Danimer Scientific Announces New Directors

Rhea-AI Summary

Danimer Scientific, Inc. (NYSE: DNMR) appoints Dr. David Moody and Mr. Richard Altice to its Board of Directors. Dr. Moody brings over 30 years of experience in chemical and polymer-related businesses, while Mr. Altice has extensive experience in specialty chemicals and biopolymer industries. The Company aims to leverage their expertise to accelerate the growth of its proprietary biobased and biodegradable polymer, Nodax®.

Dr. David Moody and Richard Altice to Join the Danimer Board

BAINBRIDGE, Ga.--(BUSINESS WIRE)-- Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading, next-generation bioplastics company focused on the production of biodegradable materials, is pleased to announce that Dr. David Moody and Mr. Richard Altice have been appointed as members of Danimer’s Board of Directors. Dr. Moody’s appointment is effective immediately, and Mr. Altice’s appointment is effective as of April 15, 2024.

Dr. David J. Moody currently is a member of the Board of Directors of Jadex Inc., a US-based manufacturing and material science company utilizing innovation and technology to develop sustainable products that serve the medical, industrial and consumer markets. Dr. Moody previously served as Chief Executive Officer of Jadex from March 2021 through July 2023, and before that served in various roles of increasing responsibility at Milliken & Company culminating in the role of Executive Vice President and Division President, Chemicals. Dr. Moody has over thirty years’ experience managing chemical and polymer related businesses in various leadership roles and holds a Bachelor of Science in Chemistry from Wofford College and a Ph.D. in Chemistry from the Georgia Institute of Technology.

Richard N. Altice most recently retired from NatureWorks, a developer and manufacturer of biopolymers (polylactic acid), where he served as President and CEO for five years. Prior to NatureWorks, Mr. Altice was the Senior Vice President and President of PolyOne’s Designed Structures and Solutions, a polymer and plastics converting and food packaging business, formerly known as Spartech. Additionally, Mr. Altice was Vice President of Hexion’s Global Specialty Epoxy resin business and was formerly the President of Solutia’s Technical Specialties division, responsible for the global rubber chemicals and specialty fluids businesses. Mr. Altice has over thirty years of sales, marketing, operational and management experience in the specialty chemicals and biopolymer industries and holds a Bachelor of Science in Chemical Engineering from the Missouri University of Science and Technology.

With these changes, Danimer’s Board will be comprised of eleven directors.

“We are honored to have David and Rich join our Board of Directors,” said Stephen Croskrey, Chief Executive Officer and Chairman of the Board. “Each brings valuable perspectives and experience to our Company as our proprietary biobased and biodegradable polymer, Nodax®, finds increasing applications in the market and we seek to rapidly grow our business.”

John Amboian, Lead Independent Director and Chairman of Danimer’s Nominating and Corporate Governance Committee, said, “David and Rich’s appointments are the culmination of a robust search process. We believe they bring the right mix of skills, perspectives, and industry-specific experience that will help Danimer execute its strategic plan and achieve its goals.”

About Danimer Scientific

Danimer is a pioneer in creating more sustainable, more natural ways to make plastic products. For more than a decade, its renewable and sustainable biopolymers have helped create plastic products that are biodegradable and compostable and return to nature instead of polluting our lands and waters. Danimer’s technology can be found in a vast array of plastic end products that people use every day. Applications for its biopolymers include additives, aqueous coatings, fibers, films and injection-molded articles, among others. Danimer holds more than 430 granted patents and pending patent applications in more than 20 countries for a range of manufacturing processes and biopolymer formulations. For more information, visit https://danimerscientific.com.

Forward‐Looking Statements

Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding our expectations for full year capital expenditures, Adjusted EBITDA and cash balances. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the overall level of consumer demand on our products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of the Company's customers; the Company's ability to implement its business strategy, including, but not limited to, its ability to expand its production facilities and plants to meet customer demand for its products and the timing thereof; risks relating to the uncertainty of the projected financial information with respect to the Company; the ability of the Company to execute and integrate acquisitions; changes in governmental regulation, legislation or public opinion relating to our products; the Company’s exposure to product liability or product warranty claims and other loss contingencies; disruptions and other impacts to the Company’s business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of the Company’s manufacturing facilities and suppliers, as well as consumer demand for our products, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impact on our business, operations and financial results from the ongoing conflict in Ukraine; the impact that global climate change trends may have on the Company and its suppliers and customers; the Company's ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, our information systems; the ability of our information technology systems or information security systems to operate effectively, including as a result of security breaches, viruses, hackers, malware, natural disasters, vendor business interruptions or other causes; our ability to properly maintain, protect, repair or upgrade our information technology systems or information security systems, or problems with our transitioning to upgraded or replacement systems; the impact of adverse publicity about the Company and/or its brands, including without limitation, through social media or in connection with brand damaging events and/or public perception; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; our ability to utilize potential net operating loss carryforwards; and changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240118429116/en/

Investors

Blake Chamblee

ir@danimer.com



Media

Richard Ivey

richardivey@danimer.com

Source: Danimer Scientific, Inc.

FAQ

Who has been appointed to Danimer's Board of Directors?

Dr. David Moody and Mr. Richard Altice have been appointed to Danimer's Board of Directors.

What is the ticker symbol for Danimer Scientific, Inc.?

The ticker symbol for Danimer Scientific, Inc. is DNMR.

What is Dr. David Moody's background and experience?

Dr. David Moody has over thirty years' experience managing chemical and polymer-related businesses in various leadership roles and holds a Bachelor of Science in Chemistry from Wofford College and a Ph.D. in Chemistry from the Georgia Institute of Technology.

What is Mr. Richard Altice's background and experience?

Mr. Richard Altice has over thirty years of sales, marketing, operational, and management experience in the specialty chemicals and biopolymer industries and holds a Bachelor of Science in Chemical Engineering from the Missouri University of Science and Technology.

How many directors will Danimer's Board be comprised of after these appointments?

With these changes, Danimer's Board will be comprised of eleven directors.