Danimer Scientific Takes Action to Strengthen Capital Structure
18 12월 2024 - 6:15AM
Business Wire
Announces Issuance of $11,250,000 Super Senior
Secured Promissory Note
Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the
“Company”), a leading next generation bioplastics company focused
on the development and production of biodegradable materials, today
announced that the Company issued a super senior secured promissory
note (the “Secured Loan”) 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 (PHA) and
polylactic acid (PLA) 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.”
About Danimer Scientific
Danimer is a pioneer in creating more sustainable, more natural
ways to make plastic products. For more than a decade, its
renewable and sustainable biopolymers have helped create plastic
products that are biodegradable and compostable and return to
nature instead of polluting our lands and waters. Danimer’s
technology can be found in a vast array of plastic end-products
that people use every day. Applications for its biopolymers include
additives, aqueous coatings, fibers, filaments, films and
injection-molded articles, among others. Danimer holds more than
480 granted patents and pending patent applications in more than 20
countries for a range of manufacturing processes and biopolymer
formulations. For more information, visit
https://danimerscientific.com.
Advisors
Centerview Partners LLC is serving as financial advisor, and
Vinson & Elkins, L.L.P. is serving as legal advisor to
Danimer.
Forward-Looking Statements
Please note that this press release may use words such as
“appears,” “anticipates,” “believes,” “plans,” “expects,”
“intends,” “future,” and similar expressions which constitute
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, without limitation, statements
regarding expectations for the full year 2024 capital expenditures,
Adjusted EBITDA and liquidity, 2024 capital expenditures, Adjusted
EBITDA and liquidity, and statements regarding expected PHA revenue
growth. Forward-looking statements are made based on expectations
and beliefs concerning future events impacting the Company and
therefore involve a number of risks and uncertainties. The Company
cautions that forward-looking statements are not guarantees and
that actual results could differ materially from those expressed or
implied in the forward-looking statements. Potential risks and
uncertainties that could cause the actual results of operations or
financial condition of the Company to differ materially from those
expressed or implied by forward-looking statements in this release
include, but are not limited to, the overall level of consumer
demand on our products; our ability to maintain sufficient
liquidity by realizing near-term revenue growth and related cash
returns and preserving cash until such cash returns, if any are
obtained; the effect on our borrowing facilities of an event of
default, including if an Annual Report on Form 10-K contains a
Report of Independent Registered Public Accounting Firm that
includes disclosure regarding going concern; our ability to
maintain our exchange listing; general economic conditions and
other factors affecting consumer confidence, preferences, and
behavior; disruption and volatility in the global currency,
capital, and credit markets; the financial strength of the
Company's customers; the Company's ability to implement its
business strategy, including, but not limited to, its ability to
expand its production facilities and plants to meet customer demand
for its products and the timing thereof; risks relating to the
uncertainty of the projected financial information with respect to
the Company; the ability of the Company to execute and integrate
acquisitions; changes in governmental regulation, legislation or
public opinion relating to our products; the Company’s exposure to
product liability or product warranty claims and other loss
contingencies; the outcomes of any litigation matters; the impact
on our business, operations and financial results from the ongoing
conflicts in Ukraine and the Middle East; the impact that global
climate change trends may have on the Company and its suppliers and
customers; the Company's ability to protect patents, trademarks and
other intellectual property rights; any breaches of, or
interruptions in, our information systems; the ability of our
information technology systems or information security systems to
operate effectively, including as a result of security breaches,
viruses, hackers, malware, natural disasters, vendor business
interruptions or other causes; our ability to properly maintain,
protect, repair or upgrade our information technology systems or
information security systems, or problems with our transitioning to
upgraded or replacement systems; the impact of adverse publicity
about the Company and/or its brands, including without limitation,
through social media or in connection with brand damaging events
and/or public perception; fluctuations in the price, availability
and quality of raw materials and contracted products as well as
foreign currency fluctuations; our ability to utilize potential net
operating loss carryforwards; and changes in tax laws and
liabilities, tariffs, legal, regulatory, political and economic
risks. More information on potential factors that could affect the
Company's financial results is included from time to time in the
Company's public reports filed with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
All forward-looking statements included in this press release are
based upon information available to the Company as of the date of
this press release and speak only as of the date hereof. The
Company assumes no obligation to update any forward-looking
statements to reflect events or circumstances after the date of
this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20241217714605/en/
Investor Relations and Media Blake Chamblee Phone:
770-337-6570 ir@danimer.com
Danimer Scientific (NYSE:DNMR)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 12월(12) 2024
Danimer Scientific (NYSE:DNMR)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024
