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  "documentTitle": "Danimer Scientific (DNMR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-04-22 00:00:00",
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      "text": "Spruce Point finds an inconsistency between Danimer's financial disclosure of the purchase price of its Kentucky Facility and the City of Winchester's disclosure in its audited financial statements. 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?",
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      "kind": "callout",
      "text": "Why can't the Company keeps its story consistent?",
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      "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.",
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      "text": "1) Press release (September 2018) 2) Alltech Kentucky facility - Biodiesel Magazine (March 2011)",
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      "text": "Comparison of Danimer 10-K vs City of Winchester Financial Statements regarding facility cost and size.",
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      "kind": "title",
      "text": "Warning: Major Capex Discrepancy In Kentucky Expansion Story",
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