Verenium Corporation is conducting a 1 for 12 reverse stock split to be effective on September 9, 2009. The stock split will reduce the number of shares outstanding from 111.3 million to 9.3 million.
Verenium Corporation reported revenues of $16.3 million and a net loss of $19.9 million in the second quarter of 2009. The company also reduced its debt by $15 million from the same period in 2008.
â€œWe continue to make considerable progress toward developing and financing commercially-viable, next-generation cellulosic ethanol which we believe is an important component of America’s future energy mix,” said Carlos A. Riva, the CEO of Verenium Corporation.
Verenium Corporation is a leader in the commercialization of cellulosic ethanol, and operates a cellulosic ethanol pilot facility in Jennings, Louisiana. The plant has a capacity of 1.5 million gallons per year.
Cellulosic ethanol can be produced from many different feedstocks including switch grass and wood chips. These feedstocks are cheaper, more abundant and also impacts the food chain less than utilizing corn, which is the traditional feedstock used to produce ethanol.