In Georgia, bioplastics maker Danimer Scientific has officially gone public through its previously announced merger with Special Purpose Acquisition Company (SPAC) Live Oak Acquisition Corp. Under the terms of the deal, Live Oak changed its name to Danimer Scientific, Inc. and began trading under the ticker “DNMR” on the New York Stock Exchange on December 30, 2020.
Danimer, a producer of biodegradable bioplastic polyhydroxyalkanoate from canola oil, has partnerships with PepsiCo, Nestlé, Bacardi, Genpak, WinCup, Columbia Packaging Group, Kemira and Plastic Suppliers Inc. Based on signed and pending contracts, Danimer is fully sold out of all production at its Winchester, Kentucky facility and will use the added capital to increase production.
“Danimer Scientific represents a unique and compelling ESG investment opportunity with what we believe is a clear path to profitable growth,” Rick Hendrix, outgoing CEO of Live Oak and now a member of the Board of Directors of Danimer Scientific, said in a press statement. “We are delighted to complete this business combination to accelerate the Company’s growth and create value for Danimer Scientific’s team members, customers, shareholders and the environment.”