Meredian Holdings Group, Inc., doing business as Danimer Scientific (“Legacy Danimer”), a next generation bioplastics company focused on the development and production of biodegradable materials, and Danimer Scientific, Inc. (f/k/a Live Oak Acquisition Corp. (“Live Oak”)) announced today that they have completed their previously announced business combination. The transaction was unanimously approved by the board of directors of Live Oak and was approved at a special meeting of Live Oak stockholders on December 28, 2020. In connection with the closing, Live Oak changed its name to Danimer Scientific, Inc. (“Danimer Scientific” or the “Company”). The common stock of Danimer Scientific will trade under the ticker symbol “DNMR” on the New York Stock Exchange beginning December 30, 2020.
“The completion of our business combination represents a pivotal milestone in the global fight against one of the world’s biggest environmental problems – single use plastic waste and pollution,” said Stephen E. Croskrey, Chief Executive Officer of Danimer Scientific. “We are now fully financed to expand production capacity and meet the considerable expected demand from our blue chip, multinational customer base. Our customers view our Nodax™ PHA technology as a core component of their corporate sustainability strategy and a key vehicle to achieve their ESG commitments of reducing plastic waste by making their plastic packaging fully biodegradable. We are excited to become a publicly traded company and enter the next phase of growth as we broaden the reach of our remarkable Nodax™ technology.”
Source: Danimer Scientific, press release, 2020-12-29.
Author: Richard Ivey