Origin Materials Regains Compliance with Nasdaq Listing Requirements

Rhea-AI Summary

Origin Materials (NASDAQ: ORGN), a leading carbon-negative materials company, announced it has regained compliance with Nasdaq's Minimum Bid Price Requirement. On June 11, 2024, Nasdaq confirmed that Origin met the requirement by maintaining a minimum closing bid price of $1.00 or higher for 10 consecutive trading days, from May 28 to June 10, 2024. Origin was initially notified of non-compliance on January 4, 2024, due to its stock price being below $1.00 for over 30 consecutive business days. This compliance resolution closes the matter with Nasdaq.

Positive

• Origin Materials has regained compliance with Nasdaq's Minimum Bid Price Requirement.
• Maintained a minimum closing bid price of $1.00 or higher for 10 consecutive trading days.
• Compliance achieved between May 28, 2024, and June 10, 2024.

Negative

• Initial non-compliance notice on January 4, 2024, due to stock price being below $1.00 for over 30 consecutive business days.

WEST SACRAMENTO, Calif.--(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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Origin Materials

Investors: ir@originmaterials.com

Media: media@originmaterials.com

Source: Origin Materials

FAQ

What is the recent compliance update for Origin Materials (ORGN)?

Origin Materials announced it has regained compliance with Nasdaq's Minimum Bid Price Requirement as of June 11, 2024.

When did Origin Materials receive the Nasdaq compliance notice?

Origin Materials received the compliance notice on June 11, 2024.

What was the compliance issue faced by Origin Materials?

Origin Materials was non-compliant with Nasdaq's Minimum Bid Price Requirement, with its stock price below $1.00 for over 30 consecutive business days.

How did Origin Materials regain compliance with Nasdaq?

Origin Materials regained compliance by maintaining a minimum closing bid price of $1.00 or higher for 10 consecutive trading days, from May 28 to June 10, 2024.

What is the stock symbol for Origin Materials?

The stock symbol for Origin Materials is ORGN.