with Archer-Daniels-Midland Company (“ADM”) in November 2012, we agreed to grant ADM a warrant to purchase 500,000 shares of our common stock.
In connection with our agreement in November 2012 to grant ADM a warrant to purchase 500,000 shares of our common stock, we agreed to prepare a registration statement pursuant to which the sale of the warrant and shares of common stock issuable upon exercise of the warrant will be registered under the Securities Act, and to file such registration statement with the Securities and Exchange Commission (the “SEC”) in December 2012. The filing of the registration statement of which this prospectus forms a part satisfies such filing obligation. We agreed to use best efforts to cause such registration statement to be declared effective as soon as practicable following its filing with the SEC. The warrant will be issued promptly following the date the SEC declares the registration statement effective. In addition, under our strategic collaboration agreement with ADM, we will pay ADM annual fees for use and operation of certain production facilities, a portion of which may be paid for in our common stock.