Danimer Scientific Strengthens Bioplastics Market Position Through Merger
PHA bioplastic producer Danimer Scientific completes business merger with Live Oak Acquisition Corp.
Next-generation bioplastics company Danimer Scientific, Bainbridge,Ga., has strengthened its market position through a business merger with Live Oak Acquisitions Corp., Great Falls, Va. The latter is a publicly traded special purpose acquisition company, which raises cash in an initial public offering with the goal of buying a private company is a deal that takes the acquired company public. In closing the deal, Live Oak changed its name to Danimer Scientific, Inc. (“Danimer Scientific” or the “Company”). Since December 30, 2020, the common stock of Danimer Scientific is trading under the ticker symbol “DNMR” on the New York Stock Exchange.
Said Danimer Scientific CEO Stephen E. Croskrey, “The completion of our business combination represents a pivotal milestone in the global fight against one of the world’s biggest environmental problems – single use plastic waste and pollution. We are now fully financed to expand production capacity and meet the considerable expected demand from our blue chip, multinational customer base. Our customers view our Nodax PHA (polyhydroxyalkanoate), technology as a core component of their corporate sustainability strategy and a key vehicle to achieve their ESG (environmental and social governance) commitments of reducing plastic waste by making their plastic packaging fully biodegradable. We are excited to become a publicly traded company and enter the next phase of growth as we broaden the reach of our remarkable Nodax technology.”
Danimer Scientific signature polymer, Nodax PHA is a 100% biodegradable, renewable, and sustainable plastic produced using canola oil as a primary feedstock. Nodax PHA reportedly is the first PHA polymer to be certified as marine degradable, the highest standard of biodegradability, which verifies the material will fully degrade in ocean water without leaving behind harmful microplastics.
The company is currently producing and shipping Nodax at a commercial scale level from its existing facility in Winchester, Ky. Danimer has partnered with key manufacturers and consumer products companies such as PepsiCo, Nestlé, Bacardi, Genpak, WinCup, Columbia Packaging Group, Kemira and Plastic Suppliers Inc. as they introduce more sustainable alternatives to straws, food and beverage containers, and flexible packaging, among others. Based on signed and pending contracts, the Danimer is fully sold out of all production in its Kentucky facility and will use its increased capital base to significantly increase production in seeking to meet the expected current and long-term demand of its customer base.
Legacy Danimer’s senior management team will continue to lead the now combined company. In addition to serving as CEO of Danimer Scientific, Mr. Croskrey has been named Chairman of the Board. Rick Hendrix, CEO of Live Oak, has joined Danimer Scientific’s Board, and John Amboian, non-executive chairman of Live Oak, has joined the Board as Lead Independent Director.
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