Danimer Scientific Inc. (DNMR) shares declined 10.29% in after-hours on Wednesday, December 15, 2021, and moved at $9.50. Even in the regular trading session, DNMR’s stock lost 2.75%. DNMR shares have fallen 37.82% over the last 12 months, and they have moved down 18.10% in the past week. Over the past three months, the stock has lost 36.05%, while over the past six months, it has declined 55.05%.
Let’s see what are the latest news about the company?
DNMR Senior note offering
On December 15, 2021, Danimer Scientific, Inc. (DNMR) announced its intention to offer, $175,000,000 aggregate principal amount of convertible senior notes due 2026 in a private offering to persons reasonably believed to be qualified institutional buyers. Danimer also expects to grant up to an additional $26,250,000 aggregate principal number of notes.
DNMR participation in the recent event
Danimer Scientific, Inc. (DNMR) recently participated in the Citi 2021 Global Basic Materials Conference which was held virtually on Wednesday, December 1, 2021.
DNMR latest financial results
On November 15, 2021, Danimer Scientific, Inc. (DNMR) reported its financial results for the third quarter ended September 30, 2021.
Q3 2021 financial highlights
- DNMR reported total revenue of $13.4 million in Q3 2021 compared to $12.83 million in Q3 2020.
- Gross profit was $0.2 million compared to $3.6 million in the third quarter of 2020.
- Total cost and expenses were $45.2 million in Q3 2021 compared to $14.75 million in Q3 2020.
- It earned a net income of $7.8 million in Q3 2021 compared to a net loss of $2.4 million in Q3 2020.
- Adjusted EBITDA was negative $7.4 million in the third quarter of 2021 compared to negative $0.5 million in the third quarter of 2020.
- On September 30, 2021, the Company had total debt outstanding of $29.9 million and cash of $194.2 million.
DNMR collaboration with Total Corbion PLA
On November 09, 2021, Danimer Scientific, Inc. (DNMR), and Total Corbion PLA, entered into a long-term collaborative arrangement for the supply of Luminy® PLA, a biobased polymer used to manufacture compostable products. As Danimer continues to scale up the commercial production of Nodax®, it’s signature polyhydroxyalkanoate (PHA), this agreement enhances Danimer’s ability to fulfill customer needs for resins that require a blend of PLA- and PHA-based inputs.
DNMR partnership with Chevron Phillips Chemical
On September 22, 2021, Danimer Scientific, Inc. (DNMR) announced its partnership with Chevron Phillips Chemical to explore a loop slurry reactor design for the manufacture of Rinnovo™. Rinnovo™ is a type of polyhydroxyalkanoate (“PHA”) synthesized from lactones produced using Danimer’s proprietary Novo22™ catalyst technology that can be used in the production of biodegradable alternatives to traditional plastics.
Danimer stock went down on Tuesday due it recent senior note offering and it can continue to decline in the coming trading sessions as well.