Danimer Scientific Announces Redemption of Public Warrants
May 14 2021 - 4:59PM
Business Wire
Danimer Scientific (NYSE:DNMR) (“Danimer” or the “Company”), a
leading next generation bioplastics company focused on the
development and production of biodegradable materials, today
announced that it will redeem all of its outstanding warrants (the
“Public Warrants”) to purchase shares of the its common stock,
$0.0001 par value per share (the “Common Stock”), that were issued
under the Warrant Agreement, dated as of May 5, 2020 (the “Warrant
Agreement”), by and between Live Oak Acquisition Corp. and
Continental Stock Transfer & Trust Company, as warrant agent
(the “Warrant Agent”), and that remain outstanding at 5:00 p.m. New
York City time on June 16, 2021 (the “Redemption Date”) for a
redemption price of $0.01 per Public Warrant (the “Redemption
Price”). Warrants to purchase Common Stock that were issued
under the Warrant Agreement in a private placement and still held
by the initial holders thereof or their permitted transferees are
not subject to this redemption.
Under the terms of the Warrant Agreement, the Company is
entitled to redeem all of the outstanding Public Warrants if the
last sales price of the Common Stock is at least $18.00 per share
on each of twenty trading days within any thirty-day trading period
ending on the third trading day prior to the date on which a notice
of redemption is given. This share price performance target has
been met. At the direction of the Company, the Warrant Agent has
delivered a notice of redemption to each of the registered holders
of the outstanding Public Warrants.
The Public Warrants may be exercised by the holders thereof
until 5:00 p.m. New York City time on the Redemption Date to
purchase fully paid and non-assessable shares of Common Stock
underlying such warrants, at the exercise price of $11.50 per
share. Any Public Warrants that remain unexercised following 5:00
p.m. New York City time on the Redemption Date will be void and no
longer exercisable, and the holders of those Public Warrants will
be entitled to receive only the redemption price of $0.01 per
warrant.
None of the Company, its board of directors or employees have
made or are making any representation or recommendation to any
holder of the Public Warrants as to whether to exercise or refrain
from exercising any Public Warrants.
The shares of Common Stock underlying the Public Warrants have
been registered by the Company under the Securities Act of 1933, as
amended, and are covered by a registration statement filed on Form
S-1 with, and declared effective by, the Securities and Exchange
Commission (Registration No. 333-252515).
Questions concerning redemption and exercise of the Public
Warrants can be directed to Continental Stock Transfer & Trust
Company, 1 State Street, 30th Floor, New York, New York 10004,
Attention: Compliance Department, telephone number (212)
509-4000.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any offer of any
of the Company’s securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About Danimer Scientific
Danimer is a pioneer in creating more sustainable, more natural
ways to make plastic products. For more than a decade, its
renewable and sustainable biopolymers have helped create plastic
products that are biodegradable and compostable and return to
nature instead of polluting our lands and waters. Danimer’s
technology can be found in a vast array of plastic end products
that people use every day. Applications for its biopolymers include
additives, aqueous coatings, fibers, filaments, films, and
injection-molded articles, among others. Danimer now holds more
than 150 granted patents and pending patent applications in more
than 20 countries for a range of manufacturing processes and
biopolymer formulations. For more information, visit
www.danimerscientific.com.
Forward Looking Statements
Please note that in this press release we may use words such as
“appears,” “anticipates,” “believes,” “plans,” “expects,”
“intends,” “future,” and similar expressions which constitute
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements, including statements regarding the
expected impact of the restatement of the Company’s financial
statements on our 2020 financial results, are made based on our
expectations and beliefs concerning future events impacting the
Company and therefore involve a number of risks and uncertainties.
We caution that forward-looking statements are not guarantees and
that actual results could differ materially from those expressed or
implied in the forward-looking statements. Potential risks and
uncertainties that could cause the actual results of operations or
financial condition of the Company to differ materially from those
expressed or implied by forward-looking statements in this press
release include, but are not limited to, the completion of the
audit of the Company’s restated financial statements, the overall
level of consumer demand on our 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
the Company's customers; the Company's ability to implement its
business strategy, including, but not limited to, its ability to
expand its production facilities and plants to meet customer demand
for its products and the timing thereof; risks relating to the
uncertainty of the projected financial information with respect to
the Company; the ability of the Company to execute and integrate
acquisitions; changes in governmental regulation, legislation or
public opinion relating to our products; the Company’s exposure to
product liability or product warranty claims and other loss
contingencies; disruptions and other impacts to the Company’s
business, as a result of the COVID-19 global pandemic and
government actions and restrictive measures implemented in
response; stability of the Company’s manufacturing facilities and
suppliers, as well as consumer demand for our 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 the Company and its suppliers and customers; the Company's
ability to protect patents, trademarks and other intellectual
property rights; any breaches of, or interruptions in, our
information systems; the ability of our information technology
systems or information security systems to operate effectively,
including as a result of security breaches, viruses, hackers,
malware, natural disasters, vendor business interruptions or other
causes; our ability to properly maintain, protect, repair or
upgrade our information technology systems or information security
systems, or problems with our transitioning to upgraded or
replacement systems; the impact of adverse publicity about the
Company and/or its brands, including without limitation, through
social media or in connection with brand damaging events and/or
public perception; fluctuations in the price, availability and
quality of raw materials and contracted products as well as foreign
currency fluctuations; our ability to utilize potential net
operating loss carryforwards; and changes in tax laws and
liabilities, tariffs, legal, regulatory, political and economic
risks. More information on potential factors that could affect the
Company's financial results is included from time to time in the
Company's public reports filed with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
All forward-looking statements included in this press release are
based upon information available to the Company as of the date of
this press release, and speak only as of the date hereof. We assume
no obligation to update any forward-looking statements to reflect
events or circumstances after the date of this press release.
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Investors ir@danimer.com 229-220-1103
Media Anthony Popiel apopiel@daltonagency.com
404-876-1309
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