Danimer Scientific to sell 15M shares at $1.00 in registered direct offering

Danimer Scientific announced that it has entered into a definitive agreement for the purchase and sale of 15M shares of common stock at a purchase price of $1.00 per share and accompanying warrants to purchase up to an aggregate of 15M shares of common stock in a registered direct offering. The warrants have an exercise price of $1.33 per share, will be exercisable commencing six months from the date of issuance and will expire five and one-half years following the date of issuance. The closing of the offering is expected to occur on or about March 25, subject to the satisfaction of customary closing conditions. The gross proceeds to the company from the offering are expected to be approximately $15M before deducting placement agent fees and other offering expenses payable by the company. The company intends to use the net proceeds from the offering for working capital and general corporate purposes.