Danimer Scientific, a Next Generation Bioplastics Company, to Become a Public Company Through Merger with Live Oak Acquisition Corporation
Danimer Scientific has entered into a definitive merger agreement with Live Oak Acquisition
Corp. (NYSE: LOAK)Pioneer in creating fully biodegradable and compostable bioplastics providing a cleaner,
healthier, and environmentally responsible alternative to fossil fuel-based plasticsHigh-growth industry leader with blue chip customer contracts demonstrating large-scale
demand for PHA-based biodegradable plasticsInstitutional investors commit to invest $210 million at closing; including certain funds
managed by affiliates of Apollo, Federated Hermes Kaufmann Small Cap Fund, and over $50
million from Live Oak affiliates
ANNOUNCEMENT PRESS RELEASE
BAINBRIDGE, GA and GREAT FALLS, VA – October 5, 2020 – Danimer Scientific (“Danimer” or “the Company”), a next generation bioplastics company focused on the development and production of biodegradable materials, and Live Oak Acquisition Corp. (NYSE: LOAK) (“Live Oak”), a publicly-traded special purpose acquisition company, announced today a definitive agreement for a business combination that would result in Danimer Scientific becoming a public company. 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. Danimer will continue to be led by Stephen E. Croskrey, Danimer’s current Chief Executive Officer.
Danimer Scientific is a pioneer in creating environmentally responsible and natural alternative solutions to traditional petroleum-based resins. The Company’s signature polymer, NodaxÔ PHA (polyhydroxyalkanoate), is a 100% biodegradable, renewable, and sustainable plastic produced using canola oil as a primary feedstock. NodaxÔ 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. As a result, NodaxTM offers a better beginning-of-life and end-of-life cycle than any of today’s traditional plastics, eliminates the need for recycling and can replace the 80% of plastics that are never recycled or incinerated.
Maker of biodegradable utensils and straws gets Memphis boost
DAILY MEMPHIAN – October 5, 2020 – A Georgia company believes it has the solution to the environmental scourge of petroleum-based plastic products that litter the Earth’s surface and seas: plant-based plastic that degrades naturally.
It’s producing commercial quantities for the food service industry at a Kentucky plant and is poised to grow through a proposed merger with a Memphis-linked company.
Danimer Scientific and Eagle Beverage to Produce Biodegradable Drinking Straws for Quick Service Restaurants
BUSINESS WIRE – November 17, 2020 – Danimer Scientific, a leading developer and manufacturer of biodegradable materials, and Eagle Beverage Products, a specialty beverage manufacturer, today announced they will produce biodegradable drinking straws for the quick service restaurant (QSR) industry.
Investor Webcast
Live Oak and Danimer Scientific Business Combination Call