NEW YORKJan. 4, 2022 / PRNewswire / – Bion Environmental Technologies, Inc. (OTC QB: BNET), a developer of advanced livestock waste treatment technologies that significantly mitigate environmental impacts while recovering high-value co-products, has announced that it has filed a Form 8-K application detailing recent events, including the warrants exercised, the dissolution of the subsidiary Bion PA1, LLC, the approval by the Board of the amended and restated Articles and Articles of Incorporation, as well as the 2021 stock-based incentive plan, both subject to shareholder approval.
During the calendar year 2021, 6,431,538 warrants (the expiry of which is scheduled for December 31, 2021) were exercised at $ 0.75 per share, which gives $ 4,823, 651 of the gross product. 648,142 warrants expired without having been exercised on December 31, 2021.
Dissolution of Bion PA 1, LLC (Bion PA 1)
Bion has authorized the complete liquidation and dissolution of its wholly-owned subsidiary, Bion PA 1, a Colorado limited liability company, which dissolved December 29, 2021. From September 30, 2021, the total assets of Bion PA 1 were $ 297.01 and his total liability was $ 10,154,334 (including the Pennvest loan for a total amount of $ 9,939,148, accounts payable of $ 214,235.52 and accrued charges from $ 950). Bion estimates that following the dissolution of Bion PA 1, the assets and liabilities of Bion PA 1, included in the Company’s consolidated balance sheet in its Form 10-Q for the quarter ended. September 30, 2021, will no longer be consolidated and included in Bion’s balance sheet.
Modified and updated statutes and statutes (A&R)
A&R’s articles of association include several procedural matters relating to board and shareholder meetings, as well as an amendment to the indemnification of officers and directors for the defense of a proceeding.
The articles of A&R include the following amendment, which has been recommended to shareholders for approval: increase in the authorized number of capital stock shares from 100,000,000 common shares and 10,000,000 preferred shares to 250,000,000 common shares and 10 000,000 shares of preferred shares.
2021 stock incentive plan
The Plan provides for the granting of incentive stock purchase options, non-statutory stock purchase options, restricted stock grants, restricted stock unit grants, rights the assessment of shares and performance unit awards that may be allocated under the Plan to employees, directors, consultants and independent contractors of the Company. If approved by shareholders at the Company’s 2022 annual meeting, the plan will succeed and replace the Company’s 2006 Consolidated Incentive Plan, as amended.
Craig scott, Director of Communications at Bion, said: “As we move forward in commercializing our 3G Tech platform and associated business model, access to ever-expanding capital markets will be required to develop large-scale projects needed to provide even a small fraction of the $ 66 billion cattle industry. With the development of the Beef Demonstration Project underway and the progress of several other key initiatives, we look forward to increasing our visibility in the retail and institutional capital markets. As part of these efforts, we intend to pursue an IPO to a national stock exchange at the appropriate time. “
About Bion: Bion’s patented third generation (3G) technology was designed to dramatically reduce the environmental impacts of large-scale animal production and provide the consumer with a USDA certified sustainable product. The platform simultaneously recovers high added value co-products and renewable energies that increase income. Bion’s 3G technology platform can provide low-cost, high-impact solutions to air and water quality issues related to animal production, while creating a path to economic and environmental sustainability with “win-win” advantages for at least one high-end sector of the 175 billion dollars The American Livestock Industry and the Consumer. For more information see the Bion website, www.bionenviro.com.
This document includes forward-looking statements based on management’s current reasonable business expectations. In this document, the words “will”, “anticipate”, believe “,” potential “and similar expressions identify certain forward-looking statements. These statements are made in accordance with the Private Securities Litigation Reform Act, section 27A of the Securities Act of 1933, as amended. There are many risks and uncertainties that could cause actual results to differ materially from expected results.
SOURCE Bion Environmental Technologies, Inc.