{
  "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": 7,
  "pageCount": 63,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses red callouts and arrows to point out discrepancies between website claims and official property data.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot",
    "data_table",
    "photo"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-1329de4989df/7",
  "deckHref": "/decks/019dd923-622c-750b-8b99-1329de4989df",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-1329de4989df.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1329de4989df#slide-7",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.25,
        "x": 0.38,
        "y": 0.805
      },
      "kind": "callout",
      "text": "Warning: Impossible! How can manufacturing space be larger than real property stated in 10-K?",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "442ed0ea-9a94-4dcb-848a-7327cf23f617",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "This is 4 different stated facility sizes. Based on property records, Danimer never owned the surrounding land so how could they have had a 135-acre campus? Has Danimer downsized since 2014?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e4f-3643b3745069",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.73,
        "w": 0.385,
        "x": 0.608,
        "y": 0.17
      },
      "kind": "image",
      "text": null,
      "attrs": null,
      "subkind": "map",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b89fd642-945b-40db-8c84-b862e4d07b88",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.55,
        "x": 0.05,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "In 2014, the Company’s website stated a 300,000 sq. ft. facility. In 2017, the Company was promoting “1.2 million square feet of additional manufacturing space for your production needs, nested on our 135-acre campus”.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "788b4701-39db-4d7a-87a6-94d9d1551ce0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“Our corporate headquarters, primary research facility, PLA reactive extrusion plant, tolling operation and our PHA demonstration plant are located in Bainbridge, GA, in approximately 200,000 square feet of real property.” — 2020 10-K",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-3f41-721f-9e4f-3a82344a159d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.88,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: qPublic.net",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d001e9a8-82b2-4fb5-8cd8-daf73780dbcb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.95,
        "x": 0.02,
        "y": 0.87
      },
      "kind": "table",
      "text": "Sale Date, Deed Book/Page, Sale Price, Reason, Grantor, Grantee",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84f0fb80-ee4b-48d2-a8d6-0f9c32098849",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.305,
        "y": 0.03
      },
      "kind": "title",
      "text": "History of Exaggerating Claims And Key Property Figures Not Reconciling",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d7111e7f-cbc8-4128-8d06-636cbaa60f4c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "4f019a95-71ea-4032-bacf-cad677afd0d8",
      "evidence": "The slide systematically exposes contradictions in company claims to suggest fraudulent reporting.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 6,
      "beatId": "8e1c291a-1a72-41fa-935a-09cce5784f5b",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Struggle",
      "beatSlug": "overcoming-monster-the-struggle",
      "evidence": "Detailed critique of Danimer executives and board members, highlighting red flags and inconsistencies.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 9,
      "from": 7,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "b7d1feab-f75b-454e-9c27-6cd8d7ef66db",
      "evidence": "The document highlights several contradictions in Danimer's story and property records.",
      "position": 0,
      "objective": "Exposing contradictions in Danimer's claims and property figures.",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}