8-K
false 0001822691 0001822691 2022-08-11 2022-08-11 0001822691 us-gaap:CommonStockMember 2022-08-11 2022-08-11 0001822691 us-gaap:WarrantMember 2022-08-11 2022-08-11

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 11, 2022

 

 

GREENLIGHT BIOSCIENCES HOLDINGS, PBC

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware   001-39894   85-1914700

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

200 Boston Avenue Suite 3100 Medford, MA   02155
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (617) 616-8188

(Former Name or Former Address, if Changed Since Last Report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol

 

Name of each exchange

on which registered

Common Stock, par value $0.0001 per share   GRNA   Nasdaq Global Market
Warrants, each exercisable for one share of Common Stock for $11.50 per share   GRNAW   Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

 

 


Item 1.01

Entry into a Material Definitive Agreement

Private Placement and Securities Subscription Agreement

On August 11, 2022, Greenlight Biosciences Holdings, PBC (“the Company”) entered into Securities Subscription Agreements (the “Subscription Agreements”) with certain institutional accredited investors (collectively, the “Purchasers”), providing for the sale by the Company of 27,640,301 shares (the “Shares”) of its common stock (the “Common Stock”) at a purchase price of $3.92 per share, in a private placement (the “Private Placement”).

The aggregate gross proceeds for the Private Placement were approximately $108.4 million. The Company intends to use the net proceeds from the Private Placement to fund ongoing clinical development and commercialization of its existing product pipeline.

The Private Placement is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and in reliance on similar exemptions under applicable state laws. Each of the Purchasers represented that it is an accredited investor within the meaning of Rule 501(a) of Regulation D, and was acquiring the securities for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof. The securities were offered without any general solicitation by the Company or its representatives.

The securities sold and issued in the Private Placement have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from the registration requirements.

Pursuant to the Subscription Agreements, the Company agreed to prepare and file a registration statement (the “Resale Registration Statement”) with the SEC within 45 days after the Closing for purposes of registering the resale of the Shares. The Company also agreed to use its reasonable best efforts to cause the Resale Registration Statement to be declared effective by the SEC within 90 days after the Closing (120 days in the event the Resale Registration Statement is reviewed by the SEC). The Company also agreed, among other things, to indemnify the selling holders under the Resale Registration Statement from certain liabilities and to pay all fees and expenses incident to the Company’s performance of or compliance with such registration rights.

The representations, warranties and covenants contained in the Subscription Agreements were made solely for the benefit of the parties to the Subscription Agreements and may be subject to limitations agreed upon by the contracting parties. In addition, such representations, warranties and covenants (i) are intended as a way of allocating the risk between the parties to the Subscription Agreements and not as statements of fact and (ii) may apply standards of materiality in a way that is different from what may be viewed as material by stockholders of, or other investors in, the Company. Accordingly, the Form of Subscription Agreement is filed with this report only to provide investors with information regarding the terms of the transaction, and not to provide investors with any other factual information regarding the Company. Stockholders should not rely on the representations, warranties, covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the Company. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Subscription Agreements, which subsequent information may or may not be fully reflected in public disclosures.

The foregoing description of the Private Placement and the Subscription Agreements are qualified in their entirety by reference to the Form of Subscription Agreement, which is filed hereto as Exhibit 10.1.

 

Item 3.02

Unregistered Sales of Equity Securities.

The information regarding the Private Placement, the issuance of the Shares included under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Forward-Looking Statements

This Current Report on Form 8-K includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to GreenLight’s future operations, scientific developments or financial results. These forward-looking statements generally are identified by the words “aim to”, “believe,” “project,” “target”, “potential”, “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including the evolution of the Covid-19 pandemic, the acceptance of RNA-based technologies by regulators and the public, our ability to raise and productively deploy capital and the rate and which we can successfully bring products to market. The important factors that could cause actual operating results to differ significantly from those expressed or implied by such forward-looking statements include, but are not limited to, risks and uncertainties detailed from time to time in the Company’s reports that it files with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2021, filed on March 31, 2022 with the SEC, as well as its Quarterly Reports on Form 10-Q and periodic filings on Form 8-K. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.


Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

EXHIBIT INDEX

 

Exhibit
No.
  

Description

10.1    Form of Securities Subscription Agreement dated as of August 11, 2022, between Greenlight Biosciences Holdings, PBC and each purchaser named in the signature pages thereto
99.1    Press Release issued by Greenlight Bionscionces Holdings, PBC on Monday August 15, 2022
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    GREENLIGHT BIOSCIENCES HOLDINGS, PBC
Date: August 15, 2022     By:  

/s/ Andrey J. Zarur, Ph.D.

    Name:   Andrey J. Zarur, Ph.D.
    Title:   Chief Executive Officer and President
EX-10.1

Exhibit 10.1

SUBSCRIPTION AGREEMENT

August 11, 2022

GreenLight Biosciences Holdings, PBC, a Delaware corporation (formerly known as Environmental Impact Acquisition Corp.) (the “Company”), is seeking commitments from interested investors to purchase shares of the Company’s Common Stock, par value $0.0001 per share (the “Common Stock”), for a purchase price of $[______]1 per share (the “Purchase Price per Share” and the aggregate of such Purchase Price per Share for all Shares (as defined below) being referred to herein as the “Purchase Price”), in a private placement to be conducted by the Company (the “Offering”).

On the date set forth on the signature page of this subscription agreement (this “Subscription Agreement”), the Company is entering into subscription agreements (the “Other Subscription Agreements” and together with the Subscription Agreement, the “Subscription Agreements”) with certain other subscribers (the “Other Subscribers” and together with the undersigned, the “Subscribers”), which are on substantially the same terms as the terms of this Subscription Agreement, pursuant to which the Subscribers, severally and not jointly, have agreed to purchase on the closing date of the Offering, inclusive of the shares of Common Stock to be purchased by the undersigned, an aggregate amount of [______] shares of Common Stock at the Purchase Price per Share. In connection therewith, the undersigned subscriber (the “Subscriber”) and the Company agree as follows:

1. Subscription. Subject to the terms and conditions hereof, at the Closing (as defined below), the Subscriber hereby subscribes for and agrees to purchase from the Company, and the Company hereby agrees to issue and sell to the Subscriber, such number of shares of Common Stock as is set forth on the signature page of this Subscription Agreement (the “Shares”) at the Purchase Price per Share and on the terms provided for herein.

2. Closing; Delivery of Shares.

a. The closing of the sale of Shares contemplated hereby (the “Closing”, and the date that the Closing actually occurs, the “Closing Date”) shall occur on the date hereof; provided that all of the conditions set forth in Section 3 herein have been satisfied.

b. If the Closing Date does not occur on the date hereof, the Company shall provide written notice (which may be via email) to the Subscriber (the “Closing Notice”) that the Company reasonably expects all conditions set forth in Section 3 herein to have been satisfied on or before a date specified in the notice (the “Scheduled Closing Date”) that is not less than two (2) business days from the date on which the Closing Notice is delivered to the Subscriber, which Closing Notice shall contain (i) such Scheduled Closing Date and (ii) the wire instructions for the payment of the Subscriber’s Purchase Price for the Shares) to an account specified by the Company. Further, subject to the satisfaction or waiver of the conditions set forth in this Section 2 and Section 3, the Subscriber shall deliver to the Company, prior to 10:00 a.m. (Eastern Time) on the Scheduled Closing Date, the Purchase Price for the Shares by wire transfer of United States dollars in immediately available funds to the account set forth in such wire instructions. On the Closing Date, the Company shall deliver to the Subscriber (1) the Shares in book entry form, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws), in the name of the Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by the Subscriber, as applicable, and (2) a copy of the records of the Company or its transfer agent showing the Subscriber as the owner of the Shares on and as of the Closing Date (the “Subscriber’s Deliveries”).

3. Closing Conditions. In addition to the conditions set forth in Section 2:

a. The Closing is also subject to the satisfaction or valid waiver by each party of the conditions that, on the Closing Date:

 

  i.

no suspension of the qualification of the Shares for offering or sale or trading in any jurisdiction, or initiation or threatening of any proceedings for any of such purposes, shall have occurred; and

 

1 

To insert closing price on Wednesday, August 10, 2022


  ii.

no governmental authority of competent jurisdiction shall have rendered, issued, promulgated, enforced, enacted or entered any judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and which then makes the consummation of the transactions contemplated hereby illegal or then restrains or prohibits the consummation of the transactions contemplated hereby.

b. The obligations of the Company to consummate the Closing are also subject to the satisfaction or valid waiver by the Company of the additional conditions that, on the Closing Date:

 

  i.

all representations and warranties of the Subscriber contained in this Subscription Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality, which representations and warranties shall be true in all respects) at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality, which representations and warranties shall be true in all respects) as of such date); and

 

  ii.

the Subscriber shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to Closing.

c. The obligations of the Subscriber to consummate the Closing are also subject to the satisfaction or valid waiver by the Subscriber of the additional conditions that, on the Closing Date:

 

  i.

all representations and warranties of the Company contained in this Subscription Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined herein), which representations and warranties shall be true in all respects) at and as of the Closing Date (except for representations and warranties made as of a specific date, which shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Material Adverse Effect, which representations and warranties shall be true in all respects) as of such date); and

 

  ii.

the Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to Closing.

d. Prior to or at the Closing, the Subscriber shall deliver to the Company a duly completed and executed Internal Revenue Service Form W-9 or appropriate Form W-8.

e. At and from the Closing, the Company and the Subscriber shall execute and deliver such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the transactions contemplated in this Subscription Agreement.

4. Company Representations and Warranties. The Company represents and warrants to the Subscriber that:

a. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. The Company has the corporate power and authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

b. The Shares have been duly authorized and, when issued and delivered to the Subscriber against full payment therefor in accordance with the terms of this Subscription Agreement, the Shares will be (i) validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights, and (ii) free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws).


c. This Subscription Agreement has been duly authorized, executed and delivered by the Company and is enforceable against the Company in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

d. The execution, delivery and performance of this Subscription Agreement, including the issuance and sale of the Shares and the consummation of the transactions contemplated hereby, will not conflict with or result in a material breach or material violation of any of the terms or provisions of, or constitute a material default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, license, lease or any other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company is subject, which would reasonably be expected to have a material adverse effect on the business, prospects, properties, assets, liabilities, operations, condition (including financial condition), stockholders’ equity or results of operations of the Company or materially affect the validity of the Shares or the legal authority or ability of the Company to perform in all material respects its obligations under the terms of this Subscription Agreement (a “Material Adverse Effect”); (ii) the provisions of the organizational documents of the Company; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body (including the NASDAQ Global Market), domestic or foreign, having jurisdiction over the Company or any of its properties that would have a Material Adverse Effect or materially affect the validity of the Shares or the legal authority or ability of the Company to perform in all material respects its obligations under the terms of this Subscription Agreement.

e. Assuming the accuracy of the representations and warranties of the Subscriber, the Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection with the execution, delivery and performance by the Company of this Subscription Agreement (including, without limitation, the issuance of the Shares), other than (i) any required filing of a Notice of Exempt Offering of Securities on Form D with U.S. Securities and Exchange Commission (the “SEC”) under Regulation D of the Securities Act of 1933, as amended (the “Securities Act”), (ii) the filing with the SEC of the Registration Statement (as defined below), (iii) the filings required by applicable state or federal securities laws, (iv) the filings required in accordance with Section 10, (v) any filings or notices required by the Nasdaq Global Market (“NASDAQ”), and (vi) any consent, waiver, authorization or order of, notice to, or filing or registration, the failure of which to obtain would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. The Company is not required to obtain stockholder approval with respect to the Offering.

f. As of the date of this Subscription Agreement, the authorized capital stock of the Company consists of (i) 500,000,000 shares of Common Stock and (ii) 10,000,000 shares of preferred stock, par value of $0.0001 per share (the “Preferred Stock”). As of the date of this Subscription Agreement, (A) [123,199,202] shares of Common Stock are issued and outstanding, (B) 10,350,00 public warrants to purchase Common Stock are issued and outstanding, (C) 2,062,500 private placement warrants to purchase Common Stock are issued and outstanding and (D) no Preferred Stock is issued and outstanding. All (1) issued and outstanding shares of Common Stock have been duly authorized and validly issued, are fully paid and are non-assessable and are not subject to preemptive rights and (2) outstanding warrants have been duly authorized and validly issued and are not subject to preemptive rights. Except as set forth above and pursuant to the Other Subscription Agreements or in the SEC Documents (as defined below), as of the date hereof, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company shares of Common Stock or other equity interests in the Company, or securities convertible into or exchangeable or exercisable for such equity interests. As of the date hereof, other than as set for the in the SEC Documents, the Company has no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. As of the date hereof, other than as set forth in the SEC Documents, there are no shareholder agreements, voting trusts or other agreements or understandings to which the Company is a party or by which it is bound relating to the voting of any securities of the Company. There are no securities or instruments issued by or to which the Company is a party containing anti-dilution or similar provisions that will be triggered by the issuance of (i) the Shares or (ii) the shares to be issued pursuant to any Other Subscription Agreement, in each case, that have not been or will not be validly waived on or prior to the Closing Date.


g. The issued and outstanding shares of Common Stock are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are listed for trading on NASDAQ under the symbol “GRNA.” There is no suit, action, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company by NASDAQ or the SEC with respect to any intention by such entity to deregister the Common Stock or prohibit or terminate the listing of the Common Stock on NASDAQ.

h. Other than the Other Subscription Agreements, the Company has not entered into any side letter or similar agreement with any Other Subscriber or any other investor in connection with such Other Subscriber’s or investor’s direct or indirect investment in the Company. No Other Subscription Agreement contains a different Purchase Price Per Share or includes other terms and conditions that are materially more advantageous to any such Other Subscriber than the Subscriber hereunder, and such Other Subscription Agreements have not been amended or modified in any material respect following the date of this Subscription Agreement.

i. The Company has made available to the Subscriber (including via the SEC’s EDGAR system) a true, correct and complete copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other documents filed by the Company with the SEC prior to the date of this Subscription Agreement (the “SEC Documents”). None of the SEC Documents filed under the Exchange Act contained, when filed and as amended to the date hereof, any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading, and such SEC Documents complied in all material respects with the requirements of the Exchange Act and the rules and regulations of the SEC promulgated thereunder. The Company has timely filed each report, statement, schedule, prospectus, and registration statement that the Company was required to file with the SEC since its initial registration of the Common Stock with the SEC. As of the date hereof, there are no material outstanding or unresolved comments in comment letters from the Staff of the SEC with respect to any of the SEC Documents.

j. Except for such matters as have not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending, or, to the knowledge of the Company, threatened against the Company or (ii) judgment, decree, injunction, ruling or order of any governmental entity outstanding against the Company.

k. The Company is in compliance with all applicable laws, except where such non-compliance would not reasonably be expected to have a Material Adverse Effect. The Company has not received any written communication from a governmental entity that alleges that the Company is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect.

l. The Company has not entered into any agreement or arrangement entitling any agent, broker, investment banker, financial advisor or other person to any broker’s or finder’s fee or any other commission or similar fee in connection with the transactions contemplated by this Subscription Agreement for which the Subscriber could become liable. Other than Credit Suisse Securities (USA) LLC (“Credit Suisse”) and Robert W. Baird & Co. Incorporated (“Baird” and together with Credit Suisse, the “Placement Agents”), the Company is not aware of any person that has been or will be paid (directly or indirectly) remuneration for acting as a placement agent in connection with the sale of any shares of Common Stock in the Offering.

m. The Company is not, and immediately after receipt of payment for the Shares, will not be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

n. Assuming the accuracy of the Subscriber’s representations and warranties set forth in Section 5, in connection with the offer, sale and delivery of the Shares in the manner contemplated by this Subscription Agreement, it is not necessary to register the Shares under the Securities Act. The Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act or any state securities laws.


o. If applicable, the Subscriber shall comply promptly but in no event later than ten (10) business days after the date hereof with all applicable notification and reporting requirements pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”). If applicable, Subscriber shall use its reasonable best efforts to furnish to the Company, as promptly as reasonably practicable, all information required for any notification or filing to be made pursuant to the HSR Act in connection with the Offering. If applicable, Subscriber shall request early termination of all applicable waiting periods under the HSR Act with respect to the Offering and shall use its reasonable best efforts to (i) cooperate in good faith with the relevant authorities; (ii) substantially comply with any information or document requests; and (iii) obtain the termination or expiration of all waiting periods under the HSR Act, in each case, in connection with the Offering.

p. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable to the Company, except for a Disqualification Event as to which Rule 506(d)(2)(ii–)-(iv) or (d)(3) of the Securities Act is applicable.

q. The Company owns or possesses adequate rights or licenses to use all trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, original works of authorship, inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights and all applications and registrations therefor (“Intellectual Property Rights”) necessary to conduct its business as now conducted. None of the Company’s Intellectual Property Rights have expired, terminated or been abandoned, or are expected to expire, terminate or be abandoned, within three years from the date of this Agreement. The Company has no knowledge of any infringement by the Company of Intellectual Property Rights of others. There is no claim, action or proceeding being made or brought, or to the knowledge of the Company, being threatened, against the Company regarding its Intellectual Property Rights. The Company is not aware of any facts or circumstances which might give rise to any of the foregoing infringements or claims, actions or proceedings. The Company has taken reasonable security measures to protect the secrecy, confidentiality and value of all of its Intellectual Property Rights that have been developed by the Company.

r. The studies, tests and preclinical and clinical trials conducted by or, to the Company’s knowledge, on behalf of the Company were and, if still ongoing, are being conducted in all material respects in accordance with experimental protocols, procedures and controls pursuant to accepted professional scientific standards and all applicable laws, including, without limitation, the Federal Food, Drug and Cosmetic Act and the rules and regulations promulgated thereunder; the descriptions of the results of such studies, tests and trials contained in the SEC Documents are, to the Company’s knowledge, accurate and complete in all material respects and fairly present the data derived from such studies, tests and trials; except to the extent disclosed in the SEC Documents, the Company is not aware of any studies, tests or trials, the results of which the Company believes reasonably call into question the study, test, or trial results described or referred to in the SEC Documents when viewed in the context in which such results are described and the clinical state of development; and, except to the extent disclosed in the SEC Documents, the Company has not received any notices or correspondence from the FDA or any governmental entity requiring the termination or suspension of any studies, tests or preclinical or clinical trials conducted by or on behalf of the Company, other than ordinary course communications with respect to modifications in connection with the design and implementation of such trials.

s. The Company understands that the foregoing representations and warranties shall be deemed material to and have been relied upon by the Subscriber.

5. Subscriber Representations, Warranties and Covenants. The Subscriber represents and warrants to the Company that:

a. At the time the Subscriber was offered the Shares, it was, and as of the date hereof, the Subscriber is (i) a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an institutional “accredited investor” (within the meaning of Rule 501(a) of Regulation D under the Securities Act) satisfying the applicable requirements set forth on Exhibit A hereto, and accordingly, understands that the offering meets the exemptions from filing under FINRA Rule 5123(b)(1)(C) or (J), and (ii) is acquiring the Shares only for its own account and (iii) not for the account of others, and not on behalf of any other account or person or with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act. The Subscriber is not an entity formed for the specific purpose of acquiring the Shares.


b. The Subscriber understands that the Shares are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Shares delivered at the Closing have not been registered under the Securities Act. The Subscriber understands that the Shares may not be resold, transferred, pledged or otherwise disposed of by the Subscriber absent an effective registration statement under the Securities Act except (i) to the Company or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and in each of cases (i) and (iii) in accordance with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates (if any) or any book-entry shares representing the Shares delivered at the Closing shall contain a legend or restrictive notation to such effect, as a result, the Subscriber may not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Shares and may be required to bear the financial risk of an investment in the Shares for an indefinite period of time. The Subscriber acknowledges that the Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities Act. The Subscriber further acknowledges that the Shares will not be eligible for resale pursuant to Rule 144 promulgated under the Securities Act, until, at the earliest, February 7, 2023. The Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Shares.

c. The Subscriber understands and agrees that the Subscriber is purchasing Shares directly from the Company. The Subscriber further acknowledges that there have been no representations, warranties, covenants and agreements made to the Subscriber by the Company, or any of its officers or directors, expressly (other than those representations, warranties, covenants and agreements included in this Subscription Agreement) or by implication.

d. The Subscriber’s acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the Internal Revenue Code of 1986, as amended, or any applicable similar law.

e. The Subscriber acknowledges and agrees that the Subscriber has received such information as the Subscriber deems necessary in order to make an investment decision with respect to the Shares. Without limiting the generality of the foregoing, the Subscriber acknowledges that it has received (or in the case of documents filed with the SEC, had access to) the following items (collectively, the “Disclosure Documents”): (i) the SEC Documents and (ii) the investor presentation by the Company, a copy of which will be furnished by the Company to the SEC. The Subscriber represents and agrees that the Subscriber and the Subscriber’s professional advisor(s), if any, have had the full opportunity to ask the Company’s management questions, receive such answers and obtain such information as the Subscriber and such Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares.

f. The Subscriber became aware of this Offering of the Shares solely by means of direct contact between the Subscriber and the Company, the Placement Agents or a representative of the Company or the Placement Agents, and the Shares were offered to the Subscriber solely by direct contact between the Subscriber and the Company, the Placement Agents or a representative of the Company or the Placement Agents. The Subscriber did not become aware of this offering of the Shares, nor were the Shares offered to the Subscriber, by any other means. The Subscriber acknowledges that the Company represents and warrants that the Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws. The Subscriber acknowledges that the Subscriber shall be responsible for any of the Subscriber’s tax liabilities that may arise as a result of the transactions contemplated by this Subscription Agreement, and that neither the Company nor the Target has provided any tax advice or any other representation or guarantee regarding the tax consequences of the transactions contemplated by the Subscription Agreement.

g. The Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including those set forth in the Disclosure Documents and in the Company’s filings with the SEC. The Subscriber is able to fend for itself in the transactions contemplated herein and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares, and the Subscriber has sought such accounting, legal and tax advice as the Subscriber has considered necessary to make an informed investment decision.


h. Alone, or together with any professional advisor(s), the Subscriber has adequately analyzed and fully considered the risks of an investment in the Shares and determined that the Shares are a suitable investment for the Subscriber and that the Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of the Subscriber’s investment in the Company. The Subscriber acknowledges specifically that a possibility of total loss exists. The Subscriber has exercised independent judgment in evaluating its participation in the Subscription, and accordingly, the Subscriber understands that the offering meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional customer exemption under FINRA Rule 2111(b).

i. In making its decision to purchase the Shares, the Subscriber has relied solely upon independent investigation made by the Subscriber and the representations and warranties of the Company set forth herein. The Subscriber has determined based on such independent investigation and any professional advice as it deems appropriate that its purchase of the Shares and participation in the transactions contemplated by this Agreement (i) are fully consistent with its financial needs, objectives and condition, (ii) comply and are fully consistent with all investment policies, guidelines and other restrictions applicable to it, (iii) have been duly authorized and approved by all necessary action, and (iv) do not and will not violate or constitute a default under its charter, by-laws or other constituent document or under any law, rule, regulation, agreement or other obligation by which it is bound. The Subscriber represents and agrees that the Subscriber and the Subscriber’s professional advisor(s), if any, have (i) had the full opportunity to ask such questions, receive such answers and obtain such information as the Subscriber and such undersigned’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares and (ii) conducted and completed independent due diligence with respect to the Subscription and the Shares. Without limiting the generality of the foregoing, the Subscriber has not relied on any statements or other information provided by the Placement Agents, the Company, any of their respective affiliates or any of such person’s or its affiliates’ control persons, officers, directors, employees or other representatives, legal counsel, financial advisors, accountants or agents concerning the Company, the Target or the Shares or the offer and sale of the Shares, other than the representations and warranties of the Company contained in Section 4 of this Subscription Agreement, in making its investment or decision to invest in the Company. Subscriber acknowledges and agrees that the Placement Agents have not, acting in their role as placement agents to the Company, provided Subscriber with any information or advice with respect to the Shares nor is such information or advice necessary or desired. The Placement Agents, acting in their role as placement agents to the Company, have not made and are not making any representation as to the Company or Target or the quality or value of the Shares and the Placement Agents, acting in their role as placement agents to the Company, may have acquired non-public information with respect to the Company or Target which Subscriber agrees need not be provided to it. The Placement Agents, acting in their role as placement agents to the Company, have no responsibility with respect to the completeness or accuracy of any information or materials furnished to such Subscriber in connection with the transactions contemplated hereby.

j. The Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the Offering or made any findings or determination as to the fairness of this investment or the accuracy or adequacy of the Company’s filings with the SEC.

k. The Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction of incorporation or formation.

l. The execution, delivery and performance by the Subscriber of this Subscription Agreement are within the powers of the Subscriber, have been duly authorized and will not constitute or result in a breach or default under or conflict with any federal or state statute, rule or regulation applicable to the Subscriber, any order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the Subscriber is a party or by which the Subscriber is bound, any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Subscriber is a party or by which the Subscriber is bound or to which any of the property or assets of the Subscriber is subject, and, if the Subscriber is not an individual, will not violate any provisions of the Subscriber’s charter documents, including its incorporation or formation papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature on this Subscription Agreement is genuine, and the signatory, if the Subscriber is an individual, has legal competence and capacity to execute the same or, if the Subscriber is not an individual the signatory has been duly authorized to execute the same, and this Subscription Agreement constitutes a legal, valid and binding obligation of the Subscriber, enforceable against the Subscriber in accordance with its terms.


m. Neither the due diligence investigation conducted by the Subscriber in connection with making its decision to acquire the Shares nor any representations and warranties made by the Subscriber herein shall modify, amend or affect the Subscriber’s right to rely on the truth, accuracy and completeness of the Company’s representations and warranties contained herein.

n. The Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a “Prohibited Investor”). The Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided that the Subscriber is permitted to do so under applicable law. If the Subscriber is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the “BSA/PATRIOT Act”), the Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, it maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List. To the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by the Subscriber and used to purchase the Shares were legally derived.

o. The Subscriber does not have, as of the date hereof, any “put equivalent position” as such term is defined in Rule 16a-1 under the Exchange Act, any “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and any type of direct or indirect stock pledges (other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and or other short sale positions, whether through a broker dealer or otherwise, with respect to the securities of the Company (collectively, “Short Sales”). Notwithstanding the foregoing, in the case (i) other entities under common management with the Subscriber that have no knowledge of this Subscription Agreement or of the Subscriber’s participation in the Offering (including the Subscriber’s affiliates) or (ii) the Subscriber is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Subscriber’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Subscriber’s assets, then, in each case, the foregoing representation shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Agreement. The Company acknowledges and agrees that, notwithstanding anything herein to the contrary, the Shares may be pledged by Subscriber in connection with a bona fide margin agreement, provided that such pledge shall be (1) pursuant to an available exemption from the registration requirements of the Securities Act or (2) pursuant to, and in accordance with, a registration statement that is effective under the Securities Act at the time of such pledge, and Subscriber effecting a pledge of the Shares shall not be required to provide the Company with any notice thereof.

p. If the Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other arrangement that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Internal Revenue Code of 1986, as amended, or an entity whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement (each, a “Plan”) subject to the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the Code, the Subscriber represents and warrants that neither the Company, nor any of its respective affiliates (the “Transaction Parties”) has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to acquire and hold the Shares, and none of the Transaction Parties shall at any time be relied upon as the Plan’s fiduciary with respect to any decision to acquire, continue to hold or transfer the Shares.


q. At the Closing, the Subscriber will have sufficient funds to pay the Purchase Price pursuant to Section 2(b) above.

r. The Subscriber acknowledges its obligations under applicable securities laws with respect to the treatment of non-public information relating to the Company.

s. No disclosure or offering document has been prepared by the Placement Agents in connection with the offer and sale of the Shares. The Placement Agents and each of their members, directors, officers, employees, representatives and controlling persons have made no independent investigation with respect to the Company or the Shares or the accuracy, completeness or adequacy of any information supplied to the Subscriber by the Company. In connection with the issue and purchase of the Shares, the Placement Agents have not acted as the Subscriber’s financial advisor or fiduciary.

6. Registration Rights.

a. The Company agrees that, within forty-five (45) calendar days after the Closing Date (the “Filing Date”), the Company will file with the SEC (at the Company’s sole cost and expense) a registration statement registering the resale of the Shares (the initial registration statement and any other registration statement that may be filed by the Company under this Section 6, the “Registration Statement”), and the Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof but no later than the earlier of (i) the 90th calendar day (or 120th calendar day if the SEC notifies the Company that it will “review” the Registration Statement) following the Closing Date and (ii) the 10th business day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement will not be “reviewed” or will not be subject to further review (such earlier date, the “Effectiveness Date”). The Company agrees that the Company will cause such Registration Statement or another registration statement (which may be a “shelf” registration statement) to remain effective until the earlier of (i) three (3) years from the date of effectiveness of the initial Registration Statement, (ii) the date on which the Subscriber ceases to hold any Shares covered by such Registration Statement, or (iii) on the first date on which the Subscriber can sell all of its Shares under Rule 144 of the Securities Act without restriction, including without limitation, any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement for the Company to be in compliance with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable). The Subscriber agrees to disclose its beneficial ownership, as determined in accordance with Rule 13d-3 of the Exchange Act, of the Shares to the Company upon request to assist the Company in making the determination described above. The Company’s obligations to include the Shares in the Registration Statement are contingent upon the Subscriber furnishing in writing to the Company such information regarding the Subscriber, the securities of the Company held by the Subscriber and the intended method of disposition of the Shares as shall be reasonably requested by the Company to effect the registration of the Shares, and shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations, provided that the Subscriber shall not in connection with the foregoing be required to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Shares. With respect to the information to be provided by the Subscriber pursuant to this Section 6 or otherwise in connection with the Registration Statement, the Company shall request such information from the Subscriber at least ten (10) business days prior to the anticipated filing date of the Registration Statement. Any failure by the Company to file the Registration Statement by the Filing Date or for the Registration Statement to be declared effective by the Effectiveness Date shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement as set forth in this Section 6. For purposes of this Section 6, “Shares” shall mean, as of any date of determination, the Shares and any other equity security of the Company issued or issuable with respect to the Shares by way of share split, dividend, distribution, recapitalization, merger, exchange, replacement or similar event or otherwise. In no event shall Subscriber be identified as a statutory underwriter in the Registration Statement unless requested by the Commission; provided that if the Commission requests that Subscriber be identified as a statutory underwriter in the Registration Statement, Subscriber will have an opportunity to withdraw from the Registration Statement.


b. In the case of the registration, qualification, exemption or compliance effected by the Company pursuant to this Subscription Agreement, the Company shall, upon reasonable request, inform the Subscriber as to the status of such registration, qualification, exemption and compliance. At its expense, the Company shall:

 

  i.

except for such times as the Company is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws which the Company determines to obtain, continuously effective with respect to the Subscriber, and to keep the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions;

 

  ii.

advise the Subscriber within five (5) business days:

 

  1.

of the issuance by the SEC of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose;

 

  2.

of the receipt by the Company of any notification with respect to the suspension of the qualification of the Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

  3.

subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus included therein so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading.

Notwithstanding anything to the contrary set forth herein, the Company shall not, when so advising the Subscriber of such events listed above, provide the Subscriber with any material, nonpublic information regarding the Company other than to the extent that providing notice to Subscriber of the occurrence of the events listed in (A) through (C) above constitutes material, nonpublic information regarding the Company;

 

  iii.

use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as reasonably practicable;

 

  iv.

upon the occurrence of any event contemplated above, except for such times as the Company is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

  v.

use its commercially reasonable efforts to cause all Shares to be listed on each securities exchange or market, if any, on which the Common Stock has been listed;

 

  vi.

cooperate with Subscriber to facilitate the timely preparation and delivery of certificates or book-entry positions, upon the effectiveness of Registration Statement, representing Shares to be sold and not bearing any restrictive legends, including without limitation, the delivery, at the Company’s expense, of a legal opinion of the Company’s counsel to the transfer agent (if required); and enable such Shares to be in such denominations and registered in such names as the Subscriber may reasonably request at least two (2) Business Days prior to the closing of any sale of Shares by Subscriber pursuant to the Registration Statement or any applicable federal securities law exemption; and


  vii.

use its commercially reasonable efforts (A) to take all other steps necessary to effect the registration of the Shares contemplated hereby and (B) for so long as the Subscriber holds Shares, to file all reports and other materials required to be filed by the Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144 to enable the Subscriber to sell the Shares under Rule 144.

c. The Company may delay filing or suspend the use of any such registration statement if the Company determines, upon advice of legal counsel, that in order for the registration statement to not contain a material misstatement or omission, an amendment thereto or a supplement to the related prospectus would be needed, or if the Chief Executive Officer of the Company reasonable believes, upon advice of legal counsel, such filing or use could materially affect a bona fide business or financing transaction of the Company or would require premature disclosure of information that could materially adversely affect the Company (each such circumstance, a “Suspension Event”); provided, however, that the Company may not delay filing or suspend the use of any registration statement on more than three occasions or for more than ninety (90) consecutive calendar days, or more than one hundred twenty (120) total calendar days, in each case during any twelve-month period. Upon receipt of any written notice from the Company of the happening of any Suspension Event during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus) not misleading, the Subscriber agrees that it will (i) immediately discontinue offers and sales of the Shares under the Registration Statement until the Subscriber receives (A) (x) copies of a supplemental or amended prospectus that corrects the misstatement(s) or omission(s) referred to above and (y) notice that any post-effective amendment has become effective or (B) notice from the Company that it may resume such offers and sales, and (ii) maintain the confidentiality of any information included in such written notice delivered by the Company unless otherwise required by applicable law. If so directed by the Company, the Subscriber will deliver to the Company or, in the Subscriber’s sole discretion destroy, all copies of the prospectus covering the Shares in the Subscriber’s possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the Shares shall not apply to (i) the extent the Subscriber is required to retain a copy of such prospectus (A) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (B) in accordance with a bona fide pre-existing document retention policy or (ii) copies stored electronically on archival servers as a result of automatic data back-up.

d. The Company shall indemnify, defend and hold harmless the Subscriber (to the extent a seller under the Registration Statement), its officers, directors, partners, members, managers, stockholders, advisers and agents, and each person who controls the Subscriber (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable and documented out-of-pocket attorneys’ fees) and expenses (collectively, “Losses”), resulting from any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, and only to the extent, that such untrue statements, alleged untrue statements, omissions or alleged omissions are based upon information or furnished in writing to the Company by the Subscriber expressly for use therein. Notwithstanding the forgoing, the Company’s indemnification obligations shall not apply to amounts paid in settlement of any Losses or action if such settlement is effected without the prior written consent of the Company (which consent shall not be unreasonably withheld or delayed).

e. The Subscriber shall, separately and not jointly with any Other Subscriber, indemnify and hold harmless the Company, its directors, officers, agents and employees, and each person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling persons, to the fullest extent permitted by applicable law, from and against all Losses, resulting from any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus included in the Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading to the extent, and only to the extent, that such untrue statements, alleged untrue statements, omissions or alleged


omissions are based upon information furnished in writing to the Company by the Subscriber expressly for use therein. Notwithstanding the forgoing, the Subscriber’s indemnification obligations shall not apply to amounts paid in settlement of any Losses or action if such settlement is effected without the prior written consent of the Subscriber (which consent shall not be unreasonably withheld or delayed). In no event shall the liability of the Subscriber be greater in amount than the dollar amount of the net proceeds received by the Subscriber upon the sale of the Shares giving rise to such indemnification obligation.

f. If the indemnification provided under this Section 6 from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be subject to the limitations set forth in this Section 6 and deemed to include any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 6(f) from any person who was not guilty of such fraudulent misrepresentation. Each indemnifying party’s obligation to make a contribution pursuant to this Section 6(f) shall be individual, not joint and several, and in no event shall the liability of the Subscriber hereunder exceed the net proceeds received by the Subscriber upon the sale of the Shares giving rise to such indemnification obligation.

7. Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement and (b) September 11, 2022, if the Closing has not occurred by such date; provided that (i) nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach, and (ii) the provisions of Sections 8 through 9 of this Subscription Agreement will survive any termination of this Subscription Agreement and continue indefinitely.

8. Miscellaneous.

a. Neither this Subscription Agreement nor any rights that may accrue to the Subscriber hereunder (other than the Shares acquired hereunder, if any, subject to applicable securities laws) may be transferred or assigned by the Subscriber without the prior written consent of the Company, provided that the Subscriber may transfer or assign all or a portion of its rights under this Subscription Agreement to an affiliate or to any fund or account managed by the same investment manager as the Subscriber, provided further that the Subscriber shall provide notice to the Company upon such transfer. Any purported transfer or assignment in violation of this Section 8(a) shall be null and void ab initio.

b. The Company may request from the Subscriber such additional information as the Company may deem necessary to evaluate the eligibility of the Subscriber to acquire the Shares, and the Subscriber shall provide such information to the Company upon such request to the extent readily available and to the extent consistent with the Subscriber’s internal policies and procedures, and provided that the Company agrees to keep any such information provided by the Subscriber confidential unless otherwise required by law, subpoena or regulatory request or requirement.

c. The Subscriber acknowledges that the Company, the Placement Agents and others will rely on the acknowledgments, understandings, agreements, representations and warranties of the Subscriber contained in this Subscription Agreement, provided, however that the Closing may only be enforced against the Subscriber by the


Company. Prior to the Closing, the Subscriber agrees to promptly notify the Company if any of the acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate in any material respect. The Subscriber agrees that the purchase by the Subscriber of Shares from the Company will constitute a reaffirmation of the acknowledgments, understandings, agreements, representations and warranties herein (as modified by any such notice) by the Subscriber as of the time of such purchase. The Subscriber acknowledges and agrees that the Placement Agents are third-party beneficiaries of the representations, warranties and covenants of the Subscriber contained in Section 5 and Section 9 of this Subscription Agreement. Except as expressly set forth herein, this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and their respective successor and assigns.

d. The Company is entitled to rely upon this Subscription Agreement and is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. The Subscriber acknowledges that the Company may file a copy of this Subscription Agreement with the SEC as an exhibit to a periodic report or a registration statement of the Company. Prior to the Closing, the Subscriber shall not issue any press release or make any other similar public statement with respect to the transactions contemplated hereby without the prior written consent of the Company (such consent not to be unreasonably withheld or delayed).

e. All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing.

f. This Subscription Agreement may not be amended, modified, waived or terminated except by an instrument in writing, signed by the party against whom enforcement of such amendment, modification, waiver or termination is sought.

g. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.

h. Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns.

i. If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

j. This Subscription Agreement may be executed and delivered in one or more counterparts and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., .pdf or www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

k. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement and to enforce specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.

l. THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE.


m. EACH PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY HERETO AGAINST ANY OTHER PARTY HERETO OR ANY AFFILIATE OF ANY OTHER SUCH PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE PARTIES HERETO AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES HERETO FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS SUBSCRIPTION AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT.

n. THE PARTIES HERETO AGREE THAT ALL DISPUTES, LEGAL ACTIONS, SUITS AND PROCEEDINGS ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT MUST BE BROUGHT EXCLUSIVELY IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY, NEW YORK, AND ANY APPELLATE COURT THEREFROM (COLLECTIVELY THE “DESIGNATED COURTS”). EACH PARTY HERETO HEREBY CONSENTS AND SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE DESIGNATED COURTS. NO LEGAL ACTION, SUIT OR PROCEEDING WITH RESPECT TO THIS SUBSCRIPTION AGREEMENT MAY BE BROUGHT IN ANY OTHER FORUM. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL CLAIMS OF IMMUNITY FROM JURISDICTION AND ANY OBJECTION WHICH SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING IN ANY DESIGNATED COURT, INCLUDING ANY RIGHT TO OBJECT ON THE BASIS THAT ANY DISPUTE, ACTION, SUIT OR PROCEEDING BROUGHT IN THE DESIGNATED COURTS HAS BEEN BROUGHT IN AN IMPROPER OR INCONVENIENT FORUM OR VENUE. EACH OF THE PARTIES HERETO ALSO AGREES THAT DELIVERY OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT TO A PARTY HEREOF IN COMPLIANCE WITH SECTION 9(O) SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING IN A DESIGNATED COURT WITH RESPECT TO ANY MATTERS TO WHICH THE PARTIES HERETO HAVE SUBMITTED TO JURISDICTION AS SET FORTH ABOVE.

o. All notices, requests, demands, claims and other communications hereunder shall be in writing. Any notice, request, demand, claim or other communication hereunder shall be deemed duly given (i) when delivered personally to the recipient, (ii) when sent by electronic mail, on the date of transmission to such recipient, (iii) one (1) business day after being sent to the recipient by reputable overnight courier service (charges prepaid), or (iv) three (3) business days after being mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid, and, in each case, addressed to the intended recipient at its address specified on the signature page hereof or to such electronic mail address or address as subsequently modified by written notice given in accordance with this Section 8(o):

 

If to the Company, to:

GreenLight BioSciences Holdings, PBC

200 Boston Avenue

Medford, MA 02155

Attention:

E-mail:

Telephone No.:

  

with copies (which shall not constitute notice) to:

Goodwin Procter LLP

620 Eighth Avenue

New York, NY 10018

Attention: Jeffrey A. Letalien

E-mail: jletalien@goodwinlaw.com

Telephone No.: (212) 459-7203

Notice to the Subscriber shall be given to the address underneath the Subscriber’s name on the signature page hereto.


p. The headings set forth in this Subscription Agreement are for convenience of reference only and shall not be used in interpreting this Subscription Agreement. In this Subscription Agreement, unless the context otherwise requires: (i) whenever required by the context, any pronoun used in this Subscription Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii) “including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words “without limitation”; and (iii) the words “herein”, “hereto” and “hereby” and other words of similar import in this Subscription Agreement shall be deemed in each case to refer to this Subscription Agreement as a whole and not to any particular portion of this Subscription Agreement. As used in this Subscription Agreement, the term: (x) “business day” shall mean any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions in New York, New York are authorized to close for business (excluding as a result of “stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems, including for wire transfers, of commercially banking institutions in New York, New York are generally open for use by customers on such day); (y) “person” shall refer to any individual, corporation, partnership, trust, limited liability company or other entity or association, including any governmental or regulatory body, whether acting in an individual, fiduciary or any other capacity; and (z) “affiliate” shall mean, with respect to any specified person, any other person or group of persons acting together that, directly or indirectly, through one or more intermediaries controls, is controlled by or is under common control with such specified person (where the term “control” (and any correlative terms) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such person, whether through the ownership of voting securities, by contract or otherwise).

q. The obligations of the Subscriber under this Subscription Agreement are several and not joint with the obligations of any Other Subscriber or any other investor under the Other Subscription Agreements, and the Subscriber shall not be responsible in any way for the performance of the obligations of any Other Subscriber under this Subscription Agreement or any other investor under the Other Subscription Agreements. Nothing contained herein or in any Other Subscription Agreement, and no action taken by the Subscriber or investor pursuant hereto or thereto, shall be deemed to constitute the Subscriber and other investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Subscriber and other investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements. The Subscriber acknowledges that no Other Subscriber has acted as agent for the Subscriber in connection with making its investment hereunder and no Other Subscriber will be acting as agent of the Subscriber in connection with monitoring its investment in the Shares or enforcing its rights under this Subscription Agreement. The Subscriber shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any Other Subscriber or investor to be joined as an additional party in any proceeding for such purpose.

r. The Subscriber understands and agrees that the Subscriber is purchasing the Shares directly from the Company. The Subscriber further acknowledges that there have not been, and the Subscriber hereby agrees that it is not relying on, any representations, warranties, covenants or agreements made to the Subscriber by the Company, any of the Company’s representatives or any other person or entity, expressly or by implication, other than those representations, warranties, covenants and agreements of the Company set forth in this Subscription Agreement. The Subscriber acknowledges that certain information provided by the Company was based on projections, and such projections were prepared based on assumptions and estimates that are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections.

s. At Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties may reasonably deem practical and necessary in order to consummate the Offering as contemplated by this Subscription Agreement.

t. Notwithstanding anything herein to the contrary, the Company shall pay all transfer agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company delivered by Subscriber), stamp taxes and other taxes and duties levied in connection with the delivery of any securities to Subscriber other than income and capital gains taxes of the Subscriber that may be incurred in connection with the transaction contemplated hereby.


9. Non-Reliance and Exculpation. The Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person other than the statements, representations and warranties contained in this Subscription Agreement in making its investment or decision to invest in the Company. The Subscriber agrees that neither (i) any Other Subscriber pursuant to the Other Subscription Agreements (including the controlling persons, members, officers, directors, partners, agents, or employees of any such Other Subscriber) nor (ii) each Placement Agent, its affiliates or any of its or its affiliates’ respective control persons, officers, directors or employees, shall be liable to the Subscriber pursuant to this Subscription Agreement for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares.

10. Disclosure. The Company shall, by 9:00 a.m., New York City time, on the first (1st) business day immediately following the date of this Subscription Agreement, issue one or more press releases or file with the SEC a Current Report on Form 8-K (collectively, the “Press Release”) disclosing all material terms of the transactions contemplated hereby and by the Other Subscription Agreements and any other material, nonpublic information that the Company has provided to the Subscriber at any time prior to the filing of the Press Release. Upon the issuance of the Press Release, to the Company’s knowledge, the Subscriber shall not be in possession of any material, non-public information received from the Company or any of its officers, directors or employees or agents (including the Placement Agents) and the Subscriber shall no longer be subject to any confidentiality or similar obligations under any current agreement, whether written or oral with the Company, the Placement Agents or any of their respective affiliates. Notwithstanding anything in this Subscription Agreement to the contrary, the Company shall not publicly disclose the name of the Subscriber, its investment adviser, if applicable, or any of its affiliates, or include the name of the Subscriber, its investment adviser, if applicable, or any of its affiliates in any press release or in any filing with the SEC or any regulatory agency or trading market, without the prior written consent of the Subscriber, except (i) as required by the federal securities law and (ii) to the extent such disclosure is required by law, at the request of the Staff of the SEC or regulatory agency or under the regulations of NASDAQ, in which case the Company shall provide the Subscriber with prior written notice of such disclosure permitted under the foregoing clauses (i) and (ii).

11. Placement Agent Matters. Each party hereto agrees for the express benefit of the Placement Agents that:

a. The Placement Agents (i) have no duties or obligations as placement agents other than those specifically set forth herein or in the letter agreement by and between the Company and Credit Suisse, dated as of July 18, 2022, and the letter agreement by and between the Company and Baird, dated as of July 20, 2022 (the “Letter Agreements”); (ii) shall not be liable for any improper payment made in accordance with the information provided by the Company; (iii) make no representation or warranty, or have no responsibilities as to the validity, accuracy, value or genuineness of any information, certificates or documentation delivered by or on behalf of the Company pursuant to this Subscription Agreement or in connection with any of the transactions contemplated herein; or (iv) shall not be liable (x) for any action taken, suffered or omitted by any of them in good faith and reasonably believed to be authorized or within the discretion or rights or powers conferred upon it by this Subscription Agreement or (y) for anything which any of them may do or refrain from doing in connection with this Subscription Agreement, except for such party’s own gross negligence, willful misconduct or bad faith.

b. The Placement Agents shall be entitled to (i) rely on, and shall be protected in acting upon, any certificate, instrument, opinion, notice, letter or any other document or security delivered to any of them by or on behalf of the Company, and (ii) be indemnified by the Company for acting as placement agents hereunder pursuant the indemnification provisions set forth in the Letter Agreements.

{SIGNATURE PAGES FOLLOW}


IN WITNESS WHEREOF, the parties hereto have caused this Subscription Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

GreenLight Biosciences Holdings, PBC

By:

   
    Name:
    Title:

[Signature Page to Subscription Agreement]


IN WITNESS WHEREOF, the undersigned has caused this Subscription Agreement to be duly executed by its authorized signatory as of the date set forth below.

 

SUBSCRIBER

Name(s) of Subscriber:                                                              

Signature of Authorized Signatory of Subscriber:

 

Name of Authorized Signatory:

Title of Authorized Signatory:

Address for Notice to Subscriber:

Attention:

Email:

Facsimile No.:

Telephone No.:

Address for Delivery of Shares to Subscriber (if not same as address for notice):

 

Subscription Amount:

   $            

Number of Shares:

  

EIN:

  

[Subscriber Signature Page to the Subscription Agreement]


Exhibit A

Accredited Investor Questionnaire

Capitalized terms used and not defined in this Exhibit A shall have the meanings given in the Subscription Agreement to which this Exhibit A is attached. The undersigned represents and warrants that the undersigned is an “accredited investor” (an “Accredited Investor”) as such term is defined in Rule 501(a) of Regulation D under the U.S. Securities Act of 1933, as amended (the “Securities Act”), for one or more of the reasons specified below (please check all boxes that apply):

 

_______   

(i)  A natural person whose net worth, either individually or jointly with such person’s spouse or spousal equivalent, at the time of the Subscriber’s purchase, exceeds $1,000,000;

  

The term “net worth” means the excess of total assets over total liabilities (including personal and real property, but excluding the estimated fair market value of the Subscriber’s primary home). For the purposes of calculating joint net worth with the person’s spouse or spousal equivalent, joint net worth can be the aggregate net worth of the Subscriber and spouse or spousal equivalent; assets need not be held jointly to be included in the calculation. There is no requirement that securities be purchased jointly.

_______   

(ii)   A natural person who had an individual income in excess of $200,000, or joint income with the Subscriber’s spouse or spousal equivalent in excess of $300,000, in each of the two most recent years and reasonably expects to reach the same income level in the current year;

  

In determining individual “income,” the Subscriber should add to the Subscriber’s individual taxable adjusted gross income (exclusive of any spousal or spousal equivalent income) any amounts attributable to tax exempt income received, losses claimed as a limited partner in any limited partnership, deductions claimed for depletion, contributions to an IRA or Keogh retirement plan, alimony payments, and any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income.

_______   

(iii)   A director or executive officer of the Company;

_______   

(iv)  A natural person holding in good standing with one or more professional certifications or designations or other credentials from an accredited educational institution that the U.S. Securities Exchange Commission (“SEC”) has designated as qualifying an individual for accredited investor status;

  

The SEC has designated the General Securities Representative license (Series 7), the Private Securities Offering Representative license (Series 82) and the Licensed Investment Adviser Representative (Series 65) as the initial certifications that qualify for accredited investor status.

_______   

(v)    A natural person who is a “knowledgeable employee” as defined in Rule 3c-5(a)(4) under the Investment Company Act of 1940 (the “Investment Company Act”), of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in section 3 of the Investment Company Act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of the Investment Company Act;

_______   

(vi)  A bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity;

_______   

(vii)  A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”);

_______   

(viii)   An investment adviser registered pursuant to section 203 of the Investment Advisers Act of 1940 (the “Investment Advisers Act”) or registered pursuant to the laws of a state, or an investment adviser relying on the exemption from registering with the SEC under the section 203(l) or (m) of the Investment Advisers Act;

_______   

(ix)  An insurance company as defined in section 2(13) of the Exchange Act;

_______   

(x)    An investment company registered under the Investment Company Act or a business development company as defined in Section 2(a)(48) of that Act;

_______   

(xi)  A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958;

_______   

(xii)  A Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act;

_______   

(xiii)   A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state, or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;


_______

 

(xiv) An employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;

_______

 

(xv)   A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

_______

 

(xvi) An organization described in Section 501(c)(3) of the Internal Revenue Code, or a corporation, business trust, partnership, or limited liability company, or any other entity not formed for the specific purpose of acquiring the Shares, with total assets in excess of $5,000,000;

_______

 

(xvii)  A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Shares, whose purchase is directed by a sophisticated person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of investing in the Company;

_______

 

(xviii)  A “family office” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act with assets under management in excess of $5,000,000 that is not formed for the specific purpose of acquiring the securities offered and whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment;

_______

 

(xix) A “family client” as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act, of a family office meeting the requirements set forth in (xviii) and whose prospective investment in the issuer is directed by a person from a family office that is capable of evaluating the merits and risks of the prospective investment;

_______

 

(xx)   An entity, of a type not listed above, not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000; and/or

_______

 

(xxi) An entity in which all of the equity owners qualify as an accredited investor under any of the above subparagraphs.

_______

 

(xxii)  The Subscriber does not qualify under any of the investor categories set forth in (i) through (xxi) above.

 

2.1

Type of the Subscriber. Indicate the form of entity of the Subscriber:

 

   Individual       Limited Partnership
   Corporation       General Partnership
   Revocable Trust          
   Other Type of Trust (indicate type):_______________________
   Other (indicate form of organization):_______________________

 

2.2.1

If the Subscriber is not an individual, indicate the approximate date the Subscriber entity was formed: ___________________.

 

2.2.2

If the Subscriber is not an individual, initial the line below which correctly describes the application of the following statement to the Subscriber’s situation: the Subscriber (x) was not organized or reorganized for the specific purpose of acquiring the Shares and (y) has made investments prior to the date hereof, and each beneficial owner thereof has and will share in the investment in proportion to his or her ownership interest in the Subscriber.

__________ True

__________ False

If the “False” line is initialed, each person participating in the entity will be required to fill out a Subscription Agreement.

 

Subscriber:

Subscriber
Name:     _________________________________________

        By:

   

        Signatory Name:

        Signatory Title:

EX-99.1

Exhibit 99.1

GreenLight Biosciences Announces Second Quarter 2022 Financial

Results and Highlights Recent Company Progress

 

   

GreenLight raised $108.4 million in private placement led by S2G Ventures with strong participation from existing and new investors with cash expected to fund critical programs through the first half of 2023.

 

   

GreenLight and Samsung Biologics completed their first commercial-scale engineering run for mRNA COVID-19 vaccine.

 

   

Human health partnerships include NIH to support COVID-19 vaccine development against emerging variants and a platform licensing agreement with Serum Institute of India (SII) to develop a vaccine for shingles and up to two other targets.

 

   

Key milestones expected across plant health pipeline in 2022: anticipated EPA approval and launch of global-first foliar-applied RNA product Calantha, a solution for Colorado potato beetle; regulatory submission for a solution to target varroa mites, which are destroying honeybee hives across the world; planning to register seven agricultural products by the end of 2026.

BOSTON, August 15, 2022—GreenLight Biosciences (Nasdaq: GRNA), a public benefit corporation striving to bring effective and safe solutions to make food clean and affordable for everyone and dedicated to developing health solutions for every person in our planet, today reported operational highlights and financial results for the second quarter ended June 30, 2022.

“GreenLight’s RNA platform has continued to prove its value for developing a wide range of solutions to feeding the world and keeping it healthy. We founded GreenLight to change the world, and we have continued to make progress this quarter,” said Andrey Zarur, CEO of GreenLight. “Today, we are pleased to announce a capital infusion of $108.4 million. We are grateful for the support, continued faith, and trust of our longtime investors. We also welcome new investors who have decided to join GreenLight in our mission to help feed the world and keep it healthy. This will allow us to continue to make progress across our pipeline.

“In recent months, we have demonstrated our ability to manufacture mRNA at a scale that produced material to provide the equivalent of millions of mRNA vaccine doses with Samsung Biologics. We have started animal studies on a shingles vaccine for our partnership with Serum Institute of India, the world’s biggest vaccine producer. We are working on COVID-19 vaccines with the National Institutes of Health that are more broadly protective against new variants and with longer-lasting effects.

“In addition, we anticipate numerous plant health milestones in the coming months, including EPA approval and launch of Calantha, our solution for Colorado potato beetles and regulatory submission for our solution targeting varroa mites, which are decimating honeybee colonies around the globe. We plan to register seven agricultural products by the end of 2026. We are undertaking field trials for several crop-protection solutions, with results available later this year. And our solutions are sustainable by design and produced in a responsible manner.”


Second Quarter 2022 and Recent Operational Highlights:

PLANT HEALTH PORTFOLIO:

GreenLight is advancing double-stranded RNA (dsRNA) solutions for agricultural applications, including crop protection, designed to control pests and address resistance and residues of chemical alternatives, which affect food security and climate change. The company has seven agricultural products in active development, with an estimated total addressable market of $6 billion, that it plans to launch by 2026.

 

   

Calantha: In 2022, GreenLight anticipates U.S. Environmental Protection Agency (EPA) approval of the company’s lead product, Calantha, a foliar-applied dsRNA pesticide to protect against the Colorado potato beetle, a pest that has developed resistance to currently available chemical products. Pending approval, the company plans to launch commercially later this year.

 

   

Honeybee Pollinator: GreenLight is actively conducting field trials for its topical RNA solution for varroa destructor mites, which decimate honeybee hives worldwide that pollinate more than 100 crops annually. In the second half of 2022, the company anticipates submitting a regulatory application to the EPA to support a planned 2024 launch, pending approval.

 

   

Additional programs: The company is currently conducting confirmatory trials for Botrytis and Powdery Mildew programs, for which regulatory studies are expected to launch by the second half of 2023, and Fusarium, for which regulatory studies are expected to launch by the first half of 2024. The company also expects to launch greenhouse trials for its Diamondback Moth and broader Lepidoptera program in 2023.

HUMAN HEALTH PORTFOLIO:

COVID-19 Vaccine Program: The company’s COVID-19 vaccine candidate has shown a promising antibody response and cell-mediated immunity in mice, induced humoral responses exceeding standards set by the World Health Organization (WHO), and protected against morbidity in pre-clinical studies. GreenLight and IAVI, a non-profit scientific research organization, are pursuing a Phase I clinical trial, for which IAVI is responsible for clinical trial management in collaboration with its network of clinical research center partners.

 

   

In July 2022, GreenLight announced a collaboration with the National Institutes of Health (NIH) to develop next-generation COVID-19 vaccines that are more broadly protective against new variants and with longer-lasting effects. GreenLight, in collaboration with the Vaccine Research Center (VRC), part of NIH’s National Institute of Allergy and Infectious Diseases (NIAID), will co-design and test mRNA vaccines against coronaviruses with the goal of developing vaccines that confer a more durable immune response than current vaccines. The company expects to nominate a development candidate and initiate toxicology studies in 2H 2023.

 

   

In August 2022, GreenLight and Samsung Biologics, a leading global contract development and manufacturing service provider, completed the first engineering run of their mRNA production partnership, which supports commercial-scale manufacturing of GreenLight’s mRNA COVID-19 vaccine candidate as well as future vaccine candidates. GreenLight’s mRNA synthesis reaction had a titer of 12g/L at a commercial scale and


  produced 650g of mRNA. All comparability data was in line with expected outcomes, indicating successful scale up and fit of GreenLight’s process to Samsung Biologics’ Songdo facility. The collaboration with Samsung leverages GreenLight’s existing manufacturing process, with technology transfer from GreenLight to Samsung having occurred in seven months, and accelerates GreenLight’s COVID-19 vaccine candidate at commercial scale.

 

   

Our COVID-19 vaccine candidate, GLB-CoV-2-043, which is based on the original “Wuhan” strain of the COVID-19 virus has successfully completed preclinical testing and we are pursuing approval to begin clinical trials. In April of 2022, we applied for a Clinical Trials Application, or CTA, with the South African Health Products Regulatory Authority, or SAHPRA for a phase I/II single-vaccination booster study. That application was rejected with the recommendation that the resubmission include more detail on the specific benefits our testing efforts and a resulting vaccine will bring to South Africa considering the ready availability of other COVID-19 vaccines in that country. We plan on amending and resubmitting our CTA with that data in August and are also reviewing other countries in which to begin clinical trials and whether to do so in combination with a US-based Investigational New Drug, or IND, application with the FDA.

 

   

Assuming regulatory clearance by October, the company continues to plan for initial data from this program in 2023. Following clinical proof-of-concept, GreenLight would seek a development partner to advance this program into pivotal studies.

Additional programs: GreenLight is applying its mRNA platform technology to develop additional vaccine candidates that confer protection against prevalent infectious diseases and gene therapies for simple delivery of RNA-encoded instructions that carry out genomic edits in stem cells. Programs are focused on diseases prevalent in underserved and emerging markets, particularly in lower- and middle-income countries, and are currently in research and early preclinical stages of development.

 

   

In March 2022, GreenLight and Serum Institute, the world’s largest vaccine manufacturer by number of doses produced and sold, announced a multi-target licensing agreement aimed at accelerating accessibility to mRNA products in emerging markets globally. The agreement grants Serum Institute rights to develop, manufacture, and commercialize a low-cost, easily stored mRNA vaccine for shingles, and an option to pursue two additional vaccine or therapeutic targets, in Africa, Latin America, the Middle East, and Asia, excluding China, Japan, and South Korea. In exchange, GreenLight is responsible for the discovery and design of vaccine candidates and received an upfront payment as well as eligibility for potential downstream development milestones and royalties on any commercial sales deriving from this agreement, while retaining rights in other regions. The companies expect to nominate a development candidate for shingles in 1H 2023.

 

   

GreenLight is pausing its gene therapy program, in development for sickle cell anemia, due to prioritization of its advanced-stage portfolio amid budget considerations. Research for this program was initially conducted with support from the Bill & Melinda Gates Foundation.


Corporate Updates:

 

   

Today, the company announced approximately $109 million in private placement fundraise led by S2G Ventures with strong participation from existing and new investors, with cash expected to fund critical programs through the first half of 2023. Investors also include BNP Paribas Ecosystem Restoration Fund, Continental Grain Company, Cormorant Asset Management, the Cummings Foundation, Fall Line Capital, the FTX Foundation, Insud Pharma, Morningside Venture Investments, Rivas Capital, Sigmas Group, SymBiosis and certain directors and executive officers of GreenLight.

 

   

In March 2022, Barney Graham, MD, PhD., joined GreenLight’s Human Health Scientific Advisory Board. Dr. Graham was the former deputy director of the NIAID Vaccine Research Center, with an extensive background in basic and translational research applied to vaccine development. He is best known for his research on respiratory syncytial virus (RSV), influenza, coronaviruses, HIV, and other emerging viral diseases.

Second Quarter 2022 Financial Results

 

   

Cash Position: Cash, cash equivalents, and marketable securities were $44.1 million as of June 30, 2022, compared to $31.4 million as of December 31, 2021. The increase was primarily driven by proceeds received from the close of the business combination and concurrent PIPE financing. This increase was offset in part by cash used to fund operations of approximately $72.2 million.

 

   

Collaboration Revenue: Collaboration revenue increased to $1.7 million during the second quarter of 2022, compared to $0 during the second quarter of 2021. This revenue was primarily related to the delivery of research services, which includes manufacturing technology transfer services, in connection with the March 2022 collaboration agreement with Serum Institute.

 

   

R&D Expenses: Research and development expenses increased by $22.1 million to $44.2 million during the second quarter of 2022, compared to $22.0 million during the second quarter of 2021. This increase was primarily related to increased program costs related to pre-clinical trial activities and personnel expenses, as well as facilities costs such as rent and depreciation expenses. Included in the R&D expense in Q2 2022 was approximately $15.0 million in costs related to materials purchased and fees for the manufacturing scale up at Samsung Biologics.

 

   

G&A Expenses: General and administrative expenses increased by $4.7 million to $9.6 million during the second quarter of 2022, compared to $4.9 million during the second quarter of 2021. This increase was primarily related to an increased level of support required for the growth of the company’s programs and pipelines and public company requirements.

 

   

Net Loss: The company’s net loss was $51.9 million for the second quarter of 2022, compared to $27.2 million during the second quarter of 2021.

Financial Guidance:

The company expects its cash and equivalents of $44.1 million as of June 30, 2022, taken together with $108.4 million in proceeds from the PIPE financing announced today, will be sufficient to fund planned operating expenses and capital expenditures, through the first half of 2023. The company will continue to evaluate a range of opportunities to extend cash runway, including management of program spending, platform licensing collaborations, and potential financing activities.


About GreenLight:

Founded in 2008, GreenLight aims to address some of the world’s biggest problems by delivering on the full potential of RNA for human health and agriculture. In human health, this includes messenger RNA vaccines and therapeutics. In agriculture, this includes RNA to protect honeybees and a range of crops. The company’s breakthrough cell-free RNA platform, which is protected by numerous patents, allows for cost-effective production of RNA. GreenLight’s human health product candidates are in the pre-clinical stage, and its product candidates for the agriculture market are in the early stages of development or regulatory review. GreenLight is a public benefit corporation that trades under the ticker GRNA on Nasdaq. For more information, including our latest investor presentation and other materials, please visit https://www.greenlightbiosciences.com/.

Forward-Looking Statements:

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to GreenLight’s future finances, operations, or scientific developments. These forward-looking statements generally are identified by the words “aim to”, “believe,” “project,” “target”, “potential”, “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including failure to receive regulatory approval, the evolution of the Covid-19 pandemic and therapies to address that pandemic, our ability to raise and productively deploy capital and the rate at which we can successfully bring products to market. The important factors that could cause actual operating results to differ significantly from those expressed or implied by such forward-looking statements include, but are not limited to, risks and uncertainties detailed from time to time in the Company’s reports that it files with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2021, filed on March 31, 2022 with the SEC, as well as its Quarterly Reports on Form 10-Q and periodic filings on Form 8-K. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. For additional information on GreenLight and potential risks associated with investing, please see our public filings at

https://www.sec.gov/edgar/browse/?CIK=1822691&owner=exclude.


     THREE MONTHS ENDED
JUNE 30,
    SIX MONTHS ENDED
JUNE 30,
 
Condensed Consolidated Statements of Operations (unaudited)    2022     2021     2022     2021  

REVENUE:

        

License and collaboration revenue

   $ 1,748     $ —       $ 1,748     $ —    

Grant revenue

     20       493       277       818  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     1,768       493       2,025       818  

OPERATING EXPENSES:

        

Research and development

     44,151       22,009       71,432       39,420  

General and administrative

     9,577       4,933       19,332       8,831  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     53,728       26,942       90,764       48,251  
  

 

 

   

 

 

   

 

 

   

 

 

 

LOSS FROM OPERATIONS

     (51,960     (26,449     (88,739     (47,433

OTHER INCOME (EXPENSE)

        

Interest income

     57       5       61       16  

Interest and other expense

     (1,338     (529     (2,411     (840

Change in fair value of warrant liabilities

     1,315       (201     956       (200
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expense), net

     34       (725     (1,394     (1,024
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to common stockholders

   $ (51,926   $ (27,174   $ (90,133   $ (48,457
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per share available to common stockholders—basic and diluted

   $ (0.42   $ (0.28   $ (0.76   $ (0.50
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average common stock outstanding—basic and diluted

     123,249,757       96,327,956       118,430,851       96,314,179  
  

 

 

   

 

 

   

 

 

   

 

 

 


Condensed Consolidated Balance Sheets (unaudited)    JUNE 30,
2022
     DECEMBER 31,
2021
 

Cash and cash equivalents

   $ 44,132      $ 31,446  

Accounts receivable

     10,000        —    

Prepaid expenses

     9,870        2,331  

Restricted cash

     1,321        362  

Property and equipment, net

     32,085        23,399  

Deferred offering costs

     —          4,099  

Other assets

     1,402        1,420  
  

 

 

    

 

 

 

TOTAL ASSETS

   $ 98,810      $ 63,058  
  

 

 

    

 

 

 

Accounts payable

   $ 4,155      $ 7,551  

Accrued expenses

     30,427        14,624  

Convertible debt

     —          31,691  

Long-term debt, current portion

     11,402        7,234  

Deferred revenue, current portion

     8,939        963  

Other current liabilities

     294        278  

Warrant liabilities

     470        2,105  

Long-term debt, net of current portion

     20,156        27,152  

Other liabilities

     9,242        1,435  
  

 

 

    

 

 

 

TOTAL LIABILITIES

     85,085        93,033  
  

 

 

    

 

 

 

TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)

     13,725        (29,975
  

 

 

    

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

   $ 98,810      $ 63,058  
  

 

 

    

 

 

 

Media contact:

David Pesci

Head of Media Relations

GreenLight Biosciences

dpesci@greenlightbio.com

press@greenlightbio.com

Investor contact:

investors@greenlightbio.com

https://investors.greenlightbio.com/


One tool for One Health: Healthy people and planet through RNA innovation August 2022


Forward-Looking Statements This presentation contains and our officers, directors and employees may make “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, with respect to GreenLight’s future operations, scientific developments or financial results. These forward-looking statements generally are identified by the words “aim to”, “believe,” “project,” target , potential , “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Many factors could cause actual future events to differ materially from the forward-looking statements in this presentation, including the evolution of the Covid-19 pandemic, the acceptance of RNA-based technologies by regulators and the public, our ability to raise and productively deploy capital and the rate and which we can successfully bring products to market. Readers are cautioned not to put undue reliance on forward-looking statements. GreenLight assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. For additional information on GreenLight and potential risks associated with investing, please see our public filings at https://www.sec.gov/edgar/browse/?CIK=1822691&owner=exclude. This presentation contains references to other entities which are not intended to imply any endorsement or sponsorship of the Company by those entities. © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 2


GreenLight at a glance Platform Agriculture Human Health Manufacturing technology Diversified RNA-based Preparing for Covid-19 that enables the cost of pipeline with 7 agricultural vaccine Phase 1 clinical RNA active ingredient for product launches planned trial in Africa agriculture at a commercial- between 2022 and 2026 scale plant to be less than $1/gram Manufacturing plant can Expected 2022 EPA Samsung Biologics will produce 500 kg of RNA approval for foliar-applied manufacture our for agricultural uses per RNA pesticide, protecting messenger RNA Covid-19 1 year against Colorado potato vaccine candidate at a beetle 50-liter scale TM Source: 1. 500 kg is sufficient to treat more than 50,000 hectares of potato fields at our current field trial dosage of 9.9 g/hectare of Calantha . © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 3


Mission To solve some of the world’s largest and most difficult problems. • Food Security • Global Health Strategy • Climate Change We aim to address these problems, profitably, sustainably, and equitably by delivering on the full potential of RNA. • Control pests using double-stranded RNA • Replace chemical products with RNA solutions designed to have no off-target effects • Develop messenger RNA vaccines and therapeutics to promote global health • Own proprietary manufacturing © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 4


Our largest challenges are inextricably linked GreenLight offers global, targeted, environmentally-sound solutions on Threats to food security Pandemics and global health Population growth and climate change © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 5


Food security and climate change We need new modes of action to efficiently control pests while respecting the environment The problem Existing challenges The dsRNA advantage Resistance • New mode of action that contributing to Many traditional pesticides are losing seeks to increase food 1.2 effectiveness productivity while respecting 2.2 billion tons the environment Gtons of of food is lost on 1 Greenhouse Residues farms 1 Plant protectants have had negative gasses 3 impacts on biodiversity • Targeted and biodegradable Up to more than Regulatory 40% 800 Environmental risk assessments are million people of food loss 4 1 increasing in cost and complexity could be fed is due to plant pathogens (30%) 2 and pests (10%) Sources: 1. World Wildlife Fund UK, 2021. Driven to Waste; 2. Savary et al., 2019. The global burden of pathogens and pests on major food crops. Nat Ecol Evol; 3. Brühl CA & Zaller JG, 2019. Biodiversity Decline as a Consequence of an Inappropriate Environmental Risk Assessment of Pesticides; 4. Phillips-McDougal, 2016. Evolution of the Crop Protection Industry since 1960. © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 6


Global health and climate change We need better tools to improve global health outcomes as we deal with resource insecurity in the face of climate change The problem Existing challenges The mRNA advantage Longer lead times for preclinical • Rapid lead identification and Pandemics are iteration, testing, and scale-up prior to iteration happening 3x 3 clinical trials more often increase infectious disease outbreaks 1 Large manufacturing footprints, making (1980 to 2010) • Smaller footprint, lower it difficult to produce sufficient dosages for capital costs, higher LMICs in a cost-effective manner productivity per volume Limited access In low- and lower- compared to other to vaccinations middle-income technology platforms Costly mRNA vaccine manufacturing and therapeutics countries, more than platforms – Pfizer is currently charging innovation in 4 $19.50 per dose of Covid vaccine LMICs 1.8B remain unvaccinated 2 against Covid Sources: 1. Smith et al., 2014. Global rise in human infectious disease outbreaks; 2. Our World in Data, July 2022; 3. Adalja et al., 2019. Vaccine Platforms: State of the Field and Looming Challenges, Johns Hopkins. 4. Sagonowsky, 2021. Fierce Pharma. © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 7


Paradigm-shifting companies own their manufacturing IP Success, historically, builds on invention, control, and acceleration of both manufacturing and product development Protein/Peptide DNA RNA dsRNA and AAV delivery vectors & Humanization of mRNA proprietary proprietary payloads antibodies solutions (acquired from various (acquired from Nanofabrication Interchangeable Technical innovation biotech firms) Immunex) components Large-scale integrated Manufacturing Moving Standardized Scaled-up Automated metrology assembly line CHO platform TTT process innovation manufacturing, cell free bioprocessing Year founded 1903 1968 1980 1996 2008 Market $45.3B $151.2B $125.4B $188.4B 1 capitalization Sources: 1. Market capitalization as of June 17, 2022 © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 8


Next RNA solutions supported by three decades of technology development Advancements in RNA discovery point to key role in the future of human health and food production Applied RNA shown to affect insects dsRNA demonstrated effective Acquired for RNA in nematodes expertise and platform • GreenLight’s novel RNA Demonstration of foliar dsRNA platform can address dsRNA shown targeting plant viruses agriculture and human health to impact fungal dsRNA approved for protection growth • The ability to quickly develop against papaya ringspot virus and scale RNA-based technologies that we believe will reduce environmental impacts 1990 2000 2010 2020 • GreenLight’s manufacturing capabilities will be able to produce RNA-based mRNA injection in First siRNA drug medicines cost-effectively mice produces approval and at scale protein First antisense RNA drug • Platform has the potential to Onpattro sales approved help meet the needs of First RNA drug First clinical trial reached $475M underserved communities aptamer approved use of mRNA in 2021 with low-cost and effective for infectious mRNA vaccine approved for RNA-based medicines disease emergency use (combined sales of $54B as of 2021) Sources: Kim, Y. 2022. RNA Therapy: Rich history, various applications, and unlimited future prospects. Experimental and Molecular Medicine; Fletcher. SJ et al. 2020. A perspective on RNAi-Based Biopesticides. Front. Plant Sci.; Dalakouras, A. et al. 2020. Genetically Modified Organism-Free RNA Interference: Exogenous Application of RNA molecules in Plants. Plant Physiology © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 9


Pipeline spanning plant, animal, and human health Projected product launches and multiple clinical milestones through 2026 Planned commercial Discovery Greenhouse Confirmatory Development Plant Health Program POC field trials launch * & lab studies trials trials & Regulatory Colorado Potato Beetle 2022 Varroa Mite 2024 2025 Botrytis Powdery Mildew 2025 Diamondback Moth 2026 2026 Fusarium 2026 Two Spotted Spider Mite * Year denotes earliest possible regulatory approval, with sales taking place ahead of the following growing season Human Early Preclinical - Regulatory Program Next Milestone Phase 3 Phase 1 Phase 2 Health Preclinical Tox submission COVID-19 Phase I Candidate Vaccines Seasonal influenza selection Candidate Shingles selection Proof of concept Gene therapy Sickle Cell Disease in mice © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 10


Platform to support RNA design, development, and manufacturing Proprietary plant health process creates advantages of skill and experience; human health uses separate manufacturing process Regulatory Approval dsRNA Regulatory trials Commercialization design optimization via greenhouse testing Agriculture: Manufacturing platform for plant and Bioinformatics Lead selection; animal health products at large scale for agriculture field trials High throughput synthesis Manufacturing of R&D materials Candidate Molecule design selection; Human Health: cGMP manufacturing platform for human health mRNA toxicology for vaccines and therapeutics at large scale design optimization via preclinical testing Clinical trials Commercialization Regulatory Approval © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 11


GreenLight’s platform adaptability and scalability validated at Samsung Technology transfer and scale-up from lab bench to commercial facility were completed in 7 months • Commercial-scale Engineering Run 1 (ER1) successfully completed at • Our mRNA synthesis reaction had Samsung Biologics a titer of 12g/L at a commercial scale and produced 650g of mRNA • ER2 to start in August, to • ER1 demonstrated production—in a single facility—of Drug Substance implement improvements indicated and LNP formulation to produce bulk Drug Product by first run and to demonstrate repeatability at scale • Tech transfer and scale-up from lab bench to commercial CMO • Our clinical-scale process shown to completed in 7 months, demonstrating adaptability and scalability of be readily transferable and GreenLight process adaptable to large-scale equipment and CMO facilities • To date, all data conforms with expected outcomes, indicating successful scale up and fit of GreenLight process to Samsung facility, leveraging existing equipment and infrastructure with no customization required © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 12


GreenLight speed Operational expertise produced clinical material 18 months after initiation of work • 2Q2020: GLB leverages knowledge of agricultural dsRNA production; begins SAHPRA CTA filed with SAHPRA development of an mRNA Clinical Trial Committee process for human use consultation South Africa Ethics • In less than 12 months, GLB Committee approval for has bench scale mRNA clinical trial Start of mRNA COVID-19 Tox studies completed production process in hand clinical process mRNA/ LNP for candidate vaccine SAHPRA discussion development candidate • GLB licenses Acquitas’ LNP pending after initial selected for formulation technology Targeted ramp Initiate process application development up of pharma scale up to 50L recommendation for • GLB produces tox material expertise rejection (June) and initiates study in July 2021 • GLB moves people and Jan 2022 Apr 2020 Apr 2021 Jul 2021 Oct 2021 Apr 2022 Jul 2022 equipment into leased GMP Batch cleanrooms and produces NIH CRADA Disposition Phase I Formulated Bulk collaboration on Development GMP Drug Product and release Covid-19 vaccine Drug Product (encapsulated stability study filled (BSM) for clinical development for mRNA) in less than three start for Drug use new variants Product months (December) GMP Production of DS/FB GMP Drug Product packed • Fill/Finish (January) and (3L scale); stability started (Sharp); stability started label/pack (April) at CMOs • 2Q2022: Batch dispositioned Cleanroom readiness (Azzur) and released for distribution and engineering run to clinics (June) © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 13


Exceptional team with diverse public company expertise Our management team has a proven track record of success 15 Companies founded 8 Companies taken public Carole Cobb, MBA Amin Khan, Ph.D. Mark Singleton, Ph.D. Andrey J. Zarur, Ph.D. Susan Keefe, MBA CEO Chief Scientific Officer, CCO & GM, CFO COO Human Health Plant Health 100+ Years of public company experience Drew Cunningham, Ph.D. Charu Manocha, MBA Marta Ortega-Valle, MBA Thomas Crampton David Kennedy CBO, SVP & Head General Counsel CTO CPO Human Health Corporate Affairs © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 14


Plant and animal health © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 15


Farmers are losing crop-protection tools faster than they are being replaced EU re-registration process led to removal of the majority of existing actives; innovation has declined by 70% since the 1990s Tightening EU regulation (1991) resulted in 59% of crop- Number of new active ingredients introduced per decade: protection products being removed from the market and 1 1950s to present day 1 continues to limit new product registration 600 140 120 500 100 400 70% decrease 80 300 60 200 40 100 20 0 0 As of 1991 Post-1991 1950s 1960s 1970s 1980s 1990s 2000s 2010s Approved Pending Rejected Herbicides Insecticides Fungicides Others Source: 1. Philips-McDougall, 2018. Evolution of the crop protection industry since 1960. © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 16


Comparing our innovation to agricultural incumbents GreenLight’s design and development platform has enabled the creation of actives against a range of diverse crop targets new active actives actives 2 4 launches by 2026 to launch by 2024 7 6 4 expected by 2026 R&D Budgets 1 3 4 $90M $1.4B $2B Sources: 1. Reflects total R&D spend across GreenLight, including Human Health, Agriculture and platform, for the year ended December 31, 2021. 2. AgriBusiness Global. 2020. Syngenta Pipeline: Developing Innovative Products That Answer Farmer Challenges; 3. https://www.syngenta-us.com/thrive/research/step-changes.html; 4. 2021 Bayer Annual Report © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 17


RNA performs well compared to agricultural alternatives 1 RNA solutions can be faster and cheaper to develop and deploy, easier to use, with greater consumer acceptability Years required to develop and commercialize Development cost 1 2 RNA - GreenLight $25m–$30m 5–8 3 Tr Tra adi dittiio ona nal lch che em m ica icla p l e pe sts ici tid ce ide s s 11.3 $286m+ 4 Traited seeds (GMO) 16.5 $115m+ 0 5 10 15 Years Source: 1,2. Based on GreenLight's internal calculations 3. OECD Environment, Health and Safety Publications Series on Pesticides No. 104, 2020. ; 4. Philips-McDougall, 2018. Evolution of the crop protection industry since 1960. © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential . 18


GreenLight is targeting some of food security’s greatest challenges Our global product portfolio can address key food and agriculture industry concerns By 2050 By 2026 34% 7 Botrytis (2025) Pollinator (~2024) Fusarium (2026) Most fruit and vegetables Beehives Wheat increase in population Product launches expected 70% Two-spotted increase in food spider mite (2026) Powdery mildew 1 production needed Most fruit and (2025) vegetables Grapes Colorado potato beetle (2022) $6B Potatoes Diamondback 2026E Addressable moth (2026) markets Cabbage Year denotes earliest possible regulatory approval, with sales taking place ahead of the following growing season Sources: Food and Agriculture Organization of the United Nations, 2009. © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 19


Case study: GreenLight is working to help farmers Protect potatoes RNA solution using foliar application; expected EPA approval this year; sales taking place ahead of the following growing season 1 The problem: Colorado potato beetle causes hundreds of millions of damage a year and develops rapid resistance. The solution: TM Calantha Potato fields protected in 2020 field trials • On track to be cost competitive to other 9.9 g of GreenLight premium solutions Untreated, 30 days RNA per hectare • Compatible with farmers’ standard operating procedures • Low risk for operators and consumers • Low to no detectable residue CPB has a long history of resistance development and has documented insensitivity to 54 different active ingredients in nearly all existing insecticide 2,3 MoA groups. Sources: 1. Science Daily, 2020; 2. Alyokhin, A et al. 2008a. Colorado potato beetle resistance to insecticides. Am. J. Potato Res; 3. Whalon M. 2013. Arthropod pesticide resistance database © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 20


Case study: GreenLight is working to help beekeepers Protect honeybees Proprietary solution testing in field trials; EPA submission planned this year The problem: Honeybee colonies in the United States alone contribute to pollinating more than 100 crops annually worth an 1 estimated $18 billion . But these colonies have been significantly threatened and diminished in the last decade or so by the Varroa destructor mite, which beekeepers worldwide say is the number one threat and can decimate whole colonies rapidly. The solution: 40% fewer Varroa mites in field trials at 12 weeks in hives with GS15, compared with leading chemical control product Targeting Varroa mites • GreenLight acquired Bayer’s topical RNA intellectual property portfolio, which includes bee-health assets • We combined that with our technology to develop an RNA-based treatment to combat the parasitic mites • First field trials took place 4 months after after acquisition. We plan to launch it in 2024 Source: 1. United States Department of Agriculture, 2021. © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 21


Case study: GreenLight is working to help farmers Reduce crop loss caused by fungal pathogens 1 2 The problem: Fungal pathogens account for 30% of crop losses globally –enough to feed 600 million people . Botrytis cinerea The solution: • Causes disease in more than Current strategies involve frequent spraying of these crops with 500 species of plants grown traditional chemical-based pesticides, leaving significant residues. 3 worldwide GreenLight is developing an RNA anti-fungal solution that has • It can result in up to 30% yield undergone initial field trials in the U.S. and Europe. loss in fresh fruits and Our testing shows a reduction in disease severity compared to untreated 4 vegetables plants. We anticipate this product will be available in-season earliest • Attacks food both in the field 2026. as well as after harvest Untreated check RNA solution • Victims of botrytis include soft fruit such as strawberries and grapes, as well as onions, tomatoes, sweet potatoes, and other food crops Sources: 1. Savary et al., 2019. The global burden of pathogens and pests on major food crops. Nat Ecol Evol; 2. Davies et. al., 2021. Evolving challenges and strategies for fungal control in the food supply chain, Fungal Biology Reviews; 3. Li Hua et. al., 2018. Pathogenic mechanisms and control strategies of Botrytis cinerea causing post-harvest decay in fruits and vegetables, Food Quality and Safety; 4. Dalphy O.C. Harteveld, Tobin L. Peever, Department of Plant Pathology, Washington State University © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 22


Case study: GreenLight is working to help farmers Manage plant diseases caused by Fusarium The problem: Fusarium cause crop loss and food waste globally, damaging grain and secreting mycotoxins harmful to 1 humans and animals, resulting in losses of $5.6 billion . In severe disease years, Fusarium head blight can cause an 2 estimated $1 billion in damages in the US alone. Greenhouse results compared to untreated controls The solution: Wa Wat te er r c co on nt tr ro oll Stackable dsRNA solutions for Gr Gre ee en nL Lig igh ht t ds dsR RN NA A controlling Fusarium 2.1 median 4.1 median • GreenLight leads aim to control mycotoxin production and reduce Fusarium growth 84% reduction on the • Lead sequences suppress Fusarium visual scoring scale for disease head blight disease severity in wheat, severity reducing visual disease scale ratings from a median of 4.1 to a median of 2.1 • Under greenhouse conditions, GreenLight’s dsRNA gives an average of 0 1 2 3 4 5 0 1 2 3 4 5 84% reduction in disease severity Source: 1. Wang, H. et al. 2020. Horizontal gene transfer of Fhb7 from fungus underlies Fusarium head blight resistance in wheat. 2. Powell AJ, Vujanovic V., 2021. Evolution of Fusarium Head Blight Management in Wheat. Applied Sciences. 23 © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential .


Rapid discovery helps address emerging climate-driven farmer pain points Pipeline stretches from protecting honeybees to fresh produce and large-scale crops, a $10bn addressable market Phase 1a Phase 1b Phase 2 Phases 3 & 4 TAM Program Launch year * Discovery & lab Regulatory ($M) Greenhouse trials Confirmatory trials POC field trials studies submission 2022 $350 Colorado Potato Beetle 2024 $290 Varroa Mite 2025 $1200 Botrytis 2025 $1400 Powdery Mildew 2026 $890 Diamondback Moth 2026 $950 Fusarium 2026 $1100 Two Spotted Spider Mite 2027 $1900 Fall armyworm 2028 $185 Pollen beetle * Year denotes earliest possible regulatory approval, with sales taking place ahead of the following growing season $8bn Total A selection of additional targets in the early discovery and lab study phase include: Asian soybean rust Black sigatoka Rice Blast Vine downy mildew Soybeans Bananas Rice Grapes 24 © 2022 GreenLight Biosciences. All rights reserved GreenLight non-confidential


Human health © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 25


GreenLight is targeting global human health challenges mRNA design flexibility coupled with our production capability can enable rapid development of vaccines and therapies $36B 1 3 pre-Covid vaccine Gene therapy Vaccine market + gene (*) Gene program programs therapy market Therapy (SCD) GreenLight Human Health pipeline Funder progression Shingles • Partnership with Serum institute of India for shingles vaccine • Partnership with Samsung Biologics for Covid mRNA manufacturing Clinical trial Influenza • Commercial mRNA manufacturing engineering runs scheduled in 2022 Dates denote anticipated clinical development start date (*) Sources: World Health Organization and MI4A, Global Vaccine Market Report, (2020); Grandview Research: “Gene Therapy Market Size, Share & Trends Analysis Report, 2021 – 2028” © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 26


Case study: Covid vaccines for the rest of the world The world needs more timely and accessible vaccines and therapeutics We believe our designs allow GreenLight’s Covid-19 vaccine candidate has strong preclinical performance for a production capacity of Comparable preclinical performance to other mRNA vaccines Company Mouse Neutralizing Ab Titer CD4 Response CD8 Response 250-500 million • Th1-bias doses per year per line • 1.5 – 3.5% of CD4 T cells 5 – 12.5% of CD8 T cells ∼ 130,000 at 5µg dose producing cytokines responding to restimulation Assay : Clinical Isolate by flow cytometry • Very little Th2 cytokines Basic manufacturing space by ELISA • Th1-bias • Used ELISpot, not easily Used a different flow ∼ 300 at 5µg dose compared to flow cytometry assay, difficult to 1 Assay : Pseudovirus cytometry compare results • Very little Th2 cytokines by ELISA • Th1-bias 0.5 – 1.25% of CD8 T cells ∼ 5,000 at 1µg dose • 0.1 – 0.2% of CD4 T cells responding to restimulation 2 Assay : Pseudovirus producing cytokines by flow cytometry • No ELISA data Modular GMP manufacturing units can be set up within existing facilities and are designed for quick setup and production to Sources: 1. Annette B. Vogel, et al., 2021. Nature volume 592, pg 283–289; 2. DiPiazza et al., 2021, Immunity 54, 1869–1882. enable scaling globally © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 27


Case study: 1 Shingles vaccine, a global addressable market to reach $6.35B by 2028 GreenLight is designing a messenger RNA vaccine for shingles for Serum Institute of India The problem: The solution: The world’s largest vaccine manufacturer, Serum Institute of India, chose GreenLight as its partner for Serum’s first mRNA vaccine, targeting shingles. 95% of individuals globally older than 50 years of age GreenLight will: have prior exposure to the virus that causes 2 shingles • work to discover and design a messenger RNA-based vaccine candidate • transfer its existing clinical-scale manufacturing process to Serum Institute’s facility in India 50% is the lifetime risk of developing shingles for Serum will take on: individuals who live to 85 years old without • clinical development and manufacturing 2 vaccination • commercialization in emerging markets, including Africa, Latin America, the Middle East, and much of Asia Source: 1. Businesswire, 2022; 2. Pan CX et. al., 2022. Global herpes zoster incidence, burden of disease, and vaccine availability: a narrative review © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 28


Case study: Genetic disorders GreenLight is building the tools to enable mRNA-mediated gene therapy The problem: LMICs are excluded from gene-therapy innovation development The solution: GreenLight gene-therapy Of 179 recruiting or near-recruiting clinical trials for gene architecture is working to target therapies, only: solutions that: • 2 trials were open in Africa • 3 in South America • Enable modification of nondividing 1 • 1 in South-East Asia cells • Do not require viral vectors • Are delivered direct to the patient • Can be manufactured at scale at or near site of use Approved gene-therapy treatments cost between $373K to $2.1M USD, making 2 them inaccessible to LMICs Africa South America South-East Asia Sources: 1. Cornetta, K. et al., 2018. Mol Ther; 2. Adair, J. E.., et al., 2021. Gene Ther. © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 29


Target cell Case study: Gene therapy for sickle cell disease GreenLight is building tools to enable mRNA-mediated gene therapy The problem: The solution: Two classes of RNA molecules with distinct purposes Potential mechanism for our gene therapy architecture Sickle cell disease has no GreenLight gene-therapy cure and is prevalent in architecture targets potential RNA-encoded instructions people of African and Middle solutions that: Target specific vehicle Eastern descent. Current • Can edit dividing and treatment regimens are nondividing cells Target costly, invasive, and • Do not require viral vectors impractical for treating large Long lived expression segments of affected patient of integrated gene • Achieves long-lasting effect 2. DNA creation populations, especially in low- RT • Are delivered direct to the patient Cell income countries. p51 Nucleus RT • Can be manufactured at scale p66 Genome destined DNA 1. Tool creation RT 3. Insertion p51 IN RT p66 Sources: G. J. Kato., Nature Reviews Disease Primers (2018) IN Ribosome © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 30


An expanding Human Health pipeline Our design and manufacturing capabilities enable development of vaccines and therapies Clinical Development Early Application Program Collaborator Pre-clinical Toxicity Phase 1 | Phase 2 | Phase 3 pre-clinical SARS-CoV-2 Vaccine (Covid-19) Seasonal Academic Vaccine influenza Partner Vaccine Shingles Serum Institute of India Antibody Antibody Academic Partner therapy (Undisclosed) Sickle Cell Gene therapy Disease (Funder) © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 31


World-leading partnerships We work together from the beginning of the R&D process to serve the medical needs of LMICs and address local needs • Serum Institute of India has engaged us to design three messenger RNA products, including a vaccine Funder for shingles, with an option for two additional vaccine or therapeutic targets aimed at accelerating accessibility in emerging markets. • Samsung Biologics will manufacture our messenger RNA Covid-19 vaccine candidate at a commercial scale. Hart Honey Farms • IAVI, a nonprofit scientific research organization, will partner with GreenLight to enter into a COVID-19 Phase 1 clinical trial in sub-Saharan Africa. • Bill & Melinda Gates Foundation milestone to develop a gene therapy for treatment of sickle cell anemia was achieved in 2021 and we are moving to the next phase of gene-therapy research. © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 32


Greenlight Biosciences: healthy people and planet through RNA innovation Raising to provide capital to execute on upcoming value-creation milestones Plant Health Human Health • Calantha™ registration with EPA (H2 2022) • Covid-19 Phase 1 clinical-trial data (2023) • Commercial launch of Calantha™, first foliar • Shingles candidate selected with Serum Institute dsRNA product (Q4 2022) of India (H1 2023) • Regulatory submission on varroa mite control for • NIH collaboration for next-generation Covid bees with EPA (Q4 2022) vaccine candidate selected and ready for toxicological studies (H2 2023) • Regulatory studies underway for Powdery Mildew and Botrytis (H2 2023) Additional funds will enable further milestones across plant health and human health programs. GreenLight intends to concurrently seek partnerships and nondilutive capital to enable additional milestones. 33 © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential.


Promoting environmental and global health through RNA innovation We are committed to ESG responsibilities and to measuring our impact profitably, sustainably, and equitably Platform Agriculture Human Health Manufacturing technology that enables Diversified RNA-based pipeline with 7 Preparing for Covid-19 vaccine Phase 1 the cost of RNA active ingredient for agricultural product launches planned clinical trial in South Africa agriculture at a commercial-scale plant to between 2022 and 2026 Samsung Biologics will manufacture our be less than $1/gram Expected 2022 EPA approval for foliar- messenger RNA Covid-19 vaccine Manufacturing plant can produce 500 kg applied RNA pesticide, protecting candidate at a 50-liter scale 1 of RNA for agricultural uses per year. against Colorado potato beetle As a public benefit corporation, we are structured and governed to focus on our community, employees, partners, and society generally, as well as shareholders. Underlying everything we do as a publicly traded public benefit corporation is a commitment to Environmental, Social, and GreenLight supports the United Nations’ Sustainable Development 2 Governance responsibilities. Goals (SDGs), and our work aligns to goals 2, 3, 5, 9, 12, 15, and 17. TM Sources: 1. 500 kg is sufficient to treat more than 50,000 hectares of potato fields at our current field trial dosage of 9.9 g/hectare of Calantha .; 2. SDGs, United Nations © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 34


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Risk Factors: Please see GreenLight's SEC filings at the URL on page 3 of this presentation for a complete list of risk factors. In addition, please see the risk factors below. We have incurred significant operating losses since inception. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our current or future product candidates. We expect to continue to incur significant expenses and increasing operating losses and do not expect that we will be able to fund our longer-term capital and liquidity needs through our current cash balances, operating cash flow or fundraising efforts, including this private placement, alone. As of June 30, 2022, we held approximately $44.1 million in cash and cash equivalents and had incurred operating expenses of approximately $94.8 million in the six months prior to June 30, 2022. We continue to evaluate a range of opportunities to extend cash runway, including management of program spending, platform licensing collaborations and potential financing activities and believe that operating expenses will be approximately $10 million per month beginning in the fourth quarter of 2022 and we anticipate that monthly expenses will continue at this rate for the foreseeable future in order to execute our business plan. If we fail to raise capital, including in this private placement and additional capital raising thereafter, we may have to significantly delay, scale back, or discontinue the development and commercialization of one or more of our product candidates and delay or suspend or cease operations. We anticipate that our expenses and capital requirements may increase substantially particularly if and as we: • conduct clinical trials for our human health product candidates, particularly considering the possibility that regulators will no longer grant Emergency Use Authorizations for COVID-19 vaccines or the possibility of multiple clinical trials for our COVID-19 vaccine candidate that could be required considering our first Clinical Trials Application (“CTA”) for our COVID-19 vaccine in South Africa has been denied and will at best be delayed; • expand either the acreage or duration of field trials for our plant health candidate products as a result of regulatory requests; • continue to develop additional product candidates; • maintain, expand, and protect our intellectual property portfolio; • hire additional clinical, scientific manufacturing and commercial personnel or incur restructuring costs associated with the departure of personnel or the cessation of current business activities; • expand external and/or establish internal commercial manufacturing sources and secure supply chain capacity sufficient to provide commercial quantities of any product candidates for which we may obtain regulatory approval; • acquire or in-license other product candidates and technologies; • establish a sales, marketing, and distribution infrastructure to commercialize any products for which we may obtain regulatory approval; and • add operational, financial and management information systems and personnel to support our product development, clinical execution and planned future commercialization efforts, as well as to support our operations as a public company. Financial amounts presented above are estimates, have not been audited and are subject to change before publication in GreenLight’s 10-Q for the six months ended June 30, 2022 and any such changes could be material. © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential 37


GreenLight at work SEVILLE, SPAIN ROCHESTER, NY WOBURN, MA Pilot plant for our agriculture Human health discovery, Field research station to accelerate products. Will also support initial research, clinical development transition of research and discovery MAINE commercialization of earliest compounds products once approved PORTUGAL VERMONT NEW HAMPSHIRE SPAIN MASSACHUSETTS NEW YORK RHODE ISLAND MICHIGAN MEDFORD, MA CONNECTICUT • Corporate RESEARCH TRIANGLE PENNSYLVANIA • Platform technology PARK, NC NEW JERSEY (bioinformatics, RNA OHIO MARYLAND Plant health discovery, research, DELAWARE production technology, INDIANA field development, regulatory, sample production) MARYLAND product development • CMC VIRGINIA INCHEON, SOUTH KOREA KENTUCKY Our mRNA Covid vaccine candidate will be manufactured at commercial NORTH CAROLINA TENNESSEE scale by Samsung Biologics SOUTH CAROLINA LEXINGTON, MA • State-of the-art RNA facility SOUTH GEORGIA KOREA ALABAMA • Relocating CMC team and early phase GMP clean room in summer 2022 © 2022 GreenLight Biosciences. All rights reserved. GreenLight non-confidential . 38


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