Shareholders of Californian-based PET cap systems provider Origin Materials have approved ceasing the company’s operations, according to a filing with the US Securities and Exchange Commission.
Present at the special meeting via remote communication or by proxy were the shareholders of 2,123,179 shares, representing 38.58 per cent of the 5,503,087 shares of common stock.
Altogether, there were 2,043,101 votes in favour of completing the corporate liquidation and dissolution of the firm, compared with 66,752 against, and 13,326 abstentions.
The vote has effectively authorised management to wind down operations of the West Sacramento-based firm.
The development comes after Eco-plastics in Packaging reported that Origin Materials’ board of directors unanimously approved the company’s dissolution and liquidation, subject to shareholder approval, back in May.
Voluntary Nasdaq delisting
In June, the company announced it would voluntarily delist the company’s common stock from the Nasdaq Capital Market and deregister its common stock with the Securities and Exchange Commission.
Back in 2024, Origin Materials launched what it claimed was the world’s first commercial-scale manufacturing system for PET caps and closures.
At the time, the company’s Origin CapFormer System was said to enable 100 per cent PET container-to-container beverage recycling for the first time.
The innovation came a year after Origin announced that it had mastered PET caps and closures after several years of development, and a month after it announced its first signed customer for PET caps and closures.
