In addition, forward-looking statements reflect Danimer Scientifics expectations, plans, or forecasts of future events and views as of the date of this press release. We are now fully financed to expand production capacity and meet the considerable expected demand from our blue-chip, multinational customer base. Danimer Scientific Headquarters 140 Industrial Boulevard Bainbridge, GA 39817. Nodax PHA 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. Phone: 229-220-1103, Internet Explorer presents a security risk. More information on potential factors that could affect our financial results is included from time to time in Live Oaks public reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Now with certified production figures from Danimer, we estimate PHA Average Selling Prices (ASPs) are overstated by 30% - 42% Danimer's October 2020 Investor Presentation implied PHA ASPs of $3.00/lb. 5 SPAC Stocks That Have New Merger Deals With Huge Upside DanimerPR@icrinc.com, Internet Explorer presents a security risk. Morgan Stanley served as capital markets advisor to Live Oak. Lines and paragraphs break automatically. In connection with the proposed transactions, Live Oak intends to file a registration statement on Form S-4, including a proxy statement/prospectus/information statement (the Registration Statement), with the SEC, which will include a preliminary proxy statement to be distributed to holders of Live Oaks Common Stock in connection with Live Oaks solicitation of proxies for the vote by Live Oaks stockholders with respect to the proposed transactions and other matters as described in the Registration Statement, a prospectus relating to the offer of the securities to be issued to the Companys Shareholders in connection with the proposed transactions, and an information statement to Companys Shareholders regarding the proposed transactions. PHA adoption is benefiting from powerful tailwinds as the result of wide-spread corporate commitments and evolving consumer preferences for eco-friendly packaging solutions that address the worldwide problem of plastic waste. In addition to serving as Chief Executive Officer, Mr. Croskrey will be named Chairman of the Board. The Company now holds more than 150 patents and pending patent applications in nearly 20 countries for a range of manufacturing processes and biopolymer formulations. The company has partnered with key plastics manufacturers and consumer products companies such as PepsiCo, Nestl, Genpak, WinCup, Columbia Packaging Group and Plastic Suppliers Inc. as they transition a wide variety of plastic applications, including straws, food and beverage containers, flexible packaging, agricultural and medical applications, among others. Danimer is currently producing and shipping NodaxTM at an industrial scale level from its existing facility in Winchester, Kentucky. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of Live Oak and Danimer Scientific and are not predictions of actual performance. Nodax PHA 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. Anyone whos seen the classic 1967 film The Graduate starring Dustin Hoffman knows that plastics are not normally a sexy business. For more information, visit www.DanimerScientific.com. The Companys technology can be found in a vast array of plastic end-use products that people use every day. BAINBRIDGE, GA and GREAT FALLS, VA - December 29, 2020 - Meredian Holdings Group, Inc., doing business as Danimer Scientific ("Legacy Danimer"), a next generation bioplastics company focused on the development and production of biodegradable materials . In addition to the gross amount of approximately $200 million held in Live Oaks trust account (assuming no redemptions are effected), institutional investors, including certain funds managed by affiliates of Apollo Global Management, Inc. (NYSE:APO) (together with its consolidated subsidiaries, Apollo) and Federated Hermes Kaufmann Small Cap Fund, have committed to a private investment of $210 million in Class A common stock of the combined company that will close concurrently with the business combination. Stephen Croskrey, Danimer Scientific CEO joins Yahoo Finance Live to discuss the company's NYSE debut via SPAC and the . As a result, Nodax offers a better beginning-of-life and end-of-life cycle than any of todays traditional plastics and can replace the 80% of plastics that are never recycled or incinerated, according to the company. Affiliates of Live Oak have committed to purchasing over $50 million of the private investment. We are delighted to complete this business combination to accelerate the Companys growth and create value for Danimer Scientifics team members, customers, shareholders and the environment.. There may be additional risks that Danimer Scientific does not presently know, or that Danimer Scientific currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. The transaction was unanimously approved by the board of directors of Live Oak and was approved at a special meeting of Live Oak stockholders on December 28, 2020. Click here to see our new facility in Winchester, KY and to learn more about our capabilities. Our 20-acre campus with over 235,000 sqft of manufacturing space. Our customers view our Nodax PHA technology as a core component of their corporate sustainability strategy and a key vehicle to achieve their ESG commitments of reducing plastic waste by making their plastic packaging fully biodegradable. Stay up to date with new solutions and our latest R&D. Information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Registration Statement and other relevant materials to be filed with the SEC regarding the proposed transactions when they become available. Copyright 2023. Danimer Scientific anticipates that subsequent events and developments will cause Danimer Scientifics assessments to change. For those who are unable to listen to the live call, a replay will be available on the Live Oak website after the call athttps://www.liveoakacq.com/. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus/information statement, any amendments thereto and any other documents filed with the SEC carefully and in their entirety when they become available because they will contain important information about Live Oak, the Company and the proposed transactions. Formerra, Danimer Scientific Announce Sustainable Materials Distribution Relationship, Danimer Scientific Announces Third Quarter 2022 Results, Danimer Scientific to Attend Baird Global Industrial Conference. Danimers products return to nature instead of polluting our lands and waters. For more information please visit https://www.liveoakacq.com/. As a result of this transaction, Danimer Scientific will now have approximately $380 million of unrestricted cash, net of transaction costs, on the balance sheet to fully fund future, planned growth, including the expansion of its current Kentucky facility and the build out of its contemplated greenfield facility. Our research-based approach to creating environmentally responsible solutions has attracted a blue chip, multinational customer base and our partnership with Live Oak will allow us to further scale production to meet strong customer demand for our technology. Morgan Stanley is serving as capital markets advisor to Live Oak. Many actual events and circumstances are beyond the control of Live Oak and Danimer Scientific. Our 20-acre campus with over 235,000 sqft of manufacturing space. Danimers products return to nature instead of polluting our lands and waters. Houlihan Lokey served as financial advisor to Danimer. As a result of this transaction, Danimer Scientific will now have approximately $380 million of unrestricted cash, net of transaction costs, on the balance sheet to fully fund future, planned growth, including the expansion of its current Kentucky facility and the build out of its contemplated greenfield facility. Nodax PHA 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. We are delighted to complete this business combination to accelerate the Companys growth and create value for Danimer Scientifics team members, customers, shareholders and the environment.. Danimer Scientifics products return to nature instead of polluting our lands and waters. The Company now holds more than 430 granted patents and pending patent applications in nearly 20 countries for a range of manufacturing processes and biopolymer formulations. Legacy Danimers senior management team will continue to lead the now combined company. Danimers products return to nature instead of polluting our lands and waters. Our 20-acre campus with over 235,000 sqft of manufacturing space. These forward-looking statements should not be relied upon as representing Danimer Scientifics assessments of any date subsequent to the date of this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. In addition to Pepsi, other current Danimer investors include David Einhorns Greenlight Capital, whose 2019 investment is now on track for a sixfold return, sources said.As Danimer grows, it could face pushback from the recycling industry because its bottles melt in heat, which makes them non-recyclable. The risk is that all of these promising partnerships also turn to dust at a time when investors are factoring some $200 million in future contracts into the stocks valuation, which has doubled in recent weeks to $1.9 billion. The common stock of Danimer Scientific will trade under the ticker symbol DNMR on the New York Stock Exchange beginning December 30, 2020. Our New Facility 605 Rolling Hills Lane Winchester, KY 40391. Based on signed and pending contracts, the Company 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. The transaction will require the approval of the stockholders of both Live Oak and Danimer, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. It has partnered with key manufacturers and consumer products companies such as PepsiCo, Nestl, 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. Live Oak raised $200 million in May 2020 and its securities are listed on the NYSE under the tickers LOAK, LOAK.U and LOAK WS. Live Oak Acquisition Corp. is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The bioplastics company was taken public in a $525 million SPAC deal at the end of . Danimer now holds more than 150 patents and pending patent applications in nearly 20 countries for a range of manufacturing processes and biopolymer formulations. 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.. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. For more than a decade, the Companys renewable and sustainable biopolymers have helped create plastic products that are 100% biodegradable and compostable. Important Information and Where to Find It. Forward-looking statements generally are accompanied by words such as believe, may, will, estimate, continue, anticipate, intend, expect, should, would, plan, predict, potential, seem, seek, future, outlook, and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Weve been working with them for 11 years on this project, and they dont appear to be working with any other bioplastics company, Croskrey said. PHA adoption is benefiting from powerful tailwinds as the result of wide-spread corporate commitments and evolving consumer preferences for eco-friendly packaging solutions that address the worldwide problem of plastic waste. Live Oak Acquisition Corp. (LOAK) to Combine with Danimer Scientific in $525M Deal, Altimar III Adjourns Again without Extension Vote, Build Acquisition Announces Redemptions, Dissolution, Live Oak Mobility AcquisitionCancels Stockholder Meeting, will Dissolve, McLaren Technology Acquisition to Liquidate Today, Omeed Maliks SPAC Nears $200M Deal With Patriotic Marketplace PublicSq, SPACs Shift to More Obscure Exchanges to Keep Deal Dreams Going, Prison Phone Firm ViaPath Discusses Merging With Tristar SPAC, Lexasure Financial Combining with Capitalworks Emerging Markets Acquisition in $250M Deal, UpHealth SPAC Lawsuit Advances Against GigCapitals Avi Katz, Schultze SPAC Reportedly in Talks to Merge with Body Armor Maker Point Blank Enterprises, Promised Funding Means Nothing in SPAC Season of Discontent: Report, Mercer Park Brand Acquisition and Glass House Group to Combine for $567M into Largest Cannabis Brand-Building Platform in California, Leader in the rapidly expanding bioplastic industry, which currently represents less than an estimated 1% of the global plastics market, Fully financed at closing of the merger to expand production capacity from 20 million pounds annually today to approximately 200 million pounds in 2025, Intense demand from existing blue chip multinational customers supports management revenue forecast of over $500 million annually in 2025, with significantly increased profit margins by scaling existing production facilities, Ownership of a portfolio of core patents purchased from Procter & Gamble in 2007, expanded to include numerous application-based patents, and now aggregating to more than 150 patents applicable in 20 countries, $890 million of equity, $385 million of cash and only $20 million of pro forma debt provide ample flexibility to support abundant long-term growth opportunities, including further capacity additions domestically and internationally, as well as strategic partnerships and acquisitions of complementary technologies, Highly experienced leadership team with long term tenure at the company and a board of directors with a proven record of creating shareholder value. Danimer Scientific anticipates that subsequent events and developments will cause Danimer Scientifics assessments to change. The transaction will require the approval of the stockholders of both Live Oak and Danimer, and is subject to other customary closing conditions, including the receipt of certain regulatory approvals. By utilizing Nodax, the brand owners and plastics converters that we work with can develop innovative solutions to their plastic packaging that help them meet their sustainability goals. Press Releases; IR Calendar; Company Info. A more detailed description of the transaction can be found in the proxy statement/prospectus filed with the U.S. Securities and Exchange Commission (SEC) on December 16, 2020 by Live Oak. We are excited to partner with Live Oak and transition Danimer to be a public company. It is anticipated that the combined company will have approximately $385 million of unrestricted cash on the balance sheet to fully fund future, planned growth, including the expansion of its current facility and the build out of its contemplated greenfield facility. Applications for our biopolymers include additives, aqueous coatings, fibers, filaments, films, and injection-molded articles, among others. Mayer Brown LLP served as legal counsel to Live Oak. Legacy Danimers senior management team will continue to lead the now combined company. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. A more detailed description of the transaction can be found in the proxy statement/prospectus filed with the U.S. Securities and Exchange Commission (SEC) on December 16, 2020 by Live Oak. Danimer has also told potential investors its partnership with disposable cup and straw maker WinCup has resulted in a two-year contract worth $27 million for the Phade line of disposable straws to be sold at Walmart. Months before going public via special purpose acquisition company ("SPAC") in December 2020, promoted by Gary Wunderlich, an SEC sanctioned individual, Danimer settled a messy lawsuit with former CEO Paul Pereira. Our customers view our Nodax PHA technology as a core component of their corporate sustainability strategy and a key vehicle to achieve their commitments of reducing plastic waste by making their plastic packaging fully biodegradable, Croskrey added. Forward-looking statements generally are accompanied by words such as believe, may, will, estimate, continue, anticipate, intend, expect, should, would, plan, predict, potential, seem, seek, future, outlook, and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Home - Danimer Scientific We are now fully financed to expand production capacity and meet the considerable expected demand from our blue chip, multinational customer base. Morgan Stanley served as capital markets advisor to Live Oak. When available, these documents can be obtained free of charge from the sources indicated above. Investors Danimer Scientific represents a unique and compelling ESG investment opportunity with what we believe is a clear path to profitable growth. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Registered in England and Wales. The Company now holds more than 150 patents in nearly 20 countries for a range of manufacturing processes and biopolymer formulations. Phone: 229-220-1103 ir@danimer.com We are excited to partner with Live Oak and transition Danimer to be a public company, said Stephen E. Croskrey, Chief Executive Officer of Danimer. There may be additional risks that neither Live Oak nor Danimer Scientific presently know, or that Live Oak nor Danimer Scientific currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. Applications for our biopolymers include additives, aqueous coatings, fibers, filaments, films, and injection-molded articles, among others. Liquor company Bacardi on Oct. 23 said it teamed up with Danimer to make its spirits bottles out of biodegradable material by 2023 a conversion that would eliminate the 3,000 tons of plastic its 80 million bottles produce annually. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. PepsiCo filing may confirm sale of stake in Danimer Scientific The transaction was unanimously approved by the board of directors of Live Oak and was approved at a special meeting of Live Oak stockholders on December 28, 2020. PepsiCo ( NASDAQ: PEP) appears to have sold a stake in green plastics company Danimer Scientific Inc. ( NYSE: DNMR ), according to Pepsi's latest 10-Q filing. As a result, Nodax offers a better beginning-of-life and end-of-life cycle than any of todays traditional plastics and can replace the 80% of plastics that are never recycled or incinerated. LOAK/Danimer scientific : SPACs - reddit Live Oak Acquisition Corp. (LOAK) to Combine with Danimer Scientific in To ensure the most secure and best overall experience on our website, we recommend the latest versions of, Leader in the rapidly expanding bioplastic industry, which currently represents less than an estimated 1% of the global plastics market, Fully financed at closing of the merger to expand production capacity from 20 million pounds annually today to approximately 200 million pounds in 2025, Intense demand from existing blue chip multinational customers supports management revenue forecast of over $500 million annually in 2025, with significantly increased profit margins by scaling existing production facilities, Ownership of a portfolio of core patents purchased from Procter & Gamble in 2007, expanded to include numerous application-based patents, and now aggregating to more than 150 patents applicable in 20 countries, $890 million of equity, $385 million of cash and only $20 million of pro forma debt provide ample flexibility to support abundant long-term growth opportunities, including further capacity additions domestically and internationally, as well as strategic partnerships and acquisitions of complementary technologies, Highly experienced leadership team with long term tenure at the company and a board of directors with a proven record of creating shareholder value. Live Oaks team has experience operating and investing in a wide range of industries, bringing us a diversity of experiences as well as valuable expertise and perspective. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statementsinclude, but are not limited to, changes in domestic and foreign business, market, financial, political, and legal conditions;; failure to realize the anticipated benefits of the transaction; risks relating to the uncertainty of the projected financial information with respect to Danimer Scientific; the overall level of consumer demand for Danimer Scientifics products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of Danimer Scientifics customers; Danimer Scientifics ability to implement its business strategy; changes in governmental regulation, Danimer Scientifics exposure to intellectual property, product liability or product warranty claims and other loss contingencies; disruptions and other impacts to Danimer Scientifics business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of Danimer Scientifics manufacturing facilities and suppliers, as well as consumer demand for its products, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impact that global climate change trends may have on Danimer Scientific and its suppliers and customers; Danimer Scientifics ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, Danimer Scientifics information systems; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; Danimer Scientifics ability to utilize potential net operating loss carryforwards; changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. The Boards of Directors of Live Oak and Danimer have unanimously approved the transaction, and holders representing a majority of Danimer stock have signed voting and support agreements agreeing to vote for the transaction. A SPAC is a shell company that raises cash in an IPO with the goal of buying an unidentified private company, usually within two years, in a deal that would then take the acquired company public. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, changes in domestic and foreign business, market, financial, political, and legal conditions;; failure to realize the anticipated benefits of the transaction; risks relating to the uncertainty of the projected financial information with respect to Danimer Scientific; the overall level of consumer demand for Danimer Scientifics products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of Danimer Scientifics customers; Danimer Scientifics ability to implement its business strategy; changes in governmental regulation, Danimer Scientifics exposure to intellectual property, product liability or product warranty claims and other loss contingencies; disruptions and other impacts to Danimer Scientifics business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of Danimer Scientifics manufacturing facilities and suppliers, as well as consumer demand for its products, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impact that global climate change trends may have on Danimer Scientific and its suppliers and customers; Danimer Scientifics ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, Danimer Scientifics information systems; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; Danimer Scientifics ability to utilize potential net operating loss carryforwards; changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks.
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