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"Contrasts corporate statements with potential divestment reality", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:35:16.319+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "frameworkName": "expose_contradiction" }, { "matchId": "a9601615-ae59-4a32-8633-e7004fe0cf2f", "evidence": "Highlights departure of key partners to frame them as a risk to the investment thesis.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:35:20.72+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 63, "frameworkName": "antagonist-introduction" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Spruce Point short-report template: editorial cover image ('When the tide goes out, what will wash ashore?'), full legal disclaimer, ToC, red-flag emoji callouts throughout, and dense evidence slides. No single named human author on cover — signed only as Spruce Point Capital Management LLC (founder Ben Axler is not explicitly credited in the document). Strong specimen for studying SPAC de-SPAC short theses and governance-centric attack arcs. Notable rhetorical moves: (1) linking CEO to prior DOJ case via fax exhibit, (2) facility-size reconciliation table, (3) Pepsi stealth divestment appendix built from 10-Q footnote forensics. Valuation slide (p.55) uses a 4-column Failure/Spruce Point/Company/Street comparison — a reusable pattern.", "kpisCited": [ { "detail": "$8.75 per share, implying 65% downside; worst case 100%", "metric": "Price target / downside" }, { "detail": "138.9x vs. chemical/plastic peer median of 9.1x", "metric": "2022E EV/EBITDA (consensus)" }, { "detail": "14.3x vs. chemical/plastic peer median of 1.5x", "metric": "2022E EV/Revenue (consensus)" }, { "detail": "$92m at 9x multiple vs. management's $169m at 11x", "metric": "2025E EBITDA (Spruce Point)" }, { "detail": "~28% guided vs. 18-22% peer margins (930-1040 bps gap)", "metric": "EBITDA margin guidance vs. peers" }, { "detail": "190k, 200k, 235k, 300k, 1.2m sq ft — four irreconcilable figures since 2012", "metric": "Bainbridge facility size claims" }, { "detail": "Dropped from 300,000 tons/yr (2012) to 30,000 tons/yr (2013) — 90% cut", "metric": "PHA production claims" }, { "detail": "Up >35% in trailing 12 months to $681, pressuring feedstock cost", "metric": "Canola oil futures" }, { "detail": "$30m DOJ settlement over defective Zylon vests during Croskrey's tenure", "metric": "Armor Holdings settlement" }, { "detail": "$124m on 3/20/2021 10-Q, footnote: 'subsequently sold in Q2 2021'", "metric": "Pepsi equity securities" } ], "closingAsk": "Avoid or short DNMR shares given 65-100% downside, overvaluation, governance red flags, and inability to execute at scale.", "extraction": { "at": "2026-04-22 21:28:58+00", "model": "unknown-legacy", "runId": null, "seconds": 128.70732, "promptVersion": null }, "scqaReward": "65% downside to a $8.75 price target under management's own optimistic 2025E EBITDA of $169m and a 9x multiple, with 100% downside if DNMR follows its failed PHA predecessors.", "thesisTypes": [ "fraud_exposure", "governance_board", "multiple_rerating" ], "top3Reasons": [ "Corporate governance red flags: CEO Croskrey linked to Armor Holdings defective-vest cover-up", "Inconsistent facility size and capacity claims expose a consistently changing story", "PHA technology has failed for 30+ years; 2022E EV/EBITDA of 138x is unsustainable" ], "scqaSituation": "Danimer Scientific (NYSE: DNMR), a SPAC-merged producer of PHA bioplastic (Nodax brand) with Pepsi and Nestle partnerships, is viewed by the market as a premier ESG growth story set to disrupt plastics.", "thesisSummary": "Spruce Point argues that Danimer Scientific, a SPAC-promoted bioplastics company built on 30-year-old PHA technology, is a strong sell with 65-100% downside to a $8.75 price target. CEO Stephen Croskrey was directly involved in Armor Holdings' $30 million DOJ settlement over defective Zylon body armor, where he urged suppliers to 'stick together' to 'overcome the threat.' The company has made four different, irreconcilable claims about its Bainbridge facility size and slashed stated PHA production 90% between 2012 and 2013. Pepsi appears to have quietly sold its entire equity stake in Q2 2021. Previous PHA attempts by Metabolix, NatureWorks, and P&G failed commercially, and Danimer trades at 138x 2022E EBITDA versus a 9x chemical/plastic peer median, with rising canola oil costs further threatening margins.", "primaryDemands": [ "Investors should short DNMR / avoid the stock", "Scrutinize governance red flags around CEO Croskrey, CTO Van Trump, and Board", "Reject management's scale-up narrative and optimistic 2025E EBITDA projections", "Demand disclosure of Pepsi's shareholding status and partnership dependencies" ], "scqaResolution": "Sell or avoid DNMR; discount management's 2025E guidance and value the company as a chemical/plastic peer at ~9x EBITDA rather than the aspirational ESG growth multiple.", "thesisOneLiner": "Danimer is an over-hyped SPAC bioplastics story whose governance-tainted management, irreconcilable facility claims, failed-PHA precedent, and 138x EBITDA valuation imply 65-100% downside to ~$8.75/share.", "precedentsCited": [ "Metabolix (YTEN) — burned hundreds of millions on PHA, sold assets for $10m in 2016", "NatureWorks PLA — multiple restructurings, <1% of global plastics market after 20 years", "Procter & Gamble Nodax — halted PHA production in 2006 before selling IP to Danimer", "Armor Holdings Zylon body armor — $30m DOJ settlement involving Croskrey" ], "scqaComplication": "The CEO has a defective-body-armor scandal, facility and capacity disclosures are irreconcilable, PHA has commercially failed for 30 years, and Pepsi appears to have exited its stake.", "narrativeInterest": 4, "notableSlidePages": [ 1, 5, 7, 9, 55, 56 ], "peerCompaniesCited": [ "NZYM.B", "CRDA", "GFL", "VOW", "XBC", "CRBN", "ECOL", "CE", "WLK", "DOW", "LYB", "BAS", "AVNT", "TSE", "Metabolix (YTEN)", "NatureWorks", "Full Cycle", "Newlight" ], "valuationFrameworks": [ "multiple_comparison", "dcf" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "The image features a red 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In 2012, a press release stated, \"expected production rates exceeding 300,000 tons per year.\" This press release used to be on the Company's website and his since been scrubbed from the internet. However, in October 2013, the Company's press release stated \"Meredian will produce over 30,000 tons of PHA per year.\" -- 90% less! 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We are concerned by multiple legal cases brought against Armor during Croskrey’s tenure. The most notable, which Croskrey was directly involved in, was the Department of Justice (DOJ) lawsuit against Armor, along with other body armor manufactures and suppliers, for defective body armor. The most concerning accusation found in the case documents is that Armor “employed no scientists and relied on Honeywell for scientific expertise.” While never personally accused of wrongdoing, Armor paid a $30 million settlement. 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In December 2015, the Company deemed the Advisory Contract, together with all related arrangements in connection therewith, void, including any share issuances in connection with such arrangements. The Company filed suit against the former executive and the advisory firm during 2016, and various counterclaims were filed by the former executive and the advisory firm. Subsequent to year-end, this matter was settled with the Company agreeing to pay $8 million to resolve all outstanding claims, the executive agreeing to the cancellation of any shares issued to such executive pursuant to the Advisory Contract and related arrangements, and the exchange of mutual releases among the parties. The liability is included in Accrued expenses ($5.5 million) and Other long-term liabilities ($2.5 million) in the Consolidated Balance Sheet at December 31, 2019 and the expense in Operating expenses in the Statement of Operations for the year ended December 31, 2019.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:16.337+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5ba940d-b0c8-4881-895f-e898a10ff1fe", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“the Company terminated a former executive and terminated the Company’s contract with an advisory firm.” — Danimer Merger Prospectus (11/30/2020, footnote 11)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f3-714d-84b9-d62b4ad37f85", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.15, "y": 0.645 }, "kind": "source-note", "text": "Source: Danimer Merger Prospectus (11/30/2020, footnote 11)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Why has Mr. Van Trump's biography been altered to remove his \"post graduate work\" at MIT and Georgia State?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:10.01+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbf84d68-c83b-4424-a8fa-591d57a93b63", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "We are concerned by three different versions of CTO Phillip Van Trump's biography related to his education and the gap in his work history. What did he do prior to joining Danimer from approximately 1998 - 2009? His bio in 2021 is lacking details. We find one clue that he was in the shipping industry circa 2005.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:10.01+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72c77593-5ae2-4d5c-874d-2dde146a11be", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Central Transport International Selects Manhattan Associates' Carrier Management Solution; Carrier to Gain Savings and Efficiencies\" \"We looked at similar products, but chose Manhattan Associates' solution because it is the only solution geared toward the LTL marketplace,\" said Phillip Van Trump, director of business continuity. — Business Wire (October 17, 2005)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:39+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e4e-ba8e1d8920d3", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.9, "x": 0.05, "y": 0.43 }, "kind": "table", "text": "Comparison of 2015 vs 2021 bios", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:10.01+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6f6f2958-e503-4bcc-a83b-c55b19a658b8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.305, "y": 0.04 }, "kind": "title", "text": "Concerns With The Chief Technology Officer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:10.01+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cab62fc-eb76-48ae-90c1-13310231464d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2a8912ff-56b4-4df1-b473-017cc064259f", "evidence": "The slide explicitly questions the veracity of an executive's resume and highlights discrepancies.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:35:10.01+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 24, "type": "tension", "title": "Uses Wayback Machine evidence to expose potential resume inflation.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 7, "textChars": 1044, "nDataPoints": 0, "notes": "Uses Wayback Machine evidence to expose potential resume inflation.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:35:14.305+00", "seconds": 7.372, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-1329de4989df/24", "deck": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchor": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-24", "deckJson": "/decks/019dd923-622c-750b-8b99-1329de4989df.json" }, "components": [ { "bbox": { "h": 0.23, "w": 0.35, "x": 0.62, "y": 0.36 }, "kind": "callout", "text": "Look carefully: Van Trump’s biography, listed “continuing education” at MIT, but was changed to “post graduate work”. Based on MIT’s website and speaking with the admission’s office, there is no admissions process for its continuing education / professional studies program. Also, why did he then omit graduate coursework at Univ. of Central Florida?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:14.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ba2db43-ce26-4879-b8c7-48d41a217bca", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.56, "x": 0.02, "y": 0.31 }, "kind": "image", "text": "Van Trump - 2015 biography snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:14.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32c4435e-1da7-4255-a04d-0d05305cc48c", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.76, "x": 0.02, "y": 0.67 }, "kind": "image", "text": "Van Trump - 2013 biography snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:14.305+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73ad7cfc-520e-42c0-98ce-6e1d5e77bab3", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Based on Mr. Van Trump’s current biography, he assumed his current role of CTO in 2014. However, Meredian’s 2015 website contradicts this claim as Steve Wann is listed as the Chief Technology Officer as of 2015.(1) In addition, we found further changes to Mr. Van Trump’s education from Meredian’s 2013 website. 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When you take gluten out of bread and use wheat flour or whatever doesn't have gluten and try to make bread, it just breaks and there is no elasticity. That is pretty much the same thing when you remove petrol from polymers. 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In 2012, a press release stated, \"expected production rates exceeding 300,000 tons per year.\" This press release used to be on the Company's website and his since been scrubbed from the internet. However, in October 2013, the Company's press release stated \"Meredian will produce over 30,000 tons of PHA per year.\" With numerous inconsistencies and many of the same management team in place, what are investors supposed to believe?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:13.381+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba3bc1ca-faee-40d1-8d2d-e20c71daee9e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "With numerous inconsistencies and many of the same management team in place, what are investors supposed to believe?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e4f-9ef0ca76967b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Having the largest PHA production facility in the world, Meredian will produce over 30,000 tons of PHA per year at the Bainbridge facility.\" — Michael Smith, VP Manufacturing & Engineering, Meredian", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e4f-a19470d7d95c", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.83, "x": 0.085, "y": 0.0038 }, "kind": "table", "text": "October 2012: Polyhydroxyalkanoate (PHA) is a highly functional bioplastic made from renewable and natural resources. Meredian's new plant is the largest bioplastics facility in the world, featuring 190,000 square feet of manufacturing space with expected production rates exceeding 300,000 tons per year and an estimated 150% growth in jobs over the next 24 months. 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We recognize that growth is required for bioplastic materials. Engineering plans are now completed for 'right sized' Meredian facilities to be placed globally to best serve our customers. 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The City's disclosure reports an additional $13 million was paid for a total facility purchase price of $36 million. We find mention of 4 different square footages (80k, 88k(1), 90k, 100k(2)) reported for the Winchester, KY facility. Danimer's September 2018 press release states an 88k sq. ft. facility with the same cost as the City's financials of $36.2 million. (1) Why can't the Company keeps its story consistent?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:13.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a5b0396-3d88-40d7-b903-9e81fbb78089", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Why can't the Company keeps its story consistent?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e50-16d596d79341", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In December 2018, we consummated the acquisition of the Kentucky Facility, including the equipment, machinery and other personal property located at such facility for a purchase price of $23 million — Danimer 2020 10-K. Danimer Scientific Kentucky Inc. purchased the Alltech property in 2018 and began operating January 15, 2019 with land, building and equipment being a total investment of $36 million — City of Winchester Audited Financial Statements.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e50-197ac3ac2c3f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "1) Press release (September 2018) 2) Alltech Kentucky facility - Biodiesel Magazine (March 2011)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e51-53979f5b95c4", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.93, "x": 0.035, "y": 0.175 }, "kind": "paragraph", "text": "On March 29th, 2021, Danimer announced plans for a $700 million expansion to double the size of its greenfield plant “to serve our growing order commitments from customers” and “forecast that the greenfield plant will be sold out”. 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Metabolix, which eventually changed its name to Yield10(1), was an overhyped PHA company at the beginning of the last decade and formed a partnership with Archer Daniels Midland (ADM), a blue-chip S&P 500 company. After years of research and burning hundreds of millions of dollars, Metabolix eventually sold its assets for $10 million in 2016. 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(NASDAQ:MBLX), a bioscience company developing and commercializing environmentally sustainable and totally biodegradable Natural Plastic, announced today that the company has named Peter N. Kellogg to its Board of Directors, effective March 30, 2007. Mr. Kellogg is Executive Vice President, Finance and Chief Financial Officer of Biogen Idec Inc., a global leader in the development, manufacturing, and commercialization of novel therapies. Mr. Kellogg was formerly Executive Vice President and CFO of Biogen prior to the merger with Idec. Prior to joining Biogen, Mr. Kellogg held several positions at PepsiCo Inc., including Senior Vice President of PepsiCo E-Commerce, Senior Vice President and Chief Financial Officer, Frito-Lay International as well as a variety of senior financial, international and general management positions at PepsiCo and the Pepsi-Cola International, Pepsi-Cola North America, and Frito-Lay International divisions. 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While we agree with this trend, these Companies still need to be concerned with the reliability and cost of production. According to a Tegus interview, prices for PHA are 4-5x higher compared to conventional plastics. While short term demand for PHA may remain strong, in the long run, brands are unlikely to pay high premiums for PHA, especially as other biodegradable options scale. If PHA suppliers reduce prices to compete with conventional plastic, their margins will surely take a hit.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:21.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d32cf266-9fff-4b44-9b01-f29978a30580", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.84, "x": 0.14, "y": 0.51 }, "kind": "quote", "text": "When a CPG guy like Pepsi or Nestlé makes a decision on something like this, what are they doing? I mean from what I gather, the differentials and sort of product characteristics of the top guys is pretty minimal. What are they looking for? Are they looking for scale? Are they tendering out on a cost basis? How are they making those decisions right now?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:21.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28b7ad57-bf85-4ff4-b87f-322912adc748", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.84, "x": 0.14, "y": 0.59 }, "kind": "quote", "text": "It's scale, it's cost and it's a reliability of inputs. And when I say reliability on inputs, I mean, availability and quality. So the biggest thing that Pepsi is afraid of is that they go-to-market and they say, \"By the way, our place bottles are biodegradable.\" And then something happens where the central plant for Danimer goes down, and then they have to start using regular oil-based plastics. And suddenly, all their marketing is wrong and they've done false advertising. That's like one perspective that they worry greatly about. The second is that they continue down this path, but then it turns out that the bottles don't last on shelves when they're sitting in the sun at gas stations in Texas and the bottle start melting. And they don't actually have the rigidity that they were promised. And if they can pass those 2 major tests, then it comes down to, okay, well, if we're going to be producing millions and millions and millions of these bottles, how low can you get your prices? Because right now, you're 4 or 5x the price of oil-based plastics. And Danimer, as an example, will be able to get the prices down, but the cost of their inputs is already $1, just a cost. And so they're never going to get it below $1. So that's why it's going to be useful at the beginning and then it's going to be a secondary conversation where the companies like Pepsi are going to start looking for alternatives. At some point, it's really sexy at the beginning, and it's great marketing, and it's a great sales tool. But over the long run, economics are going to be king, and it's going to be much harder shareholder conversations.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:21.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e9e2610-26fb-4b24-8b61-46421079c748", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.84, "x": 0.14, "y": 0.37 }, "kind": "quote", "text": "So Danimer, Full Cycle, Newlight, you name it, we can produce PHA, but how consistently can you produce the same grade of PHA day in and day out regardless of climatic conditions, regardless of any operational snafus, if the power surges or power goes out, how does that impact your consistency? So, again, if I were you, I would ask those questions of any producer, from a quality control and quality assurance perspective. And then, of course, it's price.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:21.05+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "75c4e0fb-6bec-4c2a-8dc2-4b15f12b9637", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"So Danimer, Full Cycle, Newlight, you name it, we can produce PHA, but how consistently can you produce the same grade of PHA day in and day out regardless of climatic conditions, regardless of any operational snafus, if the power surges or power goes out, how does that impact your consistency? So, again, if I were you, I would ask those questions of any producer, from a quality control and quality assurance perspective. And then, of course, it's price.\" — Senior Executive Danimer Competitor; \"When a CPG guy like Pepsi or Nestlé makes a decision on something like this, what are they doing? I mean from what I gather, the differentials and sort of product characteristics of the top guys is pretty minimal. What are they looking for? Are they looking for scale? Are they tendering out on a cost basis? How are they making those decisions right now?\" — Question; \"It's scale, it's cost and it's a reliability of inputs. And when I say reliability on inputs, I mean, availability and quality. So the biggest thing that Pepsi is afraid of is that they go-to-market and they say, 'By the way, our place bottles are biodegradable.' And then something happens where the central plant for Danimer goes down, and then they have to start using regular oil-based plastics. 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In addition, Danimer’s reliance on canola oil looks to be a competitive disadvantage compared to lower priced alternative inputs.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e52-71c2b08132f0", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.96, "x": 0.02, "y": 0.175 }, "kind": "paragraph", "text": "An interview with a Senior Executive at a Danimer competitor reveled there will likely be challenges to scale within the trillion-dollar plastics industry. In addition, Danimer's reliance on canola oil looks to be a competitive disadvantage compared to lower priced alternative inputs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:17.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee7795f6-29dc-4468-901c-1275e09ace9b", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.785, "x": 0.195, "y": 0.315 }, "kind": "quote", "text": "So even though Danimer is building... there's still a massive question mark around whether or not the science is able to play at that massive scale... I would imagine that they're considerably higher than that per pound than us because of the canola reliance.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:17.075+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49f902e4-a89a-4126-8f5a-a227ab9529e3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"So even though Danimer is building, well so they've built a commercial production facility, they're building more capacity. The trick is going to be taking on the petrochemical behemoths, your OPEC, BP, INEOS, Exxon, Dow Chemicals of the world that are able to price risk appropriately for a $1 billion investment in a petrochemical manufacturing facility in India that produces an order of magnitude, 10, 20, 30x the amount of material that Danimer's existing scale sits at, right? And so there is still a massive scale jump to actually take on the trillion-dollar plastics market. And so the idiosyncrasies in scaling a biochemical now or living chemistry-based process to that scale, it's certainly been done with wastewater treatment. It's going to have to be done with alternative protein production, but there's still a massive question mark around whether or not the science is able to play at that massive scale. And if it doesn't, then you're always going to be stuck in each product land, right, because you're never going to be able to bring those cost profiles down to the point where you can attack, commoditize polyolefins. And so that is the direction of questioning that I would go, if I were you, is to really, really dig in on what is their scale methodology? Does the biochemistry and bacteria-powered science work at that scale? How can you prove that? What are some of the red flags that has been shown in the past? So we could talk about that if you're interested. But that would be the direction that I would go in. The question should be where we started, which is in 5 to 8 years, are they going to be able to hold that position given their reliance on canola oil and seemingly an IP portfolio that isn't all that defensible? On their side? 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Even if Danimer can hedge its exposure, the increased cost will likely drive the total cost to customers, making Danimer's canola oil reliant product less competitive.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:14.897+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a9a052cf-8d4b-45f2-87dc-e266eecedcf2", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"And can you just comment on the spreads that you are making on your product these days, how you're pricing to customers, just given the price of feedstocks, the canola oil, going up?\" — Jonathan Tanwanteng, CJS Securities. \"Yes. Let me say 1 more thing in terms of kind of longer-term before I address that one specifically... canola oil is going up in price. About half of our current contracts have escalators in them that allow us to pass that on to the contracted customer. We put that language in every contract that we had that was multiyear. So in the 1-year contracts that we did, we didn't have that in there, but we had hedged... And we are also aggressively looking at alternatives, which we know there are a lot of alternatives, but obviously, we're looking for economical -- more economical alternatives, if you will. 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Spruce Point has reason to believe Pepsi is no longer a shareholder in Danimer. 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LIVE OAK SPONSOR PTN LLC, 5,000,000, 5.66; CALHOUN PHILIP GREGORY, 3,525,735, 3.99; PRATT STUART W, 2,874,876, 3.25; Atalaya Capital Management LP, 2,381,076, 2.70; Jefferies Group LLC, 2,249,999, 2.55; Corsair Capital Management LP, 2,183,859, 2.47", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:20.615+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49ea81d1-c5da-4a61-b020-fa80679ffc5a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.305, "y": 0.05 }, "kind": "title", "text": "Evidence Pepsi Has Sold Danimer Stock", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:20.615+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0824ae0e-1b92-41cd-920b-6691446457d5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "026adb72-d451-4405-8799-02374c4a04fa", "evidence": "The slide uses comparative evidence to highlight a potential discrepancy in corporate disclosure.", "framework": null, "confidence": 0.85, "extraction": { "at": "2026-05-02 20:35:20.615+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 60, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 63, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 55, "name": "The Victory", "beatId": "c601ea1d-96ee-4e62-9cb5-1abc8894e724", "matchId": "217c860d-96d3-4526-b319-6c92393c8c43", "beatType": { "name": "The Victory", "slug": "overcoming-monster-the-victory", "status": "active", "canonId": "019dd9b8-3dbe-71b9-b5a9-7191b5f8782b", "version": 1, "description": null }, "evidence": "Conclusion and estimates of a 65% downside to DNMR's current share price.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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As of March 20th, 2021, Pepsi owned $124 million of equity securities. Based on the filings footnotes, “these equity securities were subsequently sold in the second quarter of 2021.”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:16.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e353390-abc4-4d1e-83e7-0109e7286b65", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.18, "x": 0.71, "y": 0.84 }, "kind": "callout", "text": "No equity securities on December 26th, before Danimer was publicly traded", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:16.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9461aa30-fe0a-47f9-9d74-6d5385cc8f39", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.18, "x": 0.45, "y": 0.84 }, "kind": "callout", "text": "$124 million after Danimer was publicly traded", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:16.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffc621f6-9bb1-4c82-ab1f-d41ccb05a83e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Based on the filings footnotes, \"these equity securities were subsequently sold in the second quarter of 2021.\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e53-aa2965931755", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.95, "x": 0.02, "y": 0.38 }, "kind": "paragraph", "text": "(b) Based on the price of common stock. These are equity securities with readily determinable fair values and are classified as short-term investments. As of December 26, 2020, these equity securities did not have a readily determinable fair value. During the 12 weeks ended March 20, 2021, we recorded a pre-tax unrealized gain on equity securities of $108 million ($82 million after-tax or $0.06 per share). These equity securities were subsequently sold in the second quarter of 2021. See Note 1 for further information.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:16.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c5ef03b-e7f4-40e2-8d8c-4ee08f91b36f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“these equity securities were subsequently sold in the second quarter of 2021.” — Pepsi 10-Q (April 15th, 2021, page 19)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:47+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f41-721f-9e53-afb4d287d061", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.02, "y": 0.84 }, "kind": "source-note", "text": "Source: Pepsi 10-Q (April 15th, 2021, page 19)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Maurizio Patarnello, CEO of Nestle Waters, and Simon Lowden, Chief Sustainability Officer of Pepsi, left in the first quarter of 2021. This should be a concern for Danimer investors as new management could change direction from prior management, including a review of all existing partnerships.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:35:20.72+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "477ed58a-d6e9-47b5-977d-bbd20c3601c3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Last month, Danimer Scientific's own Dr. Isao Noda traveled to Dubai and attended the Global Bottled Water Congress along with existing partners Maurizio Patarnello, CEO and Chairman of Nestlé Waters, and Simon Lowden, President and Chief Marketing Officer of Global Foods at PepsiCo (pictured). — Facebook", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f3-714d-84ba-6af89a803804", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.32, "y": 0.95 }, "kind": "source-note", "text": "Source: Facebook", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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