bioplastic, Danimer, nyse
Biopolymers Firm Danimer in Fight to Keep NYSE Listing
Just over three years ago, Danimer Scientific struck an $890 million deal with a blank-check acquisition company to list shares on the New York Stock Exchange. CEO Stephen Croskrey saw it as the fastest route to an IPO and getting the funds to scale up its bio-based polyester that had grabbed the attention of the likes of Nestle and Pepsi.
Things look very different today. The Bainbridge-based company received notice that it’s no longer complying with the NYSE’s minimum share price standard of $1.00 per share over a 30-day period and is at risk of being de-listed.
Danimer said it’s considering “all available options” to address the situation as there is a six-month cure period.