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"locked": true }, { "docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 39, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a quote-based contradiction framework to highlight the gap between management's narrative and actual contractual commitments.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/39", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-39", "loopMatches": [], "arcBeatMatches": [], 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"sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 41, "slideType": "cite_precedent", "function": "cite_precedent", "notes": "The slide uses a 'before and after' comparison of news clippings to highlight the discrepancy between initial projections and final outcomes.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/41", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-41", "loopMatches": [ { "to": 42, "from": 40, "name": "Iceberg", "slug": "10-iceberg", "bestFor": "Consulting, complex problem solving, organizational change", "matchId": "b1f224c8-72ff-4d21-9315-c6ccafe3462e", "evidence": "The document cites precedents and data to question Danimer's project and technology.", "position": 1, "objective": "Revealing potential issues with Danimer's project 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"docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 46, "slideType": "appendix_data", "function": "analyze_data", "notes": "The slide uses a red box to highlight specific PHA data rows. The source is cited as Emadian et al. 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Highlights specific text in red to emphasize the 'catch' in the technology.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/47", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-47", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 48, "slideType": "villain_critique", "function": "name_villain", "notes": "Uses a 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"preempt_rebuttal", "notes": "Features two distinct expert quotes (a competitor and an industry expert) to build a bearish case against Danimer's PHA business model.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/49", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-49", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, 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"pageNumber": 51, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a quote-based contradiction framework to challenge management credibility.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/51", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-51", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 52, "slideType": "problem_statement", "function": "diagnose_problem", "notes": "The chart shows a clear upward trend in commodity prices, used to argue against the company's margin stability.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/52", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-52", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 53, "slideType": "testimonial", "function": "expose_contradiction", "notes": "The slide uses expert testimony to undermine the viability of the company's product by highlighting technical limitations (barrier properties, shelf life).", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/53", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-53", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 54, "slideType": "section_divider", "function": "transition", "notes": "Spruce Point Capital Management branding.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/54", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-54", "loopMatches": [], "arcBeatMatches": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 55, "slideType": "valuation_table", "function": "show_valuation_bridge", "notes": "The table uses a consistent 20% discount rate across all scenarios to highlight the impact of EBITDA and multiple assumptions.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/55", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-55", "loopMatches": [], "arcBeatMatches": [ { "to": 63, "from": 55, "beatId": "c601ea1d-96ee-4e62-9cb5-1abc8894e724", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "Conclusion and estimates of a 65% downside to DNMR's current share price.", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 56, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses a comparison of Danimer's own projections vs. market consensus vs. peer group medians to argue for overvaluation.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/56", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-56", "loopMatches": [], "arcBeatMatches": [ { "to": 63, "from": 55, "beatId": "c601ea1d-96ee-4e62-9cb5-1abc8894e724", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "Conclusion and estimates of a 65% downside to DNMR's current share price.", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 57, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses a 'before-after' style comparison of Danimer's own projections vs. industry peers to expose a valuation gap.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/57", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-57", "loopMatches": [], "arcBeatMatches": [ { "to": 63, "from": 55, "beatId": "c601ea1d-96ee-4e62-9cb5-1abc8894e724", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "Conclusion and estimates of a 65% downside to DNMR's current share price.", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 58, "slideType": "peer_benchmark", "function": "compare_peers", "notes": "The slide uses red dashed callouts to quantify the basis point spread between Danimer's guidance and peer averages.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/58", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-58", "loopMatches": [], "arcBeatMatches": [ { "to": 63, "from": 55, "beatId": 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"matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/59", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-59", "loopMatches": [], "arcBeatMatches": [ { "to": 63, "from": 55, "beatId": "c601ea1d-96ee-4e62-9cb5-1abc8894e724", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "Conclusion and estimates of a 65% downside to DNMR's current share price.", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 60, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses red flags as visual markers for points of contention.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/60", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-60", "loopMatches": [], "arcBeatMatches": [ { "to": 63, "from": 55, "beatId": "c601ea1d-96ee-4e62-9cb5-1abc8894e724", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "Conclusion and estimates of a 65% downside to DNMR's current share price.", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 61, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses red flag iconography and callout boxes to emphasize the contradiction in reporting.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/61", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": 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"thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1329de4989df", "docSlug": "da9f1a22e4af", "documentTitle": "Danimer Scientific (DNMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-22 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 63, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses LinkedIn profile screenshots and a Facebook post to document executive departures.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/63", "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-63", "loopMatches": [], "arcBeatMatches": [ { "to": 63, "from": 55, "beatId": "c601ea1d-96ee-4e62-9cb5-1abc8894e724", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "Conclusion and estimates of a 65% downside to DNMR's current share price.", "position": 2, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true } ] }