DNMR News & Events

The New York Stock Exchange announced that the staff of NYSE Regulation has determined to commence proceedings to delist the Class A common stock of Danimer Scientific - ticker symbol DNMR - from the NYSE. Trading in the company's Class A common stock will be suspended immediately. NYSE Regulation reached its decision to delist the company's Class A common stock because the company had fallen below the NYSE's continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000. The company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the company's Class A common stock upon completion of all applicable procedures, including any appeal by the company of the NYSE Regulation staff's decision.

Danimer Scientific announced that the Company issued a super senior secured promissory note in an aggregate principal amount of $11,250,000 to certain lenders under its existing term loan financing agreement, as well as certain additional lenders. The Secured Loan provides for $11,250,000 gross proceeds, less fees and expenses. The Secured Loan has a two-year maturity and accrues interest at 15.0% per annum, which interest is payable in kind. The Secured Loan provides liquidity and strengthens the Company's balance sheet as it remains focused on providing its customers with its innovative polyhydroxyalkanoate and polylactic acid products, which are used in the creation of biodegradable plastics alternatives. "Our world-class science and cutting-edge innovations in bioplastics have positioned us at the forefront creating sustainable and biodegradable plastic alternatives. We continue to work with our customers to launch the recently reported significant cutlery award that is progressing well, and we anticipate reaching the full annual run rate in mid-2025. Consistent with our end customer's ramp plan, we have received orders for over 365,000 pounds of cutlery resin and film resin to date," said Richard N. Altice, Interim Chief Executive Officer of Danimer. "We look forward to working with our lenders and other stakeholders and staying focused on ramping up our production and combatting non-degradable plastics waste."