Origin Materials Regains Compliance with Nasdaq Listing Requirements
12 June 2024 - 6:01AM
Business Wire
Origin Materials (“Origin”) (NASDAQ: ORGN, ORGNW), the world’s
leading carbon negative materials company with a mission to enable
the world’s transition to sustainable materials, today announced
that on June 11, 2024 it received written notice from the Nasdaq
Listing Qualifications Staff of the Nasdaq Stock Market (“Nasdaq”)
stating that the Company regained compliance with the Minimum Bid
Price Requirement set forth in Nasdaq Listing Rule 5550(a)(2).
The Company had previously been notified by the Nasdaq on
January 4, 2024, that it was not in compliance with the Minimum Bid
Price Requirement, as the closing bid price of the Company’s common
stock had been below $1.00 for more than 30 consecutive business
days. In order to regain compliance with the Minimum Bid Price
Requirement, the Company was required to maintain a minimum closing
bid price of $1.00 or more for at least 10 consecutive trading
days, which was achieved on June 10, 2024.
On June 11, 2024, Nasdaq provided confirmation to the Company
that for 10 consecutive business days, from May 28, 2024 to June
10, 2024, the closing bid price of the Company’s common stock was
$1.00 or greater. Accordingly, the Company has regained compliance
with Listing Rule 5550(a)(2) and the matter is now closed.
About Origin Materials
Origin is the world's leading carbon negative materials company
with a mission to enable the world’s transition to sustainable
materials. Our innovative technologies include PET caps and
closures that bring recycling circularity and enhanced performance
to a ~$65 billion market, specialty materials, and our patented
biomass conversion platform that transforms carbon into sustainable
materials for a wide range of end products addressing a ~$1
trillion market. Origin’s technology, economics, and carbon impact
are supported by a growing list of major global customers and
investors. For more information, visit www.originmaterials.com.
Cautionary Note on Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding Origin
Materials’ business strategy and estimated total addressable
market. These statements are based on various assumptions, whether
or not identified in this press release, and on the current
expectations of the management of Origin Materials and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on as, a guarantee, an assurance,
a prediction, or a definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to
predict and will differ from assumptions. Many actual events and
circumstances are beyond the control of Origin Materials. These
forward-looking statements are subject to a number of risks and
uncertainties, including that Origin Materials may be unable to
successfully commercialize its products; the effects of competition
on Origin Materials’ business; the uncertainty of the projected
financial information with respect to Origin; disruptions and other
impacts to Origin’s business as a result of Russia’s military
intervention in Ukraine, the impact of severe weather events, and
other global health or economic crises; changes in customer demand;
and those factors discussed in the Quarterly Report on Form 10-Q
filed with the U.S. Securities and Exchange Commission on May 14,
2024 under the heading “Risk Factors,” and other documents Origin
Materials has filed, or will file, with the SEC. If any of these
risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
Origin Materials presently does not know, or that Origin Materials
currently believes are immaterial, that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect Origin
Materials’ expectations, plans, or forecasts of future events and
views as of the date of this press release. Origin Materials
anticipates that subsequent events and developments will cause its
assessments to change. However, while Origin Materials may elect to
update these forward-looking statements at some point in the
future, Origin Materials specifically disclaim any obligation to do
so. These forward-looking statements should not be relied upon as
representing Origin Materials’ assessments of any date subsequent
to the date of this press release. Accordingly, undue reliance
should not be placed upon the forward-looking statements.
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