Origin Materials plans asset sales, wind-down and 59% workforce cut
Updated
Updated · MarketWatch · May 1
Origin Materials plans asset sales, wind-down and 59% workforce cut
9 articles · Updated · MarketWatch · May 1
The company said CEO John Bissell stepped down immediately, CFO and COO Matt Plavan became interim CEO, and annual operating expenses should fall by about $14 million.
Origin expects about $2.1 million in charges from the layoffs and will seek shareholder approval at a special meeting through filings with the Securities and Exchange Commission.
The sustainable materials company plans to sell its PET cap technology and other remaining assets. Its shares closed at $2.66, were halted after hours, and are down 58% this year.
With Origin liquidating, who will now capture the $65 billion market with its promising PET cap technology?
Why did Origin Materials collapse while the sustainable materials market is projected to boom to over $600 billion?
Is this a warning that green tech's promise can't overcome the high cost of replacing fossil fuels?