BOSTON, Aug. 18, 2021 /PRNewswire/ -- Ginkgo Bioworks,
Inc. ("Ginkgo") (the "Company"), which recently announced a
business combination with Soaring Eagle Acquisition Corp. (Nasdaq:
SRNG) ("Soaring Eagle"), today announced a revenue and business
update for the first half of 2021.
"Ginkgo's business momentum has accelerated in 2021. We've
signed several impactful new collaborations and are proud to see
programs on our platform delivering value to customers. We've
also seen increasing interest from state governments in our
biosecurity offering as COVID variants are spreading in local
communities and threatening school reopening plans," said
Jason Kelly, co-founder and Chief
Executive Officer. "We are proud to be a part of the solution and
are updating our outlook for the balance of the year to reflect
these events. Investing in biosecurity today strengthens our
foundation as we endeavor to make biology easier to engineer."
Recent Business Highlights
- Launched several new collaborations with new customers
including Biogen, Corteva, Aldevron, and other leading customers
across diverse industries.
- Enhanced awareness and credibility from successful partnerships
driving increased sales momentum, leading to an improved outlook
for new programs launched by the end of 2021.
- Celebrated multiple program and customer successes including
Aldevron announcing over 10x improvement in its Vaccinia Capping
Enzyme (VCE) production process, Cronos beginning commercial
production of CBG, and Motif FoodWorks announcing the upcoming
commercial launch of new ingredients and raising $226 million in Series B funding.
- Concentric, Ginkgo's biosecurity effort, has secured new
statewide contracts in Arizona,
California, North Carolina, Pennsylvania and several other states and
large school districts, and expects to deliver biosecurity
solutions to millions of students across the country.
First Half 2021 Unaudited Revenue Highlights & Revised
2021 Full Year Outlook
- First half 2021 Total Revenue of $88
million, up from $31 million
in the comparable prior year period, an increase of 180%.
- First half 2021 Foundry Revenue of $44
million, up from $31 million
in the comparable prior year period, an increase of 41%.
- First half 2021 Biosecurity Revenue of $44 million, relative to original full year
projection of $50 million. Given
first half 2021 performance and continued development of our
testing offering, Ginkgo now expects Biosecurity Revenue to be at
least $75 million for the full
year.
- Ginkgo also provided indications that certain programs have or
are expected to contribute downstream value starting in 2021,
including potential royalties from sales of VCE by Aldevron,
appreciation of our stake in Motif, and a milestone from
Cronos.
Business Combination Update
Ginkgo also provided an update on its proposed business
combination with Soaring Eagle (the "Business Combination").
As previously announced, the Securities and Exchange Commission
(the "SEC") has declared effective the Registration Statement on
Form S-4 filed by Soaring Eagle, and Soaring Eagle has scheduled
the extraordinary general meeting of its shareholders (the "Special
Meeting") in connection with the Business Combination for
September 14, 2021. Notice of the
Special Meeting and a proxy statement/prospectus relating to the
Business Combination (the "Proxy Statement") have been mailed to
Soaring Eagle's shareholders of record as of the close of business
on August 10, 2021 (the "Record
Date"). A copy of the Proxy Statement is available at:
https://www.sec.gov/Archives/edgar/data/1830214/000119312521246097/d177007d424b3.htm.
Ginkgo and Soaring Eagle expect to close the Business
Combination shortly after the Special Meeting, following which,
Ginkgo's Class A common stock is expected to be listed on the New
York Stock Exchange under the ticker symbol "DNA". The Business
Combination is expected to provide up to $2.5 billion of gross cash proceeds, including
Soaring Eagle's $1.725 billion of
cash in trust (subject to any redemptions by Soaring Eagle
shareholders) and $775 million in
gross proceeds from a PIPE transaction priced at $10.00 per share of Class A common stock of
Soaring Eagle to be funded immediately prior to the closing of the
Business Combination.
Presentation Information
Ginkgo will host a presentation reviewing the results for the
first half of 2021 today, Wednesday, August
18, 2021, beginning at 4:30pm
ET. The presentation will include an overview of first half
2021 revenue performance, recent business updates, a discussion on
Ginkgo's business model and outlook, as well as a moderated
question and answer session. To ask a question ahead of the
presentation, please submit your questions to @Ginkgo on Twitter
(hashtag #GinkgoResults) or by sending an e-mail to
investors@ginkgobioworks.com.
The presentation can be accessed via a livestream on YouTube. A
direct link is available on Ginkgo's Investor Relations website at
www.ginkgobioworks.com/investors and a replay will be made
available following the presentation.
An audio-only dial-in will be available at the following
numbers:
Audio-Only Dial Ins:
+1 646 876 9923 (New York)
+1 301 715 8592 (Washington,
D.C.)
+1 312 626 6799 (Chicago)
+1 669 900 6833 (San Jose)
+1 253 215 8782 (Tacoma)
+1 346 248 7799 (Houston)
+1 408 638 0968 (San Jose)
Webinar ID: 922 4974 9055
For International Dial-Ins, please see our web site at
www.ginkgobioworks.com/investors
About Ginkgo Bioworks
Ginkgo is building a platform to enable customers to program
cells as easily as we can program computers. The company's platform
is enabling biotechnology applications across diverse markets, from
food and agriculture to industrial chemicals to pharmaceuticals.
Ginkgo has also actively supported a number of COVID-19 response
efforts, including K-12 pooled testing, vaccine manufacturing
optimization and therapeutics discovery. In May 2021, Ginkgo announced a business combination
with Soaring Eagle Acquisition Corp. (Nasdaq: SRNG), which, if
completed, will result in Ginkgo, through a parent entity, Ginkgo
Bioworks Holdings, Inc., becoming a public company. The transaction
is expected to close in the third quarter of 2021, subject to
regulatory and shareholder approvals, and other customary closing
conditions. For more information, visit www.ginkgobioworks.com.
ADDITIONAL LEGAL INFORMATION
Forward-Looking Statements Legend
This document contains certain forward-looking statements within
the meaning of the federal securities laws with respect to the
proposed transaction between Ginkgo and Soaring Eagle, including
statements regarding the anticipated timing of the Special Meeting
and the consummation of the Business Combination, the services
offered by Ginkgo and the markets in which it operates, and
Ginkgo's projected future results. These forward-looking statements
generally are identified by the words "believe," "project,"
"expect," "anticipate," "estimate," "intend," "strategy," "future,"
"potential," "opportunity," "plan," "may," "should," "will,"
"would," "will be," "will continue," "will likely result," and
similar expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this document, including but not limited to: (i) the
risk that the transaction may not be completed in a timely manner
or at all, which may adversely affect the price of Soaring Eagle's
securities, (ii) the risk that the transaction may not be completed
by Soaring Eagle's business combination deadline and the potential
failure to obtain an extension of the business combination deadline
if sought by Soaring Eagle, (iii) the failure to satisfy the
conditions to the consummation of the transaction, including the
adoption of the agreement and plan of merger by the shareholders of
Soaring Eagle and Ginkgo, the satisfaction of the minimum trust
account amount following redemptions by Soaring Eagle's public
shareholders and the receipt of certain governmental and regulatory
approvals, (iv) the lack of a third party valuation in determining
whether or not to pursue the proposed transaction, (v) the
occurrence of any event, change or other circumstance that could
give rise to the termination of the agreement and plan of merger,
(vi) the effect of the announcement or pendency of the transaction
on Ginkgo business relationships, performance, and business
generally, (vii) risks that the proposed transaction disrupts
current plans of Ginkgo and potential difficulties in Ginkgo
employee retention as a result of the proposed transaction, (viii)
the outcome of any legal proceedings that may be instituted against
Ginkgo or against Soaring Eagle related to the agreement and plan
of merger or the proposed transaction, (ix) the ability to maintain
the listing of Soaring Eagle's securities on Nasdaq, (x) volatility
in the price of Soaring Eagle's securities due to a variety of
factors, including changes in the competitive and highly regulated
industries in which Ginkgo plans to operate, variations in
performance across competitors, changes in laws and regulations
affecting Ginkgo's business and changes in the combined capital
structure, (xi) the ability to implement business plans, forecasts,
and other expectations after the completion of the proposed
transaction, and identify and realize additional opportunities, and
(xii) the risk of downturns in demand for products using synthetic
biology. The foregoing list of factors is not exhaustive. You
should carefully consider the foregoing factors and the other risks
and uncertainties described in the "Risk Factors'' section of the
Proxy Statement and in Soaring Eagle's other filings with the
Soaring Eagle. Soaring Eagle and Ginkgo caution that the foregoing
list of factors is not exclusive. Soaring Eagle and Ginkgo caution
readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. Neither Soaring
Eagle nor Ginkgo undertake or accept any obligation or undertaking
to release publicly any updates or revisions to any forward-looking
statements to reflect any change in its expectations or any change
in events, conditions or circumstances on which any such statement
is based.
Additional Information and Where to Find It
This document relates to a proposed transaction between Ginkgo
and Soaring Eagle. This document does not constitute an offer to
sell or exchange, or the solicitation of an offer to buy or
exchange, any securities, nor shall there be any sale of securities
in any jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. In connection with the
proposed transaction, Soaring Eagle filed a Proxy Statement on
August 13, 2021. The Proxy Statement
has been sent to all Soaring Eagle shareholders as of the Record
Date. Soaring Eagle also will file other documents regarding the
proposed transaction with the SEC. Before making any voting
decision, investors and security holders of Soaring Eagle and
Ginkgo are urged to read the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC in connection with the proposed
transaction as they become available because they will contain
important information about the proposed transaction.
Investors and security holders may obtain free copies of the
proxy statement/prospectus and all other relevant documents filed
or that will be filed with the SEC by Soaring Eagle through the
website maintained by the SEC at www.sec.gov. In addition, the
documents filed by Soaring Eagle may be obtained free of charge by
written request to Soaring Eagle at 955 Fifth Avenue, New York, NY, 10075, Attention: Eli Baker, Chief Financial Officer, (310)
209-7280.
Participants in Solicitation
Soaring Eagle's and Ginkgo and their respective directors and
officers may be deemed to be participants in the solicitation of
proxies from Soaring Eagle's stockholders in connection with the
proposed transaction. Information about Soaring Eagle's directors
and executive officers and their ownership of Soaring Eagle's
securities is set forth in Soaring Eagle's filings with the SEC. To
the extent that holdings of Soaring Eagle's securities have changed
since the amounts printed in Soaring Eagle's proxy statement, such
changes have been or will be reflected on Statements of Change in
Ownership on Form 4 filed with the SEC. Additional information
regarding the interests of those persons and other persons who may
be deemed participants in the proposed transaction may be obtained
by reading the proxy statement/prospectus regarding the proposed
transaction when it becomes available. You may obtain free copies
of these documents as described in the preceding paragraph.
MEDIA CONTACT:
press@ginkgobioworks.com
INVESTOR CONTACT:
investors@ginkgobioworks.com
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SOURCE Ginkgo Bioworks