“Both companies worked tirelessly to accomplish the diligence that would lead to the execution of a Definitive Agreement; however, it has been mutually decided to cancel the letter of intent for this acquisition due to the inability to navigate the list of diligence required for this transaction to close,” Global Sciences says in a press statement.
Pure BioPlastics was established to scale up continuous countercurrent reactor (CCR) technology, where biomass is rapidly converted into pulp, lignin, and sugars to supply biobased solutions industry. CCR-derived bioplastics are produced from non-food biomass such as hemp and corn stalks, switchgrass, and wheat straw.
Financial terms of the scuttled deal were not disclosed.