Danimer Scientific, Inc. (DNMR), a performance polymer company, has gained an increase of 1.77% during the premarket trading session and as a result, is trading at $4.60 at the time of the writing. During Wednesday’s regular trading session, the stock closed the day at $4.52 after slumping by 7% during regular trading hours. The most recent announcement from the company was regarding collaboration with Hyundai Oilbank.
DNMR Collaboration with Hyundai Oilbank
On 26th January, DNMR announced the signing of MoU with Hyundai Oilbank regarding the joint development of global new market opportunities and applications for polyhydroxyalkanoate. Polyhydroxyalkanoate is a sustainable biopolymer that could serve as a biodegradable alternative to traditional plastic products. The Hyundai Oilbank is the oil refinery unit of Hyundai Heavy Industries Holdings.
Appointment of CFO
On 20th January, DNMR announced to appoint Michael (Mike) A. Hajost as the Chief Financial Officer of the company. The company said that Hajost will join the company as a special advisor to the CEO on the 7th of February 2022. Ultimately, he would assume the CFO position in the early days of March 2022. Hajost has a strong track record in strategic transactions, capital market financing, risk management, and liquidity management.
Going back in mid-December, DNMR announced the pricing of its offering of $200,000,000 aggregate principal amount of 3.250% convertible senior notes due 2026 in a private offering. The offering was meant for the persons reasonably believed to be qualified institutional buyers according to Rule 144A under the Securities Act of 1933. The size of the offering had been increased from the previously announced size of $175,000,000 aggregate principal amount of notes.
Future Outlook for DNMR
DNMR has plummeted by more than 60% during the last three months, and the last month has been particularly harsh as it plunged by 47%. In the short term, analysts believe that since the stocks have not yet received any positive signals, their performance is expected to be weak.