| 2021-05-04 10:43:05|
DNMR 10:43 05/04 05/04/21
Danimer falls after Spruce Point says production figures 'wildly overstated'
Short-selling firm Spruce Point Capital Management issued a follow-up report on Danimer Scientific. "Danimer has failed, despite promises, to address any of our claims. Now, with the benefit of a recently released Freedom of Information Act request from the Kentucky Department of Environmental Protection, we have evidence that suggests Danimer's production figures, its pricing, and rosy financial projections are wildly overstated," Spruce Point says in a new report posted on its website. Danimer's monthly PHA biopolymer production and natural gas usage for its Kentucky facility have been "materially misreported, in some months by 100%," claims Spruce Point. Shares of Danimer Scientific are down 10% to $21.36 in morning trading. Reference Link