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Live Oak Acquisition Corp. (NYSE: LOAK) is urging stockholders to vote on its planned merger with Meredian Holdings Group, operating as Danimer Scientific. This transaction aims to enhance Live Oak's portfolio with Danimer's bioplastic technology, catering to the rising demand for environmentally friendly alternatives to petrochemical plastics. The virtual special meeting for stockholder voting will occur on December 28, 2020. Stockholders need to ensure their votes are submitted via proxy to represent their interests adequately. Detailed instructions and proxy materials have been provided to stockholders.
Kemira and Danimer Scientific have partnered to develop biodegradable aqueous barrier coatings for sustainable paper and board products, aiming for limited commercial applications in 2021. Their collaboration addresses the rising demand for biodegradable materials as a replacement for fossil fuel-based polyethylene, which hinders recyclability. Danimer's Nodax™ PHA is 100% biobased and renewably sourced, enhancing the sustainability of products like coffee cups. This partnership aligns with Kemira's long-term growth strategy focused on sustainability and circular packaging solutions.
Danimer Scientific and Eagle Beverage Products are collaborating to manufacture biodegradable drinking straws targeting the quick service restaurant (QSR) industry. The straws, made from Danimer's Nodax™ PHA, will be fully biodegradable in various environments, including oceans, without leaving microplastics. Expected in early 2021, this eco-friendly alternative aims to reduce plastic waste significantly. The partnership will potentially expand into other biodegradable products like food containers. Both companies emphasize sustainability and quality in their production processes.
Live Oak Acquisition Corp. (NYSE: LOAK) has finalized a definitive agreement to merge with Danimer Scientific, a leading bioplastics company specializing in biodegradable materials. This merger will enable Danimer to become a public entity, listed under a new ticker symbol. The transaction, valued at approximately $890 million, includes $210 million from institutional investors and aims to enhance Danimer's production capacity from 20 million pounds annually to around 200 million pounds by 2025. Strong demand from major clients supports revenue projections exceeding $500 million annually by 2025.
