BioTechnica International Inc. has received from State FarmInsurance Co. the fourth and final $6.25 million installment ofa four-year $25 million equity package. State Farm received771,605 shares of non-voting class A stock at $8.10 a sharefor its most recent investment. State Farm holds all of the10.8 million class A shares outstanding.
State Farm's stock will be convertible into voting commonstock on a one-for-one basis only when the conversion will notresult in State Farm owning more than 30 percent of all votingstock.
State Farm also holds 1.8 million, or 25 percent, ofBioTechnica's 7.3 million shares of common stock outstanding,as well as all of BioTechnica's series A and B convertiblesubordinated debt.
BioTechnica stock (NASDAQ:BIOT) closed at $2.38, down 13cents, on Wednesday. The Overland Park, Kan., company isdeveloping genetically engineered corn, soybean and otherseeds to provide enhanced livestock nutrition.
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