There is no agreement that they are going to give us 100 percent of their snack bag business, Danimer CEO Stephen Croskrey admitted before adding: I would certainly hope that we would be making all their snack bags.. Danimer Scientific is a pioneer in creating environmentally responsible and natural alternative solutions to traditional petroleum-based resins. Danimer Scientific is currently producing and shipping Nodax at a commercial scale level from its existing facility in Winchester, Kentucky. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. I have a bunch of the straws, one investor source told The Post. The SPAC route gives us the speed that we need to get to that capital. Credit: Danimer Scientific 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. For more than a decade, the Company's renewable and sustainable biopolymers have helped create plastic products that are 100% biodegradable and compostable. Mayer Brown LLP is serving as legal advisor to Live Oak. In anticipation of that happening, investors have sent Live Oaks stock up a massive 79 percent. 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. 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. We are now fully financed to expand production capacity and meet the considerable expected demand from our blue chip, multinational customer base. The Companys technology can be found in a vast array of plastic end-use products that people use every day. 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. Danimers products return to nature instead of polluting our lands and waters. Interested parties may listen to the prepared remarks call via telephone by dialing 1-877-407-9208, or for international callers, 1-201-493-6784. Novomer is a leading developer of conversion technology providing inputs for the production of PHA-based resins and other biodegradable materials. These forward-looking statements should not be relied upon as representing Live Oaks or Danimer Scientifics assessments of any date subsequent to the date of this press release. 2023 NYP Holdings, Inc. 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According to Danimers release, the company is currently producing and shipping Nodax at commercial scale from its facility in Winchester, KY. Applications for our biopolymers include additives, aqueous coatings, fibers, filaments, films, and injection-molded articles, among others. . For more than a decade, the Companys renewable and sustainable biopolymers have helped create plastic products that are 100% biodegradable and compostable. Their presentation is completely filled to the brim with what ifs and what could be. 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. and the CEO alluded to pricing in the $2.50-$2.70/lb. Building Tomorrow's Sustainability: PHA . The Company 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. Danimer had announced in October its agreement to go public by merging with blank-check acquisition company Live Oak Acquisition Corp. in a deal that valued the bioplastics company at around $890 million. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Danimer makes PHA, a biodegrading plastic under its Nodax. Their expertise and technology are expected to help us produce resins at a lower cost for a broader range of customer needs. 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.. When available, these documents can be obtained free of charge from the sources indicated above. All statements, other than statements of present or historical fact included in this presentation, regarding Live Oaks proposed business combination with Danimer Scientific, Live Oaks ability to consummate the transaction, the benefits of the transaction and the combined companys future financial performance, as well as the combined companys strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. Mayer Brown LLP served as legal counsel to Live Oak. 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. These forward-looking statements should not be relied upon as representing Live Oaks or Danimer Scientifics assessments of any date subsequent to the date of this press release. Danimer Scientific on Oct. 5 said it planned to merge with blank-check company Live Oak Acquisition and take over its NYSE listing before the end of the year. Stay informed daily on the latest SPAC news. The Company now holds more than 150 patents in nearly 20 countries for a range of manufacturing processes and biopolymer formulations. For more than a decade, the Companys renewable and sustainable biopolymers have helped create plastic products that are 100% biodegradable and compostable. The investor presentation will also be furnished today to the SEC, which can be viewed at the SECs website atwww.sec.gov. Danimer Scientific Headquarters140 Industrial BoulevardBainbridge, GA 39817, Our 20-acre campus with over 235,000 sqft of manufacturing space, Our New Facility605 Rolling Hills LaneWinchester, KY 40391, Our new location, the worlds first commercial production facility for PHA. 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. 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. Additional information about the proposed transaction, including a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Live Oak with the Securities and Exchange Commission and will be available at www.sec.gov. We just dont have time to start a traditional IPO process right now, Croskrey said in an interview with Reuters in October. Upon closing of the transaction, the combined company will be renamed Danimer Scientific and is expected to remain listed on the NYSE under a new ticker symbol. For more information please visit https://www.liveoakacq.com/. Stephen Croskrey, Danimer Scientific CEO joins Yahoo Finance Live to discuss the company's NYSE debut via SPAC and the . Danimer Scientific Headquarters 140 Industrial Boulevard Bainbridge, GA 39817. No company has made these kinds of bioplastics on a mass scale, sources said. Danimer, PureCycle update investors The two SPAC firms, targeted by short sellers, give updates on production by Melody M. Bomgardner May 19, 2021 . 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. Danimer Scientific is making the future of plastics possible, from compostable polymers for today's sustainable products to achieving 100% biodegradable bioplastics for tomorrow. 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. 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. Applications for our biopolymers include additives, aqueous coatings, fibers, filaments, films, and injection-molded articles, among others. If this decomposes on your shelf, you have much bigger problems, this person added.Daimer plans to use the funds from the merger to expand an existing plant and to build a new Kentucky plant. ir@danimer.com Mayer Brown LLP served as legal counsel to Live Oak. In connection with the closing, Live Oak changed its name to Danimer Scientific, Inc. (Danimer Scientific or the Company). If any of these risks materialize or any assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Affiliates of Live Oak have committed to purchasing over $50 million of the private investment. Our new location, the world's first commercial production facility for PHA. Danimer Scientific represents a unique and compelling ESG investment opportunity with what we believe is a clear path to profitable growth. If any of these risks materialize or any assumptions prove incorrect, actual results could differ materially from the results implied by these 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. 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. The companys technology can be found in an array of plastic end-use products that people use every day. Danimer Scientific to Begin Trading on the New York Stock Exchange Under DNMR. We believe PHA has the ability to eliminate the pollution caused by single use plastics worldwide, a potentially remarkable achievement. Danimer-made plastics need an incredible amount of bacteria to decompose, so the packaging can be shelf stable for years, the investor source said. We are at an inflection point in our growth trajectory and this transaction will fuel the next phase of our rapid commercial expansion. We are at an inflection point in our growth trajectory and this transaction will fuel the next phase of our rapid commercial expansion. Copyright 2023. Live Oak is led by an experienced team of managers, operators and investors who have played important roles in helping build and grow profitable public and private businesses, both organically and through acquisitions, to create value for stockholders. Investor Relations; Achieving Sustainability Today. Danimer Scientific is a pioneer in creating more sustainable, more natural ways to make plastic products sold under the proprietary NodaxTM brand name. They adress their total addressable market instead of their realizeable market. Live Oak changed its name to Danimer Scientific Inc. and began trading under the ticker symbol DNMR on the New York Stock Exchange on Dec. 30. 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. By merging with a special purpose acquisition company (SPAC) to go public, Danimer Scientific gains accelerated access to the capital it needs to increase production of its signature polymer, Nodax PHA. Houlihan Lokey served as financial advisor to Danimer. Stockholders, potential investors and other interested persons should read the Registration Statement carefully when it becomes available before making any voting or investment decisions. Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. The bioplastics company was taken public in a $525 million SPAC deal at the end of . 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. 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/. Danimer Scientific anticipates that subsequent events and developments will cause Danimer Scientifics assessments to change. The Companys signature polymer, Nodax PHA (polyhydroxyalkanoate), is a 100% biodegradable, renewable, and sustainable plastic produced using canola oil as a primary feedstock. We believe Danimer is poised for rapid and sustained growth with a fully financed capacity expansion plan and proprietary customer applications.. We are excited to partner with Live Oak and transition Danimer to be a public company. 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. Danimers products return to nature instead of polluting our lands and waters. In connection with the closing, Live Oak changed its name 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 Stock Exchange beginning December 30, 2020. The transaction implies an equity valuation for Danimer of approximately $890 million at closing. Terms of Use. Accordingly, undue reliance should not be placed upon the forward-looking statements. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. 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. Applications for our biopolymers include additives, aqueous coatings, fibers, filaments, films, and injection-molded articles, among others.