Market Newsdesk

May 24, 2021 4:06 pm

Zymergen Reports Preliminary First Quarter 2021 Financial Results

EMERYVILLE, Calif., May 24, 2021 (GLOBE NEWSWIRE) — Zymergen Inc. (“Zymergen”), one of the world’s leading biofacturing companies, today reported preliminary financial results for the first quarter ended March 31, 2021.

“I am so proud of our team for their continued execution across our organization,” says Josh Hoffman, Zymergen CEO. “With biofacturing, we are committed to transforming what is possible by partnering with nature to make better products in a better way. I am confident that we are well positioned to execute on our strategy to develop and sell superior products across multiple markets, this year and beyond.”

Recent Highlights

Completed initial public offering in April 2021, raising $575 million in gross proceeds
Strengthened leadership by adding Aindrea Campbell as Chief Manufacturing Officer, a seasoned industry veteran who will be instrumental in the scaling of Zymergen’s production capabilities

First Quarter 2021 Financial Results

Total revenue was $3.7 million dollars for the three months ended March 31, 2021, all relating to R&D services agreements and Collaboration revenue. This represents a 26% increase over the same quarter in 2020, and was primarily driven by the impact of new and acquired contracts.

Total operating expenses for the first quarter of 2021 were $87.1 million dollars, a 32.8% increase from $65.6 million dollars in the first quarter of 2020. The increase was driven by an increase in R&D activities to develop Hyaline production processes, as well as the additional costs associated with becoming a public company.

Net loss in the first quarter of 2021 was $84.6 million dollars.

Cash and cash equivalents were $121.0 million as of March 31, 2021. Subsequent to quarter end, Zymergen completed its initial public offering in April 2021 raising approximately $530 million in net proceeds.

Webcast Information

Zymergen will host a conference call to discuss the first quarter 2021 financial results after market close on Monday, May 24, 2021 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at https://investors.zymergen.com/. The webcast will be archived and available for replay for at least 90 days after the event.

About Zymergen

Zymergen is a biofacturing company using biology to reimagine the world. Zymergen partners with nature to design, develop and manufacture bio-based breakthrough products that deliver value to customers in a broad range of industries. A unique combination of biology, chemistry, software and automation enables the company to design and create new materials.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on the Company’s beliefs and assumptions and on information currently available to it on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements, including but not limited to statements regarding our timing and ability to execute on our strategy to develop and sell superior products across multiple markets, this year and beyond. These and other risks are described more fully in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s prospectus dated April 23, 2021 filed with the SEC pursuant to Rule 424 under the Securities Act of 1933, and other documents the Company subsequently files with the SEC from time to time, including the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Contact

Niraj Javeri
[email protected]

Media Contact

Mike Dulin
[email protected]
502-777-2029

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)

(unaudited)

	Three Months Ended March 31,
	2021			2020
Revenue	$	3,735		$	2,954
Operating expenses:
Cost of service revenue	21,130			24,576
Research and development	39,811			21,802
Sales and marketing	6,872			5,541
General and administrative	19,331			13,693
Total operating expenses	87,144			65,612
Loss from operations	(83,409		)	(62,658		)
Other income (expense):
Interest income	43			377
Interest and other expense	(1,211		)	(3,166		)
Total other expense	(1,168		)	(2,789		)
Loss before income taxes	(84,577		)	(65,447		)
(Provision for) benefit from income taxes	(8		)	107
Net loss	$	(84,585	)	$	(65,340	)
Net loss per share attributable to common stockholders, basic	$	(6.51	)	$	(5.77	)
Net loss per share attributable to common stockholders, diluted	$	(6.51	)	$	(5.77	)
Weighted-average shares used in computing net loss per share to common stockholders, basic	12,996,344			11,322,626
Weighted-average shares used in computing net loss per share to common stockholders, diluted	13,340,457			11,322,626

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

	As of March 31, 2021			As of December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	121,035		$	210,205
Accounts receivable, billed and unbilled	4,116			4,175
Inventory	5,683			4,969
Other current assets	8,896			9,225
Total current assets	139,730			228,574
Property and equipment, net	55,462			48,718
Goodwill	11,604			11,604
Intangible assets, net	4,443			4,790
Other assets	15,993			11,235
Total assets	$	227,232		$	304,921
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable, accrued and other liabilities	$	37,520		$	38,985
Short-term debt, net	—			79,331
Other current liabilities	2,790			3,142
Total current liabilities	40,310			121,458
Long-term debt, net	79,615			—
Warrant liabilities	11,952			14,231
Other long-term liabilities	15,490			12,170
Total liabilities	147,367			147,859
Convertible preferred stock	900,798			900,798
Total stockholders’ deficit	(820,933		)	(743,736		)
Total liabilities and redeemable convertible preferred stock and stockholders’ deficit	$	227,232		$	304,921

May 24, 2021 4:04 pm

Franchise Group Announces Participation In Upcoming Investor Conferences

ORLANDO, Fla., May 24, 2021 (GLOBE NEWSWIRE) — Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group” or the “Company”) today announced Brian Kahn, Chief Executive Officer and Andrew Kaminsky, Executive Vice President & Chief Administrative Officer, will virtually participate in small group meetings at the following investor conferences:

June 8, 2021 – Stifel Cross Sector Insight Conference

June 10, 2021 – 2021 Baird Virtual Consumer & Technology Conference

June 15, 2021 – Oppenheimer’s 21^st Annual Consumer Growth and E-Commerce Conference

July 13, 2021 – CJS Securities 21^st Annual Summer Investor Conference

About Franchise Group, Inc.

Franchise Group is an owner and operator of franchised and franchisable businesses that continually looks to grow its portfolio of brands while utilizing its operating and capital allocation philosophies to generate strong cash flow for its shareholders. Franchise Group’s business lines include Pet Supplies Plus, American Freight, The Vitamin Shoppe, Buddy’s Home Furnishings, and Liberty Tax Service. On a combined basis, Franchise Group currently operates over 4,600 locations predominantly located in the U.S. and Canada that are either Company-run or operated pursuant to franchising agreements.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and are not statements of historical fact. Such forward-looking statements are based on various assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are often accompanied by words that convey projected future events or outcomes such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” “may,” “view,” “opportunity,” “potential,” or words of similar meaning or other statements concerning opinions or judgment of the Company or its management about future events. Although the Company believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of the Company will not differ materially from any projected future results, performance or achievements expressed or implied by such forward-looking statements. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, many of which are beyond the control of the Company. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the period ended December 26, 2020, and comparable sections of the Company’s Quarterly Reports on Form 10-Q and other filings, which have been filed with the SEC and are available on the SEC’s website at www.sec.gov. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its business or operations. Readers are cautioned not to rely on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.

INVESTOR RELATIONS CONTACT:

Andrew F. Kaminsky
EVP & Chief Administrative Officer
Franchise Group, Inc.
[email protected]
(914) 939-5161

May 24, 2021 4:04 pm

Lordstown Motors Reports First Quarter 2021 Financial Results

LORDSTOWN, Ohio, May 24, 2021 (GLOBE NEWSWIRE) — Lordstown Motors Corp. (Nasdaq: RIDE), (“Lordstown Motors”), a leader in electric light duty trucks focused on the commercial fleet market, today released its first quarter 2021 financial results and provided a business outlook.

Key Business Highlights

Reported first quarter 2021 net loss of $125 million, capex of $53 million and cash of $587 million on March 31, 2021.
Timeline to Start of Production (SoP) in late-September 2021, which will be at limited capacity, remains on track. To-date, we have completed construction of 48 out of 57 prototypes and will begin pre-production vehicle (PPV) builds in July.
We have passed two of the most difficult crash tests – frontal and pole – and vehicles are performing as planned during other durability and validation tests; we continue to expect we can achieve a 5-star crash rating.
Retooling of stamping, assembly, body, and paint shops at our Lordstown plant are nearly complete.
Phase One of our battery line is installed and is in the commissioning phase, while our first electric hub motor line remains on track to begin equipment installation in July.
Revising upward our 2021 expectations for operating expenses by $115 million at the midpoint of the guidance range relative to guidance provided with our fourth quarter 2020 earnings release to reflect significantly higher spending related to: (1) completing our beta program, (2) conducting vehicle validation tests, (3) securing necessary parts/equipment for production, and (4) utilizing third-party engineering resources. As a result, we need to raise additional capital to complete our business plans and have begun those discussions.

Executive Commentary

“We are proud to have built 48 out of 57 of our beta vehicles and are on schedule to conclude the beta program approximately by the end of June,” stated Lordstown Motors’ Chairman and CEO Steve Burns. “We are incredibly satisfied with beta vehicle test results so far. We recently passed two of the most difficult crash tests and, as such, believe we remain on track to deliver a 5-star rated vehicle. We were also pleased with the mechanical performance of our Endurance at the San Felipe 250 race in Baja, Mexico last month, despite challenges that arose in predicting energy usage in the Mexican desert. We look forward to progressing along our path to commercialization as the beta program concludes this quarter, and conversations with future potential customers are expected to pick up.

However, we have encountered some challenges, including COVID-related and industry-wide related issues, as we progress towards our start of production deadline. These include significantly higher than expected expenditures for parts/equipment, expedited shipping costs, and expenses associated with third-party engineering resources. We secured a number of critical parts and equipment in advance, so we are still in a position to ramp the Endurance, but we do need additional capital to execute on our plans. We believe we have several opportunities to raise capital in various forms and have begun those discussions.

We are excited to showcase our plant, vehicle, technologies, and strategy at our upcoming Lordstown Week during the week of June 21 as we host investors, customers, partners, suppliers and the media at our Lordstown, Ohio facility.”

2021 Objectives and Financial Outlook

We are updating the financial outlook for 2021 that we previously provided with our fourth quarter 2020 earnings release. Revised guidance is as follows:

Expected Endurance production in 2021 will be limited and would at best be 50% of our prior expectations.
Expected capital expenditures of between $250 and $275 million.
Expected operating expenses of between $55 and $60 million in selling and administrative (S&A) costs and between $280 and $290 million in research and development (R&D) costs.
Expected year-end 2021 liquidity of between $50 and 75 million in cash and cash equivalents after giving effect to certain cost reductions and delayed investments.

As stated above, we are seeking additional capital to fund our business plans. We are pursuing an Advanced Technology Vehicle Manufacturing (“ATVM”) loan, which is in the due diligence phase, and tax credits and grants across multiple jurisdictions. We hope to complete the ATVM loan opportunity in the next few months.

As we begin to receive feedback from our initial customers throughout this quarter, we anticipate an acceleration of purchase commitments going into the second half of the year. Around that same time, we will also start targeting and following up with municipal and government fleets for potential and significant engagement opportunities.

Conference call Information

Lordstown Motors will host a conference call at 4:30 p.m. Eastern Time today (Monday, May 24, 2021). The call can be accessed via a live webcast that is accessible on the Events page of Lordstown Motors’ Investor Relations website at https://investor.lordstownmotors.com/. An archive of the webcast will be available shortly after the call.

Financial Results


Lordstown Motors Corp. Consolidated Statement of Operations (Amounts in thousands, except per share data)

	Three months ended			Three months ended
	March 31, 2021			March 31, 2020
Net sales	$	—		$	—
Operating expenses
Selling and administrative expenses		14,394			3,522
Research and development expenses		91,812			8,468
Total operating expenses	$	106,206		$	11,990
Loss from operations	$	(106,206	)	$	(11,990	)
Other (expense) income
Other (expense) income		(19,132	)		126
Interest income (expense)		127			(1	)
Loss before income taxes	$	(125,211	)	$	(11,865	)
Income tax expense		—			—
Net loss	$	(125,211	)	$	(11,865	)
Loss per share attributable to common shareholders
Basic & Diluted	$	(0.72	)	$	(0.16	)
Weighted-average number of common shares outstanding
Basic & Diluted		174,325			71,911


Lordstown Motors Corp. Consolidated Balance Sheets (Amounts in thousands)

	March 31, 2021			December 31, 2020
ASSETS:
Current Assets
Cash and cash equivalents	$	587,043		$	629,761
Accounts receivable		5			21
Prepaid expenses and other current assets		25,989			24,663
Total current assets	$	613,037		$	654,445
Property, plant and equipment		154,934			101,663
Intangible assets		11,111			11,111
Total Assets	$	779,082		$	767,219
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current Liabilities
Accounts payable	$	58,961		$	32,536
Accrued and other current liabilities		8,041			1,538
Total current liabilities	$	67,002		$	34,074
Note payable		1,015			1,015
Warrants		7,750			101,392
Total liabilities	$	75,767		$	136,481
Stockholders’ equity
Class A common stock, $0.0001 par value, 300,000,000 shares authorized; 176,579,376 and 168,007,960 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	$	18		$	17
Additional paid in capital		962,949			765,162
Accumulated deficit		(259,652	)		(134,441	)
Total stockholders’ equity	$	703,315		$	630,738
Total liabilities and shareholder’s equity	$	779,082		$	767,219

About Lordstown Motors Corp.

Lordstown Motors Corp. is an Ohio-based original equipment manufacturer of light duty fleet vehicles, founded by CEO Steve Burns with the purpose of transforming Ohio’s Mahoning Valley and Lordstown, Ohio, into the epicenter of electric-vehicle manufacturing. The company owns the 785 acre, 6.2 million square foot Lordstown Assembly Plant where it plans to build the Lordstown Endurance, believed to be the world’s first full-size, all-electric pickup truck designed to serve the commercial fleet market. For additional information visit www.lordstownmotors.com.

Forward Looking Statements

This press release includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: our significant projected funding needs; the availability, timing and terms of any financing that we may pursue; our limited operating history; risks related to the rollout of our business and the timing of expected business milestones, including our ability to complete the engineering of the Endurance, to establish appropriate supplier relationships, to successfully complete testing and to start production of the Endurance in accordance with our projected timeline and budget; risks associated with the conversion and retooling of our facility and ramp up of production; our inability to obtain binding purchase orders from customers and potential customers’ inability to integrate our electric vehicles into their existing fleets; competition in the electric pickup truck market; our inability to retain key personnel and to hire additional personnel; our inability to develop a sales distribution network; and the ability to protect our intellectual property rights. Any forward-looking statements speak only as of the date on which they are made, and Lordstown Motors Corp. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Contacts:

Investors
Carter W. Driscoll, CFA
[email protected]

Media
Ryan Hallett
[email protected]

May 24, 2021 4:03 pm

FOMO CORP. EXECUTES COMMON STOCK PURCHASE AGREEMENT WITH TRITON FUNDS LP

Chicago IL, May 24, 2021 (GLOBE NEWSWIRE) — FOMO CORP. (https://www.fomoworldwide.com – US OTC: FOMC) is pleased to announce it has executed a common stock purchase agreement with Triton Funds LP (“Triton” – https://www.tritonfunds.com/), a Delaware limited partnership. Under the terms of the agreement, Triton will purchase a number of Securities from FOMO CORP. having an aggregate value of $4,000,000 after a Registration Statement has been declared effective by the SEC.

The funds will be used by FOMO to acquire LED Funding IV LLC, d/b/a LED Funding (https://smartguard-energy.com/) and Lux Solutions LLC (https://www.luxsolutions.com/), two of the three entities under definitive agreement for purchase by FOMO and announced in a press release on April 15, 2021(https://www.globenewswire.com/en/news release/2021/04/15/2210819/0/en/FOMO-CORP-SIGNS-DEFINITIVE-AGREEMENTS-WITH-SMARTGUARD-ENERGY-LLC.html). The third entity is SmartGuard-Solutions LLC (“SGS”). SGS markets and finances a suite of disinfection products (https://smartguard-solutions.com/). FOMO plans to acquire 19.99% of SGS as announced in a press release on May 14, 2021 (https://www.globenewswire.com/news-release/2021/05/14/2230077/0/en/FOMO-CORP-AGREES-TO-INVEST-IN-SMARTGUARD-S-DISINFECTION-UNIT.html).

Vik Grover, FOMO CORP. CEO, commented: “The importance of the commitment by Triton Funds LP to purchase $4,000,000 in Securities from FOMO cannot be overstated. We are grateful for this opportunity and look forward to closing the first two SmartGuard entities listed above.”

Arnold Nunez, Senior Associate at Triton Funds, added “We’re excited to announce our strategic partnership with FOMO CORP. We were impressed by their portfolio of clean-tech and energy sustainability solutions, as well as the management team that not only has a proven track record, but also ties to UC San Diego. Our investment will fuel their superb acquisition pipeline and provide the necessary capital that management needs to continue executing on their exciting vision for the company.”

About FOMO CORP.

FOMO CORP. is a publicly traded company focused on business incubation and acceleration. The Company invests in and advises emerging companies aligned with a growth mandate. FOMO is developing direct investment and affiliations – majority- and minority-owned as well as in joint venture formats – that afford targets access to the public markets for expansion capital as well as spin-out options to become their own stand-alone public companies.

Forward Looking Statements:

Statements in this press release about our future expectations, including without limitation, the likelihood that FOMO CORP. will be able to meet minimum sales expectations, be successful and profitable in the market, bring significant value to FOMO CORP.’s stockholders, and leverage capital markets to execute its growth strategy, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law. FOMO’s business strategy described in this press release is subject to innumerable risks, most significantly, whether the Company is successful in securing adequate financing. No information in this press release should be construed in any form shape or manner as an indication of the Company’s future revenues, financial condition, or stock price.

Contacts:

Wayman Baker, PhD
EVP Corporate Development and Investor Relations
FOMO CORP.
630-286-9560
[email protected]
https://www.fomoworldwide.com/

Dwain Schenck
Media Contact
203-223-5230
[email protected]
www.schenckstrategies.com

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May 24, 2021 4:03 pm

4Front Ventures Reports First Quarter 2021 Financial Results and Provides Business Update

PR Newswire

Q1 2021 Systemwide Pro Forma Revenue of $31.4 million, an increase of 26% over Q4 2020

Q1 2021 Adjusted EBITDA of $5.9 million, representing an Adjusted EBITDA Margin of 19%

Reiterated FY2021 guidance for Systemwide Pro Forma Revenue of $170-180 million and Adjusted EBITDA of $40-50 million

The Company’s existing licensed projects at maturity represent a long-term revenue and EBITDA opportunity upwards of $650 million and $250 million, respectively

Conference call to be held today, May 24, 2021 at 5:00 p.m. ET

PHOENIX, Ariz., May 24, 2021 /PRNewswire/ – 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (“4Front” or the “Company”), a vertically integrated, multi-state cannabis operator and retailer, today announced its financial results for the first quarter ended March 31, 2021. All financial information is presented in U.S. dollars unless otherwise indicated.

First Quarter 2021 (“Q1 2021”) Financial Results Highlights

Systemwide Pro Forma Revenue was $31.4 million
GAAP-reported revenue was $23.0 million
Adjusted EBITDA was $5.9 million

Operational Highlights

Strong performance in sales and product adoption across retail locations, exceeding all internal projections; positive momentum continues in Q2
California

Company’s state-of-the-art 170,000 square foot production facility in Commerce, California is on track for planned Q2 2021 opening
Certificate of Occupancy anticipated in the next ten days
Signed distribution agreement with Nabis, a leading wholesale cannabis distributor to more than 750 stores in California

Massachusetts

The Company received its Certificate of Occupancy and approval to operate from the Town of Brookline for its third adult-use dispensary in Massachusetts
Grand opening in June 2021 pending final approval from the Cannabis Control Commission

Illinois

Secured land and funding for new cultivation and production facility in Illinois; groundbreaking scheduled to occur in Q3 2021

Management Commentary

“Our strategy of replicating low-cost production methods in new markets began to take shape and grow at scale in Massachusetts, Illinois and California in our first quarter, extending the momentum we created in 2020,” said Leo Gontmakher, Chief Executive Officer of 4Front. “Utilizing the cultivation and production techniques developed for our facilities in Washington, we have increased the yields and quality of our products produced in both Illinois and Massachusetts, which has enabled us to supply our adult use dispensaries to meet the ever-increasing demand in those markets. As production increases, we plan to begin selling excess product into the wholesale market as well.”

Mr. Gontmakher added, “Continued positive momentum following the initiation of adult use sales in late 2020 in both Georgetown and Worcester, Massachusetts, along with an exceptionally strong launch of our Calumet City, Illinois dispensary in December, contributed to our robust sequential Q1 sales increases and exceeded all internal expectations. Looking ahead, with the completion and opening of our manufacturing facility in Commerce, California just a few weeks out, we expect to be in the market imminently with our suite of high-quality, branded products. As the largest legal cannabis market in the world, California offers a unique opportunity to build efficient operations and create incredible products that are replicable across our nationwide footprint.”

Mr. Gontmakher concluded, “With revenue-generating operations now in California, Illinois, Massachusetts, Michigan, and Washington, we are poised to further scale the business according to our expansion strategy for 2021. We continue to track towards our stated financial guidance for the year, anticipating $170–$180 million in Pro Forma Systemwide Revenue and $40–$50 million in Adjusted EBITDA.”

Business Updates and Developments

Systemwide pro forma revenue increased 26% to $31.4 million in Q1 2021, compared to $25.0 million in Q4 2020. Retail sales and product adoption exceeded internal expectations. This increase was primarily due to higher sales from the two Massachusetts dispensaries following the start of adult use sales in the second half of 2020, and a very strong launch from the Calumet City dispensary that opened in December 2020.

Q1 2021 Adjusted EBITDA was $5.9 million, steady with Q4 2020 representing an adjusted EBITDA margin of 19%. EBITDA margin in the quarter was negatively impacted by the ramp up of the Company’s expanded grow facility in Illinois. While the tripling of the Company’s Illinois cultivation facility’s flowering canopy was completed on time and under budget, the first harvest from the expanded facility was not completed until April, leading to a one-time, higher than expected average cost per gram for manufactured products in Q1 2021. Through the first month of Q2, 4Front has more than tripled its Illinois harvest output and expects a meaningful rebound in margins in Q2.

The Company’s fully-funded, state-of-the-art 170,000 square foot manufacturing facility in Commerce, California is nearing completion and remains on track to be ready to serve the California cannabis market beginning in Q2 2021. The Company’s first suite of products will include edibles, tinctures, capsules and infused pre-rolls, including Marmas™, Pebbles™, Chewees™, Hi-Burst™, Verdure™ and Terp Stix™. The Company has signed a distribution agreement with Nabis, a leading distributor of cannabis products. Nabis distributes brands to more than 750 dispensaries in California, covering 99% of licensed retailers in the state.

Construction of the Company’s third Massachusetts Mission Dispensary in Brookline
is complete. The Company also announced that it has cleared all municipal processes with the City of Brookline including receiving its Certificate of Occupancy. Pending final approval from the Cannabis Control Commission, the grand opening is slated for June 2021.

In Illinois, the recently announced development of our new cultivation and production facility continues as scheduled with construction beginning in Q3 2021. The first phase, a 258,000 square foot building with 65,000 square feet of flowering canopy and approximately 70,000 square feet of manufacturing space is on track to break ground in Q3 2021.

Conference Call

The Company will host a conference call and webcast on Monday, May 24, 2021 at 5:00 p.m. ET to review its operational and financial results and provide an update on current business trends.

To join the call, dial 1-877-407-0792 toll free from the United States or Canada or 1-201-689-8263 if dialing from outside those countries. The webcast can be accessed at this link.

The call will be available for replay until Monday, May 31, 2021. To access the telephone replay, dial 1-844-512-2921 toll free from the United States and Canada, or 1-412-317-6671 if dialing from outside those countries, and use this replay pin number: 13719936.

About 4Front Ventures Corp.

4Front (CSE: FFNT) (OTCQX: FFNTF) is a national multi-state cannabis operator and retailer, with a market advantage in mass-produced, low-cost quality branded cannabis products. 4Front manufactures and distributes a portfolio of over 21 cannabis brands including Marmas, Crystal Clear, Funky Monkey, Pebbles, and the Pure Ratios wellness collection, distributed through retail outlets and their chain of strategically positioned Mission branded dispensaries. Headquartered in Phoenix, Arizona, 4Front has operations in Illinois, Massachusetts, California, Michigan, and Washington state. From plant genetics to the cannabis retail experience, 4Front’s team applies expertise across the entire cannabis value chain. For more information, visit www.4frontventures.com.

Financial Statements

4FRONT VENTURES CORP.

Formerly 4Front Holdings, LLC

Consolidated Balance Sheets

As of March 31, 2021 and December 31, 2020

	March 31, 2021		December 31, 2020
ASSETS
Current assets:
Cash	$	17,806	$	18,932
Accounts receivable	390		437
Other receivables	195		1,341
Current portion of lease receivables	3,495		3,450
Inventory	18,971		18,037
Current portion of notes receivable	292		264
Prepaid expenses	3,105		2,275
Total current assets	44,254		44,736
Property and equipment, net	39,542		33,618
Notes receivable and accrued interest	—		91
Lease receivables	7,486		7,595
Intangible assets, net	28,207		28,790
Goodwill	23,155		23,155
Right-of-use assets	61,593		62,466
Deposits	4,685		4,305
TOTAL ASSETS	$	208,922	$	204,756

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Current liabilities:
Accounts payable	$	6,576	$	4,722
Accrued expenses and other current liabilities	8,213		6,427
Taxes payable	13,308		11,502
Derivative liability	8,339		5,807
Current portion of convertible notes	2,160		1,652
Current portion of lease liability	1,795		1,909
Current portion of contingent consideration payable	—		2,393
Current portion of notes payable and accrued interest	3,852		3,372
Total current liabilities	44,243		37,784
Convertible notes	11,466		14,722
Notes payable and accrued interest from related party	45,704		45,362
Long term notes payable	1,838		1,907
Long term accounts payable	1,600		1,600
Contingent consideration payable	3,212		3,103
Deferred tax liability	7,162		6,530
Lease liability	51,334		51,545
TOTAL LIABILITIES	166,559		162,553
SHAREHOLDERS’ EQUITY (DEFICIENCY)
Equity attributable to 4Front Ventures Corp.	259,431		250,583
Additional paid-in capital	44,512		42,116
Deficit	(261,637)		(250,548)
Total 4Front Ventures Corp. shareholders’ equity	42,306		42,151
Non-controlling interest	57		52
TOTAL SHAREHOLDERS’ EQUITY	42,363		42,203
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	208,922	$	204,756

4FRONT VENTURES CORP.

Formerly 4Front Holdings, LLC

Consolidated Statements of Operations and Comprehensive Loss

For the Three Months Ended March 31, 2021 and March 31, 2020

	Three Months Ended March 31,
	2021		2020
REVENUE
Revenue from sale of goods	$	20,080	$	9,755
Real estate income	2,890		2,897
Total revenues	22,970		12,652
Cost of goods sold, sale of grown and manufactured products	(5,335)		(2,815)
Cost of goods sold, sale of purchased products	(3,790)		(1,834)
Gross profit	13,845		8,003
OPERATING EXPENSES
Selling and marketing expenses	5,157		6,816
General and administrative expenses	5,165		5,108
Equity based compensation	2,396		1,227
Depreciation and amortization	774		913
Accretion	—		(37)
Total operating expenses	13,492		14,027
Income (Loss) from operations	353		(6,024)
Other income (expense)
Interest income	3		56
Interest expense	(2,461)		(2,136)
Amortization of loan discount upon conversion of debt to equity	(2,915)		—
Change in fair value of derivative liability	(2,532)		—
Loss on lease termination	(879)		—
Total other income (expense)	(8,784)		(2,080)
Net loss before income taxes	(8,431)		(8,104)
Income tax expense	(2,653)		(550)
Net loss from continuing operations, net of taxes	(11,084)		(8,654)
Net income from discontinued operations, net of taxes	—		872
Net loss	(11,084)		(7,782)
Net loss attributable to non-controlling interest	5		12
Net loss attributable to shareholders	$	(11,089)	$	(7,794)
Basic and diluted loss per share	$	(0.02)	$	(0.01)
Weighted average number of shares outstanding, basic and diluted	558,997,571		531,521,620

Note Regarding Non-GAAP Measures, Reconciliation, and Discussion

In this press release, 4Front refers to certain non-GAAP financial measures such as Systemwide Pro Forma Revenue and Adjusted EBITDA. These measures do not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other issuers. 4Front defines Systemwide Pro Forma Revenue as total revenue plus revenue from entities with which the Company has a management contract, or effectively similar relationship (net of any management fee or effectively similar revenue) but does not consolidate the financial results of per U.S. GAAP ASC 810. 4Front considers this measure to be an appropriate indicator of the growth and scope of the business.

Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and one-time charges related to acquisition, financing related costs and other non-recurring expenses. 4Front considers these measures to be an important indicator of the financial strength and performance of our business.

This news release was prepared by management of 4Front Ventures, which takes full responsibility for its contents. The Canadian Securities Exchange (“CSE”) has not reviewed and does not accept responsibility for the adequacy of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States.

Systemwide Pro Forma Revenue Reconciliation

Revenue (GAAP)	$22,970
Less: Real Estate Income	2,890
Plus: Systemwide Revenue Adjustment	11,322
Systemwide Pro Forma Revenue (non-GAAP)	$31,402

Forward Looking Statements

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in 4Front Ventures’ periodic filings with securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward-looking statements.

Forward-looking statements may include, without limitation, statements related to future developments and the business and operations of 4Front Ventures, statements regarding when or if transactions will close or if/when required conditions to closing are attained, the impact of the transactions on the business of 4Front and other statements regarding future developments of the business. Although 4Front Ventures has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on satisfying closing conditions, [obtaining regulatory approvals]; and engagement in activities currently considered illegal under U.S. federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.

There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. 4Front Ventures disclaims any intention or obligation to update or revise such information, except as required by applicable law, and 4Front Ventures does not assume any liability for disclosure relating to any other company mentioned herein.

View original content to download multimedia:http://www.prnewswire.com/news-releases/4front-ventures-reports-first-quarter-2021-financial-results-and-provides-business-update-301297983.html

SOURCE 4Front

May 24, 2021 4:03 pm

Analog Devices to Participate in J.P. Morgan Global Technology, Media and Communications Conference

Analog Devices to Participate in J.P. Morgan Global Technology, Media and Communications Conference

WILMINGTON, Mass.–(BUSINESS WIRE)–Analog Devices, Inc. (Nasdaq: ADI) today announced that the Company’s Chief Financial Officer, Prashanth Mahendra-Rajah, will speak at J.P. Morgan’s 49^th Annual Global Technology, Media and Communications Conference to be held on Wednesday, May 26, 2021, at 9:40 a.m. Eastern time.

The webcast for the conference may be accessed live via the Investor Relations section of Analog Devices’ website at investor.analog.com. An archived replay will also be available for thirty days following the webcast.

About Analog Devices, Inc.

Analog Devices (Nasdaq: ADI) is a leading global high-performance semiconductor company dedicated to solving the toughest engineering challenges. We enable our customers to interpret the world around us by intelligently bridging the physical and digital with unmatched technologies that sense, measure, power, connect and interpret. Visit http://www.analog.com.

(ADI-WEB)

View source version on businesswire.com: https://www.businesswire.com/news/home/20210524005612/en/

Michael Lucarelli

Senior Director of Investor Relations

Analog Devices, Inc.

781-461-3282

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Semiconductor Manufacturing Other Technology Technology Engineering

MEDIA:

Logo

May 24, 2021 4:03 pm

LAWSUIT FILED: Block & Leviton LLP Has Filed a Lawsuit Against Aterian, Inc. for Securities Fraud; Investors Who Lost Money Should Contact the Firm

BOSTON, May 24, 2021 (GLOBE NEWSWIRE) — Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that it has filed a class action lawsuit on behalf of shareholders against Aterian, Inc. (NASDAQ: ATER) (formerly known as Mohawk Group Holdings, Inc.) and certain of its executives for securities fraud. Investors who purchased Aterian shares between December 1, 2020 and May 3, 2021, and who lost money are strongly encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or to visit our website for information on the case. The deadline to seek appointment as lead plaintiff is July 12, 2021.

On May 4, 2021, before the markets opened, analyst Culper Research issued a scathing report concerning Aterian. In its report, Culper wrote that “the Company has ties to convicted criminals and is promoting what we believe is an overhyped ‘AI’ narrative and a string of garbage acquisitions to mask the failure of its already ill-conceived core business.” Culper continued that “Aterian has been largely unsuccessful in convincing other Amazon sellers to pay for its ‘AIMEE’ AI platform, and at least 5 former employees and a former customer have expressed doubts regarding AIMEE’s legitimacy. We think that Aterian’s underlying business has failed, forcing the Company to obscure its poor performance with a series of questionable acquisitions.” Culper further wrote: “[w]e believe that there are serious problems with Aterian’s claims to maintain strong organic growth and to drive M&A synergies: to us, neither of these appears to be the case. . . . In our view, this suggests not only that Aterian is unable to grow EBITDA at acquired businesses, but that its core business is also failing to produce.” On this news, the price of Aterian stock fell from its May 3, 2021 close of $20.66 to a May 5, 2021 close of $15.72 per share, a two-day drop of $3.04 per share or approximately 24%.

The lawsuit was filed in the U.S. District Court for the Southern District of New York. The case is captioned Tate v. Aterian, Inc., et al., No. 1:21-cv-4323 (S.D.N.Y.), and has not yet been assigned to a judge or specific courthouse. The class period is between December 1, 2020 and May 3, 2021, inclusive. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

If you purchased or acquired Aterian shares between December 1, 2020 and May 3, 2021 and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or visit our website. The deadline to seek appointment as lead plaintiff is July 12, 2021.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.

This notice may constitute attorney advertising.

CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: [email protected]
SOURCE: Block & Leviton LLP
www.blockleviton.com

May 24, 2021 4:03 pm

Gritstone Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

EMERYVILLE, Calif., May 24, 2021 (GLOBE NEWSWIRE) — Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company developing the next generation of cancer and infectious disease immunotherapies, today announced that the Compensation Committee of the company’s Board of Directors has granted five employees nonqualified stock options to purchase an aggregate of 82,200 shares of its common stock, as an inducement material to each of the new employees becoming an employee of Gritstone, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options have an exercise price of $8.50, which is equal to the closing price of Gritstone’s common stock on May 5, 2021, the grant date of the awards. The options will vest over a four-year period, with 25% of the options vesting on the first anniversary of the employees’ date of hire, and 1/48^th of the options vesting monthly thereafter, subject to the employees’ continued employment with Gritstone on such vesting dates. The options are subject to the terms and conditions of Gritstone’s 2021 Employment Inducement Incentive Award Plan and the stock option agreement covering the grant.

About Gritstone

Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company, is developing the next generation of immunotherapies against multiple cancer types and infectious diseases. Gritstone develops its products by leveraging two key pillars—first, a proprietary machine learning-based platform, Gritstone EDGE™, which is designed to predict antigens that are presented on the surface of cells, such as tumor or virally-infected cells, that can be seen by the immune system; and, second, the ability to develop and manufacture potent immunotherapies utilizing these antigens to potentially drive the patient’s immune system to specifically attack and destroy disease-causing cells. The company’s lead oncology programs include an individualized neoantigen-based immunotherapy, GRANITE, and an “off-the-shelf” shared neoantigen-based immunotherapy, SLATE, which are being evaluated in clinical studies. Within its infectious disease pipeline, Gritstone is advancing CORAL, a COVID-19 program to develop a second-generation vaccine, with support from departments within the National Institutes of Health (NIH), the Bill & Melinda Gates Foundation, as well as a license agreement with La Jolla Institute for Immunology. Additionally, the company has a global collaboration for the development of a therapeutic HIV vaccine with Gilead Sciences. For more information, please visit gritstonebio.com.

Gritstone Forward-Looking
Statements

This press release contains forward-looking statements, including, but not limited to, statements related to the potential of our product candidates. Such forward-looking statements involve substantial risks and uncertainties that could cause Gritstone’s research and clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the drug development process, including Gritstone’s programs’ early stage of development, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, Gritstone’s ability to successfully establish, protect and defend its intellectual property and other matters that could affect the sufficiency of existing cash to fund operations. Gritstone undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the company in general, see Gritstone’s most recent Quarterly Report on Form 10-Q filed on May 6, 2021 and any current and periodic reports filed with the Securities and Exchange Commission.

Gritstone Contacts

Media:
Dan Budwick
1AB
(973) 271-6085
[email protected]

Investors:
Alexandra Santos
Wheelhouse Life Science Advisors
(510) 871-6161
[email protected]

May 24, 2021 4:03 pm

LMP Automotive Holdings, Inc. Announces it will Release its First Quarter of 2021 Financial Results and Hold its Quarterly Conference Call on Thursday, May 27,2021

FORT LAUDERDALE, FL , May 24, 2021 (GLOBE NEWSWIRE) — LMP Automotive Holdings, Inc. (“LMP” or the “Company) (NASDAQ: LMPX), an e-commerce and facilities-based automotive retailer in the United States, today announced that it will release its first quarter of 2021 financial results conference call, previously scheduled for May 24, 2021 on Thursday, May 27, 2021.

As LMP continues to evaluate and account for certain transactions primarily related to its acquisitions that were consummated in March of the first quarter of 2021, LMP will release its financial results for the first quarter of 2021 and file its Quarterly Report on Form 10-Q after the U.S. stock markets close on Thursday, May 27, 2021. The Company will hold a conference call to discuss these financial results that afternoon at 4:30 p.m. Eastern Time.

What:
LMP Automotive Holdings, Inc. First Quarter 2021 Financial Results Conference Call
When:
Thursday, May 27, 2021
Time:
4:30 p.m. ET
Live Call:
1-877-407-3982; International: 1-201-493-6780
A telephonic replay of the conference call will be available until Thursday, June 10^th, 2021, by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 13717540.

ABOUT LMP AUTOMOTIVE HOLDINGS, INC.

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) is a growth company with a long-term plan to profitably consolidate and partner with automotive dealership groups in the United States. We offer a wide array of products and services fulfilling the entire vehicle ownership lifecycle, including new and used vehicles, finance and insurance products and automotive repair and maintenance.

Our proprietary e-commerce technology and strategy are designed to disrupt the industry by leveraging our experienced teams, growing selection of owned inventories and physical logistics network. We seek to provide customers with a seamless experience both online and in person. Our physical logistics network enables us to provide convenient free delivery points for customers and provide services throughout the entire ownership life cycle. We use digital technologies to lower our customer acquisition costs, achieve operational efficiencies and generate additional revenues. Our unique growth model generates significant cash flows, which funds our innovation and expansion into new geographical markets, along with strategically building out dealership networks, creating personal transportation solutions that consumers desire.

FORWARD-LOOKING STATEMENTS:
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Such statements include, but are not limited to, any statements relating to our expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar matters that are not historical facts. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,” “potential,” “project,” “projection,” “seek,” “can,” “could,” “may,” “should,” “would,” will,” the negatives thereof and other words and terms of similar meanings. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock value. Factors that could cause actual results to differ materially from those currently anticipated include: our dependence upon external sources for the financing of our operations; our ability to effectively executive our business plan; our ability to maintain and grow our reputation and to achieve and maintain the market acceptance of our services and platform; our ability to manage the growth of our operations over time; our ability to maintain adequate protection of our intellectual property and to avoid violation of the intellectual property rights of others; our ability to maintain relationships with existing customers and automobile suppliers, and develop relationships; and our ability to compete and succeed in a highly competitive and evolving industry; as well as other risks described in our SEC filings. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

LMP Automotive Holdings, Inc.
500 East Broward Boulevard, Suite 1900
Fort Lauderdale, FL 33394
[email protected]

For more information visit: https://lmpmotors.com/

May 24, 2021 4:03 pm

LAWSUIT FILED WITH UPDATED CLASS PERIOD: Block & Leviton LLP Has Filed a Lawsuit Against Danimer Scientific, Inc. for Securities Fraud; Investors Who Lost Money Should Contact the Firm

BOSTON, May 24, 2021 (GLOBE NEWSWIRE) — Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that it has filed a class action lawsuit with an expanded class period on behalf of shareholders against Danimer Scientific, Inc. (NYSE: DNMR), formerly known as Live Oak Acquisition Corp. (NYSE: LOAK) and certain of its executives and directors for securities fraud. Investors who purchased Danimer and/or Live Oak shares between October 5, 2020 and May 3, 2021, and who lost money are strongly encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or to visit our website for information on the case. The deadline to seek appointment as lead plaintiff is July 13, 2021.

On March 20, 2021, the Wall Street Journal published an article entitled “Plastic Straws That Quickly Biodegrade in the Ocean? Not Quite, Scientists Say.” According to the WSJ report, “Nodax breaks down far more quickly than fossil-fuel plastics . . . [but] many claims about Nodax are exaggerated and misleading, according to several experts on biodegradable plastics.” The article quoted an expert in the area who stated that Danimer’s marketing is “sensationalized” and that making broad claims about Nodax’s biodegradability “is not accurate” and is “greenwashing.” On this news, Danimer’s stock price fell $6.43 per share, or approximately 13%, to close at $43.55 on March 22, 2021.

Then on April 22, 2021, analyst Spruce Point Capital Management published a report on Danimer, writing, “Another Go Around at Plastic Alternatives with Several Corporate Governance Red Flags: 65%-100% Downside Risk.” In this report, among other things, Spruce Point: (1) alleged that it found “several corporate governance red flags” involving past and current Danimer executives; (2) questioned the independence of Danimer’s scientific research; and (3) wrote that Danimer “has concealed, through numerous website changes and omission of past press releases, a pattern of conflicting and irreconcilable statements on capacity, facility size, and capex costs . . . .” On this news, the stock fell from $25.00 to $22.99 per share, or approximately 8%.

On May 4, 2021, Spruce Point issued an update to its earlier report, alleging that it found documents through a Freedom of Information Act request that “show smoking gun evidence of pricing inflation and slackness in capacity” at Danimer. Shares fell another $1.49 per share, or approximately 6.3%.

The lawsuit was filed in the U.S. District Court for the Middle District of Georgia. The case is captioned Wilkins v. Danimer Scientific, Inc., et al., No. 1:21-cv-00096-LAG (M.D. Ga.), and has been assigned to the Honorable Leslie Abrams Gardner, located at the C.B. King United States Courthouse, 201 West Broad Avenue, Albany, GA 31701. A related case was filed in the U.S. District Court for the Eastern District of New York before the Honorable Margo K. Brodie, Rosencrants v. Danimer Scientific, Inc., et al., No. 1:21-cv-02708-MKB-RLM. The new Wilkins action extends the class period to fall between October 5, 2020 and May 3, 2021, inclusive. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

If you purchased or acquired Danimer and/or Live Oak securities between October 5, 2020 and May 3, 2021 and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or visit our website. The deadline to seek appointment as lead plaintiff is July 13, 2021.

This notice may constitute attorney advertising.

CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: [email protected]
SOURCE: Block & Leviton LLP
www.blockleviton.com