California-based systems provider Origin Materials is to voluntarily delist the company’s common stock from the Nasdaq Capital Market and deregister its common stock with the Securities and Exchange Commission (SEC).
The announcement, made in a statement issued by the West Sacramento-based firm, is intended to eliminate what Origin Materials interim chief executive Matt Plavan said was “significant legal, audit, and other costs associated with being a public company”.
It comes after Eco-plastics in Packaging reported that the company was gearing up to sell its PET Cap technology and other remaining assets following unsuccessful attempts to secure additional capital.
The company announced on 1 May its intent to delist its common stock and warrants from Nasdaq in connection with its plan of dissolution, which it asked its shareholders to approve at its upcoming shareholder meeting on 1 July.
‘Warrants will expire’
“Origin’s warrants will expire according to their terms on 24 June 2026,” said Plavan.
“We expect Nasdaq will suspend trading of the warrants prior to market open on 24 June 2026, and the warrants will be delisted from Nasdaq.”
Origin has notified Nasdaq of its intention to voluntarily delist its shares of common stock and expects to file a Form 25 with the SEC on or around 22 June.
The withdrawal of Origin’s common stock from Nasdaq is expected to become effective on 2 July.
Nasdaq is poised to submit a Form 25 to delist Origin’s warrants in connection with their expiration on 24 June.
The statement also revealed that Origin intends to file a Form 15 with the SEC on or around 10 July, terminate the registration of its common stock with the SEC, and immediately suspend its obligation to file periodic reports under the Securities Exchange Act of 1934 as amended.
‘Maximise shareholder value’
Plavan added: “While we are in compliance with applicable Nasdaq listing requirements, our board determined that it is consistent with our prior stated intention to maximise shareholder value, which includes the sale of our technology and associated assets, to voluntarily delist our common stock now given the potential to eliminate significant legal, audit, and other costs associated with being a public company.”
Following the Nasdaq delisting, any trading in Origin’s common stock would occur, if at all, on the over-the-counter (OTC) market, the firm said.
Origin added that it does not intend to apply for its common stock to be quoted on OTC.
In addition, if Origin’s shareholders approve the plan of dissolution after it files the certificate of dissolution, there will be no trading market for Origin’s common stock, the company said.
