First announced in June, the proposed combination would list Verde on the Nasdaq under the ticker symbol “VRDE” and values Verde at about $365 million. Verde has developed a bioresin called PolyEarthylene that can be seamlessly integrated into existing plastics manufacturing processes. Applications of Verde’s PolyEarthylene can address nearly half of the global plastics market. The company has a distribution deal with Vinmar and a feedstock supply deal with Braskem.
“We have created an alternative solution that is bio-based, recyclable, and landfill biodegradable that is highly scalable and lower cost than other bioplastics,” said Brian Gordon, Chairman of Verde Bioresins. “From durable goods to single-use items, our versatile solution fits many industrial and consumer applications. Unlike most other bio-based resins, our PolyEarthylene™ resin uses highly scalable commercially available ingredients and is ‘drop-in’ ready with the existing supply chain and large-scale manufacturing facilities. This creates a compelling value proposition as a potential replacement for significant portions of conventional plastic resins.”