Marrone Bio Innovations Inc. announced Tuesdayit is moving its corporate headquarters to 1540 Drew Ave. in Davis, effective Dec. 8.
The Davis biotech company has been operating at 2121 Second St. Its new office and laboratory spaces take up approximately 45,000 square feet and will house all of the company’s corporate functions, as well as research and development.
The planned move was announced in September last year, shortly after MBI went public, raising millions of dollars in its initial share offering on the Nasdaq stock market. At that time, CEO Pam Marrone said the move likely would be accompanied by more jobs.
However, MBI recently has been dealing with turmoil on multiple fronts. Last month, it was put on notice by Nasdaq that it could lose its listing, based on a delay in releasing its third-quarter financial results. MBI has 60 days to submit a plan to remedy the problem.
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MBI said its financial results were delayed because of a previously announced internal investigation into the reporting of its results for the fourth quarter of 2013. The probe, announced in September, focuses on $870,000 worth of revenue, or about 15 percent of its total revenue for the quarter. The disclosure caused Marrone Bio’s stock price to sink and prompted the filing of several shareholder lawsuits. The company, which makes eco-friendly pesticides, laid off 23 percent of its employees in October to conserve cash.
MBI shares closed Tuesday at $2.38, up 15 cents, or 6.7 percent.
Call The Bee’s Mark Glover, (916) 321-1184.