UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 12)

 

 

AgroFresh Solutions, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)

00856G109

(CUSIP Number)

Amy E. Wilson

General Counsel and Corporate Secretary

Dow Inc.

2211 H.H. Dow Way

Midland, MI 48674

(989) 636-1000

(Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications)

Copies to:

Sachin Kohli, Esq.

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, NY 10153

212-310-8294

December 31, 2019

(Date of Event which Requires Filing of this Amendment No. 12)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ☐

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 

 

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (“Securities Exchange Act”) or otherwise subject to the liabilities of that section of the Securities Exchange Act but shall be subject to all other provisions of the Securities Exchange Act (however, see the Notes).

 

 

 


CUSIP No. 00856G109           

 

  1.   

Name of Reporting Person

 

Dow Inc.

  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)  ☐        (b)  ☒

 

  3.  

SEC Use Only:

 

  4.  

Source of Funds (See Instructions):

 

OO

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e):

 

  6.  

Citizenship or Place of Organization:

 

Delaware

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

 

     7.    

Sole Voting Power:

 

0 (See Item 5)

     8.    

Shared Voting Power:

 

24,001,151

     9.    

Sole Dispositive Power:

 

0 (See Item 5)

   10.    

Shared Dispositive Power:

 

24,001,151

11.   

Aggregate Amount Beneficially Owned by Each Reporting Person:

 

24,001,151

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares:

 

☐  (See Instructions)

13.  

Percent of Class Represented by Amount in Row (11):

 

44.5% (1)

14.  

Type of Reporting Person (See Instructions):

 

CO

 

(1)

The percentage set forth in row (13) is based on 50,957,878 outstanding shares of common stock, par value $0.0001 per share (“Common Stock”) of AgroFresh Solutions, Inc. (the “Issuer”) as of October 25, 2019, as disclosed in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, filed with the Securities and Exchange Commission (the “SEC”) on November 7, 2019.


CUSIP No. 00856G109           

 

  1.   

Name of Reporting Person

 

The Dow Chemical Company

  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)  ☐        (b)  ☒

 

  3.  

SEC Use Only:

 

  4.  

Source of Funds (See Instructions):

 

OO

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e):

 

  6.  

Citizenship or Place of Organization:

 

Delaware

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

 

     7.    

Sole Voting Power:

 

0 (See Item 5)

     8.   

Shared Voting Power:

 

24,001,151

     9.   

Sole Dispositive Power:

 

0 (See Item 5)

   10.    

Shared Dispositive Power:

 

24,001,151

11.   

Aggregate Amount Beneficially Owned by Each Reporting Person:

 

24,001,151

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares:

 

☐  (See Instructions)

13.  

Percent of Class Represented by Amount in Row (11):

 

44.5% (1)

14.  

Type of Reporting Person (See Instructions):

 

CO

 

(1)

The percentage set forth in row (13) is based on 50,957,878 outstanding shares of Common Stock of the Issuer as of October 25, 2019, as disclosed in the Issuer’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, filed with the SEC on November 7, 2019.


SCHEDULE 13D

This Amendment No. 12 to Schedule 13D (“Amendment No. 12”) amends and supplements the Schedule 13D, filed by The Dow Chemical Company (“TDCC”) on August 10, 2015, as amended by Amendment No. 1 to Schedule 13D (“Amendment No. 1”), filed by TDCC on May 12, 2016, and as amended by Amendment No. 2 to Schedule 13D (“Amendment No. 2”), filed by TDCC on April 12, 2017, as amended by Amendment No. 3 to Schedule 13D (“Amendment No. 3”) filed by TDCC and DowDuPont Inc. (“DowDuPont”) on September 8, 2017, as amended by Amendment No. 4 to Schedule 13D (“Amendment No. 4”) filed by TDCC and DowDuPont on May 3, 2018, as amended by Amendment No. 5 to Schedule 13D (“Amendment No. 5”) filed by TDCC and DowDuPont on July 6, 2018, as amended by Amendment No. 6 to Schedule 13D (“Amendment No. 6”) filed by TDCC and DowDuPont on September 4, 2018, as amended by Amendment No. 7 to Schedule 13D (“Amendment No. 7”) filed by TDCC and DowDuPont on September 25, 2018, as amended by Amendment No. 8 to Schedule 13D (“Amendment No. 8”) filed by TDCC and DowDuPont on October 17, 2018, as amended by Amendment No. 9 to Schedule 13D (“Amendment No. 9”) filed by TDCC and DowDuPont on November 13, 2018, as amended by Amendment No. 10 to Schedule 13D (“Amendment No. 10”) filed by TDCC and DowDuPont on January 9, 2019 and as amended by Amendment No. 11 to Schedule 13D filed by Dow Inc. (“Dow”), TDCC and DowDuPont on April 3, 2019 relating to the Common Stock of the Issuer (as so amended through Amendment No. 11, the “Schedule 13D”). Unless otherwise indicated, all capitalized terms in this Amendment No. 12 have the meanings set forth for such terms in the Schedule 13D. This Amendment No. 12 amends and supplements the Schedule 13D to include the information set forth below.

Except as specifically provided herein, this Amendment No. 12 does not modify any of the information previously reported in the Schedule 13D.

Item 2. Identity and Background

Item 2 of the Schedule 13D is hereby amended and restated in its entirety as follows:

This Schedule 13D is being filed by (i) TDCC, a Delaware corporation, with a principal business and office address of 2211 H.H. Dow Way, Midland, MI 48674, and (ii) Dow, a Delaware corporation, with a principal business and office address of 2211 H.H. Dow Way, Midland, MI 48674 (each of TDCC and Dow, a “Reporting Person” and, collectively, the “Reporting Persons”).

The name, residence or business address, present principal occupation or employment (including the name and the principal business address, if other than the applicable Reporting Person, of any corporation or other organization in which such employment is conducted) of the directors and executive officers of each Reporting Person (each, a “Scheduled Person” and, collectively, the “Scheduled Persons”) are as set forth on Appendix A attached hereto and are incorporated herein by reference. Except as set forth otherwise on Appendix A, each person identified on Appendix A is a citizen of the United States.

Dow is the parent company of TDCC. Dow combines global breadth, asset integration and scale, focused innovation and leading business positions to achieve profitable growth. Dow’s ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company. Dow’s portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure and consumer care.

During the last five years, none of the Reporting Persons, nor, to the best of their knowledge, any of the Scheduled Persons, has been (i) convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Item 5. Interest in Securities of the Issuer

Item 5(a) – (b) and Item 5(c) are hereby amended and restated in its entirety with the following:

(a) – (b) As of the date hereof, Dow and TDCC each indirectly beneficially own 21,001,151 shares of Common Stock, representing 41.21% of the Issuer’s outstanding Common Stock, and 3,000,000 warrants to purchase Common Stock, each to purchase one share of Common Stock. If Dow and TDCC were to exercise the warrants to purchase Common Stock and no other person exercised warrants to purchase Common Stock held by that person, Dow and TDCC would beneficially own


24,001,151 shares of Common Stock, representing 44.5% of the Issuer’s outstanding Common Stock. The percentages set forth in this Item 5 are based on 50,957,878 outstanding shares of Common Stock as of October 25, 2019, Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, filed with the SEC on November 7, 2019. To the best of the Reporting Persons’ knowledge, none of the Scheduled Persons beneficially own any shares of Common Stock.

Dow and TDCC each have indirect beneficial ownership of the 24,001,151 shares of Common Stock, which Common Stock is directly owned by Rohm & Haas Company, a wholly-owned subsidiary of Dow (“R&H”), and have shared power to indirectly direct the voting and disposition of the shares.

(c) During the past 60 days, none of the Reporting Persons have acquired beneficial ownership of any shares of Common Stock.

Except as described in this Amendment No. 12, none of the Reporting Persons has effected any transactions in shares of Common Stock (including the warrants) of the Issuer during the past 60 days. To the knowledge of the Reporting Persons, there have been no transactions by any of the Scheduled Persons in shares of Common Stock of the Issuer during the past 60 days.

Item 7. Material to be filed as Exhibits

Item 7 of the Schedule 13D is hereby amended and supplemented by adding the following additional exhibit:

 

Exhibit 1    Joint Filing Agreement, by and between Dow Inc. and The Dow Chemical Company.


SIGNATURE

After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.

Dated as of February 14, 2020

 

DOW INC.
By:  

/s/ Amy E. Wilson

  Name: Amy E. Wilson
  Title: General Counsel and Corporate Secretary
THE DOW CHEMICAL COMPANY
By:  

/s/ Amy E. Wilson

  Name: Amy E. Wilson
  Title: General Counsel and Corporate Secretary


Information Concerning Executive Officers and

Directors of Dow Inc. and The Dow Chemical Company

The current executive officers and directors of Dow Inc. (“Dow”) and The Dow Chemical Company (“TDCC”) and their respective business addresses and present principal occupation or employment (and the name, principal business and address of any such employment, if not with one of the Reporting Persons) are listed below. Unless otherwise indicated, all positions set forth below opposite an individual’s name refer to positions with both Dow and TDCC and each individual is a citizen of the United States of America. In addition, unless otherwise indicated, the business address for each individual is Dow Inc., 2211 H.H. Dow Way, Midland, Michigan 48674.

 

Executive Officer Name

  

Present Principal Position or Occupation

Karen S. Carter

  

Chief Human Resources Officer

Ronald C. Edmonds

  

Controller and Vice President of Controllers and Tax

James R. Fitterling

  

Chief Executive Officer

Peter Holicki*

  

Senior Vice President, Operations–Manufacturing & Engineering and Environment, Health and Safety Operations

A. N. Sreeram

  

Senior Vice President, Research & Development and Chief Technology Officer

Howard I. Ungerleider

  

President and Chief Financial Officer

Amy E. Wilson    General Counsel and Corporate Secretary

 

Dow Inc.

Director Name

  

Present Principal Occupation or Employment

  

Residence or Business Address

Jeff M. Fettig    Former Chairman and Chief Executive Officer, Whirlpool Corporation (manufacturer of home appliances)   

c/o Dow Inc.

2211 H.H. Dow Way, Midland, MI 48674

Samuel R. Allen    Chairman and Chief Executive Officer of Deere & Company (agriculture, construction and forestry machinery manufacturing company)   

c/o Dow Inc.

2211 H.H. Dow Way, Midland, MI 48674

Ajay Banga    President and Chief Executive Officer, Mastercard Incorporated (technology company in the global payments industry)   

Mastercard Incorporated

2000 Purchase Street, Purchase, NY 10577

Jacqueline K. Barton    John G. Kirkwood and Arthur A. Noyes Professor of Chemistry, California Institute of Technology (institution of higher education and private research)   

California Institute of Technology

1200 East California Boulevard, Pasadena, CA 91125

James A. Bell    Former Executive Vice President, Corporate President and Chief Financial Officer, The Boeing Company (aerospace company and manufacturer of commercial jetliners and military aircraft)   

c/o Dow Inc.

2211 H.H. Dow Way, Midland, MI 48674

Wesley G. Bush    Former Chairman and Chief Executive Officer of Northrop Grumman (global aerospace and defense technology company)    2980 Fairview Park Drive, Falls Church, VA 22042
Richard K. Davis    President and Chief Executive Officer, Make-A-Wish America (nonprofit corporation helping children with critical illnesses)    1702 E. Highland Avenue, Suite 400, Phoenix, AZ 85016
James R. Fitterling    See above table with respect to executive officers


Jacqueline C. Hinman    Former Chairman and Chief Executive Officer of CH2M (engineering and consulting firm focused on delivering infrastructure, energy, environmental and industrial solutions)   

c/o Dow Inc.

2211 H.H. Dow Way, Midland, MI 48674

Ruth G. Shaw    Former Group Executive, Public Policy and President, Duke Nuclear (provider of electricity and natural gas)   

c/o Dow Inc.

2211 H.H. Dow Way, Midland, MI 48674

Daniel W. Yohannes    Former U.S. ambassador to the Organisation for Economic Cooperation and Development (an international forum promoting economic growth, sustainable development and energy security)   

c/o Dow Inc.

2211 H.H. Dow Way, Midland, MI 48674

 

*

Peter Holicki is a citizen of Germany

The directors of TDCC are James R. Fitterling and Howard I. Ungerleider. Please see the above table with respect to executive officers.


EXHIBIT INDEX

 

Exhibit
No.
  

Exhibit Description

1    Joint Filing Agreement, by and between Dow Inc. and The Dow Chemical Company.

EXHIBIT 1

JOINT FILING AGREEMENT

Each of the undersigned hereby agrees that this Amendment No. 12, dated February 14, 2020, to the Schedule 13D with respect to the common stock, par value $0.0001 per share, of AgroFresh Solutions, Inc. (the “Schedule 13D”), is, and any and all subsequent amendments thereto shall be, filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, and that this Joint Filing Agreement (this “Agreement”) shall be included as an exhibit to Amendment No. 12 to the Schedule 13D and, if applicable, each such amendment. Each of the undersigned agrees to be responsible for the timely filing of Amendment No. 12 to the Schedule 13D and, if applicable, any subsequent amendments thereto, and for the completeness and accuracy of the information concerning itself contained therein, but shall not be responsible for the completeness and accuracy of the information concerning any other person, except to the extent that it knows or has reason to believe that such information is inaccurate. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.

 

[Remainder of this page intentionally left blank]


IN WITNESS WHEREOF, each of the undersigned has executed this Agreement.

 

DOW INC.
By:  

/s/ Amy E. Wilson

Name:

  Amy E. Wilson

Title:

  Corporate Secretary and General Counsel

 

THE DOW CHEMICAL COMPANY

By:

  /s/ Amy E. Wilson

Name:

  Amy E. Wilson

Title:

  Corporate Secretary and General Counsel