Explanatory Note
This Amendment No. 1 (the “Amendment”) to the Registrant’s Current Report on Form 8-K filed on July 24, 2023 (the “Original Report”) is being filed to amend and restate the Introductory Note. The only change to such disclosure is to correct the date, which is August 23, 2023, on or prior to which a holder of Warrants must exercise such Warrant in order to be eligible to pay the reduced exercise price and receive the Black-Scholes Warrant Value as described in the Original Report. Except as described above, this Amendment does not amend, update or change any other disclosures in the Original Report. In addition, the information contained in this Amendment does not reflect events occurring after the filing of the Original Report and does not modify or update the disclosures therein, except as specifically identified above.
Introductory Note
As previously disclosed in the Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on May 30, 2023 (as amended on July 13, 2023), GreenLight Biosciences Holdings, PBC, a Delaware corporation (“GreenLight” or the “Company”), entered into an Agreement and Plan of Merger, dated as of May 29, 2023 (the “Merger Agreement”), with SW ParentCo, Inc., a Delaware corporation (“Parent”), and SW MergerCo, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which Merger Sub agreed to merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly-owned subsidiary of Parent (the “Surviving Corporation”).
Pursuant to the Merger Agreement, and upon the terms and subject to the conditions thereof, Parent agreed to cause Merger Sub to commence a tender offer (the “Offer”), to acquire all of the outstanding shares of common stock, par value $0.0001 per share, of the Company (the “Company Common Stock”), other than certain excluded shares (including the Rollover Shares (as defined below)), for $0.30 per share, net to the seller in cash, without interest thereon (the “Offer Price”), and subject to any required withholding, upon the terms and subject to the conditions of the Merger Agreement. In connection with the transactions contemplated by the Merger Agreement, Parent and certain existing stockholders of the Company (the “Rollover Stockholders”) each entered into a Contribution and Exchange Agreement (collectively, the “Contribution and Exchange Agreements”) pursuant to which the Rollover Stockholders agreed to contribute in aggregate 120,521,038 shares of Company Common Stock (the “Rollover Shares”) to Parent, in exchange for shares of Series A-2 Preferred Stock, par value $0.001 per share, of Parent.
The Offer expired at one minute after 11:59 p.m., New York City time, on July 19, 2023. Continental Stock Transfer & Trust Company, in its capacity as depositary for the Offer, advised that, as of the expiration of the Offer, a total of 18,736,159 shares of Company Common Stock were validly tendered and not validly withdrawn pursuant to the Offer, representing approximately 60.2% of the outstanding shares of Company Common Stock other than Rollover Shares. In addition, Notices of Guaranteed Delivery have been delivered for 477,399 shares of Company Common Stock, representing approximately 1.5% of the outstanding shares of Company Common Stock other than Rollover Shares. Each condition to the Offer was satisfied, and, on July 20, 2023, Merger Sub irrevocably accepted for payment all shares of Company Common Stock that were validly tendered and not withdrawn.
On July 24, 2023, following consummation of the Offer, Merger Sub merged with and into the Company, with the Company surviving the merger (the “Merger”). The Merger was completed pursuant to Section 251(h) of the General Corporation Law of the State of Delaware (the “DGCL”), with no vote of the Company’s shareholders required to consummate the Merger. At the effective time of the Merger (the “Effective Time”), each share of Company Common Stock was converted automatically into and the right to receive the Offer Price (other than shares of Company Common Stock (i) owned by the Company as treasury stock, (ii) owned by Merger Sub immediately before the Effective Time, (iii) that were irrevocably accepted by Merger Sub in the Offer, (iv) held by stockholders who have perfected their statutory rights of appraisal under Section 262 of the DGCL or (v) that are subject to the Contribution and Exchange Agreement, subject to applicable withholding). Also at the Effective Time, each share of capital stock of Merger Sub issued and outstanding immediately before the Effective Time was converted into and become one fully paid and non-assessable share of common stock, par value $0.0001 per share, of the Surviving Corporation.
At the Effective Time, each outstanding warrant to purchase shares of Company Common Stock (the “Warrants”) pursuant to the Warrant Agreement, dated January 13, 2021, by and between Environmental Impact Acquisition Corp. and Continental Stock Transfer & Trust Company (the “Warrant Agreement”), in accordance with its terms, automatically and without any required action on the part of the holder thereof, became a Warrant exercisable for the Offer Price that such holder would have received if such Warrant had been exercised immediately prior to the Effective Time. If a holder of such Warrant properly exercises such Warrant within thirty (30) days following the public disclosure of the consummation of the Merger in this Current Report on Form 8-K, the holder of such Warrant will be entitled to receive proceeds of such exercise equal to the Black-Scholes Warrant Value (as defined in the Warrant Agreement) with respect to such Warrant, which would have been equal to $0.0220 per Warrant as of the close of trading on July 21, 2023, the last trading day prior to the Effective Time and the filing of this Current Report on Form 8-K. The exercise price of such Warrant shall be reduced to an amount equal to $0.2780 per Warrant, which is equal to the difference of the Merger Consideration minus the Black-Scholes Warrant Value. In order to be eligible to pay such reduced exercise price and receive such Black-Scholes Warrant Value, the