May 20, 2024

error page

Business is my step

Danimer Scientific, a Next Technology Bioplastics Enterprise, Completes Enterprise Combination with Are living Oak Acquisition Corp.

8 min read

BAINBRIDGE, Ga. & Fantastic FALLS, Va.–(Enterprise WIRE)–Dec 29, 2020–

Meredian Holdings Group, Inc., accomplishing business enterprise as Danimer Scientific (“Legacy Danimer”), a next era bioplastics organization focused on the progress and generation of biodegradable components, and Danimer Scientific, Inc. (f/k/a Reside Oak Acquisition Corp. (“Live Oak”)) announced these days that they have done their earlier announced business combination. The transaction was unanimously authorized by the board of directors of Reside Oak and was authorized at a distinctive assembly of Dwell Oak stockholders on December 28, 2020. In connection with the closing, Stay Oak transformed its title to Danimer Scientific, Inc. (“Danimer Scientific” or the “Company”). The common stock of Danimer Scientific will trade under the ticker symbol “DNMR” on the New York Inventory Trade starting December 30, 2020.

This push launch characteristics multimedia. Watch the whole launch listed here: https://www.businesswire.com/information/home/20201229005412/en/

“The completion of our organization blend represents a pivotal milestone in the worldwide battle against just one of the world’s major environmental issues – one use plastic waste and air pollution,” stated Stephen E. Croskrey, Chief Executive Officer of Danimer Scientific. “We are now completely financed to develop creation ability and meet up with the considerable anticipated need from our blue chip, multinational consumer foundation. Our consumers view our Nodax™ PHA technological innovation as a main component of their corporate sustainability method and a key car or truck to attain their ESG commitments of decreasing plastic waste by producing their plastic packaging absolutely biodegradable. We are energized to turn out to be a publicly traded company and enter the up coming phase of advancement as we broaden the achieve of our exceptional Nodax™ engineering.”

Danimer Scientific is a pioneer in developing environmentally accountable and natural different options to traditional petroleum-dependent resins. The Company’s signature polymer, Nodax™ PHA (polyhydroxyalkanoate), is a 100% biodegradable, renewable, and sustainable plastic created utilizing canola oil as a key feedstock. Nodax™ PHA is the to start with PHA polymer to be qualified as marine degradable, the maximum common of biodegradability, which verifies the product will absolutely degrade in ocean drinking water with out leaving behind unsafe microplastics. As a result, Nodax TM presents a far better starting-of-lifestyle and finish-of-existence cycle than any of today’s regular plastics and can change the 80% of plastics that are in no way recycled or incinerated.

Danimer Scientific is at present generating and transport Nodax TM at a professional scale amount from its existing facility in Winchester, Kentucky. The Company has partnered with vital producers and client items corporations this kind of as PepsiCo, Nestlé, Bacardi, Genpak, WinCup, Columbia Packaging Team, Kemira and Plastic Suppliers Inc. as they introduce more sustainable alternate options to straws, meals and beverage containers, and flexible packaging, among the many others. Based on signed and pending contracts, the Corporation is completely sold out of all output in its Kentucky facility and will use its elevated money foundation to noticeably improve output in seeking to satisfy the expected existing and lengthy-expression demand from customers of its customer foundation.

Rick Hendrix, outgoing Main Government Officer of Live Oak and now a member of the Board of Directors of Danimer Scientific, commented, “Danimer Scientific’s 100% biodegradable products place the Company at the forefront of sustainability and ESG management with ground breaking systems that decrease exploitation of all-natural assets and permit clients to include environmentally dependable merchandise into their source chains. Danimer Scientific signifies a special and powerful ESG financial commitment possibility with what we think is a crystal clear route to lucrative expansion. We are delighted to full this small business mix to speed up the Company’s growth and produce value for Danimer Scientific’s staff associates, clients, shareholders and the natural environment.”

Transaction Overview

As a outcome of this transaction, Danimer Scientific will now have somewhere around $380 million of unrestricted money, net of transaction fees, on the stability sheet to fully fund upcoming, prepared progress, which include the growth of its existing Kentucky facility and the establish out of its contemplated greenfield facility. These resources are generally comprised of cash from Live Oak’s former belief account and concurrent fairness non-public placements from institutional buyers, which includes particular cash managed by affiliate marketers of Apollo, Federated Hermes Kaufmann Smaller Cap Fund, and about $50 million from Dwell Oak affiliate marketers.

Legacy Danimer’s senior administration team will continue on to lead the now combined firm. In addition to serving as Main Executive Officer of Danimer Scientific, Mr. Croskrey has been named Chairman of the Board. Rick Hendrix, Chief Executive Officer of Are living Oak, has joined Danimer Scientific’s Board, and John Amboian, Non-Government Chairman of Are living Oak, has joined the Board as Lead Unbiased Director.

A a lot more comprehensive description of the transaction can be located in the proxy assertion/prospectus filed with the U.S. Securities and Trade Commission (“SEC”) on December 16, 2020 by Stay Oak.

Advisors

Jefferies served as special monetary advisor, sole non-public placement agent and cash marketplaces advisor to Dwell Oak. Morgan Stanley served as capital markets advisor to Are living Oak. Houlihan Lokey served as financial advisor to Danimer. Mayer Brown LLP served as legal counsel to Stay Oak. Kane Kessler, Personal computer served as legal counsel to Danimer.

About Danimer Scientific

Danimer Scientific is a pioneer in developing extra sustainable, more organic strategies to make plastic items offered beneath the proprietary Nodax TM manufacturer identify. For more than a ten years, the Company’s renewable and sustainable biopolymers have served create plastic products that are 100% biodegradable and compostable. Danimer Scientific’s solutions return to nature rather of polluting our lands and waters. The Company’s technological innovation can be identified in a huge array of plastic finish-use products that people use each and every day. Applications for our biopolymers include additives, aqueous coatings, fibers, filaments, films, and injection-molded content articles, among the other folks. The Organization now retains additional than 150 patents and pending patent purposes in nearly 20 international locations for a range of production processes and biopolymer formulations. For much more info, pay a visit to www.DanimerScientific.com.

Ahead-Wanting Statements

Certain statements included in this press release that are not historic facts are forward-hunting statements for purposes of the secure harbor provisions beneath the United States Non-public Securities Litigation Reform Act of 1995. Forward-on the lookout statements generally are accompanied by words and phrases this kind of as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and comparable expressions that predict or indicate long run occasions or trends or that are not statements of historical matters. All statements, other than statements of present or historic truth provided in this presentation, with regards to Are living Oak’s small business mixture with Danimer Scientific, the positive aspects of the transaction and the mixed company’s upcoming economical effectiveness, as effectively as the mixed Company’s approach, long run functions, approximated monetary place, approximated revenues and losses, projected charges, prospective clients, ideas and targets of administration are ahead-looking statements. These statements are centered on different assumptions, whether or not determined in this push launch, and on the present-day anticipations of the management of Danimer Scientific and are not predictions of true overall performance. These ahead-seeking statements are provided for illustrative reasons only and are not meant to provide as, and will have to not be relied on as, a warranty, an assurance, a prediction, or a definitive assertion of simple fact or likelihood. Precise events and situation are complicated or not possible to forecast and will vary from assumptions. Quite a few genuine gatherings and circumstances are outside of the handle of Danimer Scientific. Probable dangers and uncertainties that could bring about the precise results to vary materially from those people expressed or implied by ahead-on the lookout statements incorporate, but are not confined to, improvements in domestic and international organization, sector, financial, political, and lawful disorders failure to understand the predicted added benefits of the transaction hazards relating to the uncertainty of the projected economic info with regard to Danimer Scientific the general stage of client need for Danimer Scientific’s products normal financial disorders and other variables influencing client self confidence, tastes, and conduct disruption and volatility in the world-wide forex, money, and credit history markets the monetary strength of Danimer Scientific’s shoppers Danimer Scientific’s ability to put into action its small business method modifications in governmental regulation, Danimer Scientific’s exposure to mental home, merchandise liability or solution guarantee statements and other reduction contingencies disruptions and other impacts to Danimer Scientific’s small business, as a outcome of the COVID-19 world wide pandemic and authorities actions and restrictive steps implemented in reaction security of Danimer Scientific’s production facilities and suppliers, as perfectly as consumer demand from customers for its solutions, in light-weight of condition epidemics and wellbeing-relevant worries these as the COVID-19 world-wide pandemic the effects that international local weather alter trends may possibly have on Danimer Scientific and its suppliers and consumers Danimer Scientific’s capability to defend patents, emblems and other mental home rights any breaches of, or interruptions in, Danimer Scientific’s data devices fluctuations in the price tag, availability and top quality of raw resources and contracted goods as effectively as foreign forex fluctuations Danimer Scientific’s ability to make the most of probable web running loss carryforwards modifications in tax legal guidelines and liabilities, tariffs, legal, regulatory, political and financial hazards.

A lot more facts on potential variables that could have an impact on our economic outcomes is integrated from time to time in Danimer Scientific’s community experiences filed with the Securities and Exchange Fee, together with (when readily available) its Yearly Report on Sort 10-K, Quarterly Reviews on Type 10-Q, and Current Studies on Form 8-K. If any of these dangers materialize or any assumptions confirm incorrect, true results could differ materially from the outcomes implied by these forward-hunting statements. There may perhaps be additional dangers that Danimer Scientific does not presently know, or that Danimer Scientific now believe that are immaterial, that could also lead to real final results to differ from people contained in the ahead-wanting statements. In addition, forward-searching statements mirror Danimer Scientific’s expectations, plans, or forecasts of long term activities and sights as of the day of this push launch. Danimer Scientific anticipates that subsequent gatherings and developments will result in Danimer Scientific‘s assessments to adjust. Even so, whilst Danimer Scientific could elect to update these forward-searching statements at some stage in the potential, Danimer Scientific specifically disclaims any obligation to do so, other than as expected by law. These ahead-wanting statements should not be relied on as representing Danimer Scientific’s assessments of any day subsequent to the day of this press release. Accordingly, undue reliance need to not be positioned on the forward-hunting statements.

See resource edition on businesswire.com:https://www.businesswire.com/news/dwelling/20201229005412/en/

Get hold of: Traders

[email protected]

Cellular phone: 229-220-1103Media

[email protected]

Search phrase: UNITED STATES NORTH America VIRGINIA Ga

Business Keyword: PACKAGING Substances/PLASTICS OTHER Producing Production

Resource: Danimer Scientific

Copyright Organization Wire 2020.

PUB: 12/29/2020 04:05 PM/DISC: 12/29/2020 04:05 PM

http://www.businesswire.com/news/home/20201229005412/en

error-page.com © All rights reserved. | Newsphere by AF themes.