Origin Materials Files 8-K on Exit Costs and Disclosures

TL;DR

Origin Materials filed an 8-K detailing exit costs and financial disclosures.

AI Summary

Origin Materials, Inc. filed an 8-K on September 20, 2024, reporting on costs associated with exit or disposal activities, Regulation FD disclosure, and financial statements. The company, formerly known as Artius Acquisition Inc., is incorporated in Delaware and headquartered in West Sacramento, CA.

Why It Matters

This filing indicates potential restructuring or divestiture activities within Origin Materials, which could impact its future operational focus and financial performance.

Risk Assessment

Risk Level: medium — The filing pertains to exit or disposal activities, which can signal financial distress or strategic shifts that carry inherent business risks.

Key Numbers

• 001-39378 — SEC File Number (Identifies the company's filing history with the SEC.)
• 87-1388928 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• Origin Materials, Inc. (company) — Registrant
• September 20, 2024 (date) — Date of earliest event reported
• Artius Acquisition Inc. (company) — Former company name
• Delaware (jurisdiction) — State of incorporation
• West Sacramento, CA (location) — Principal executive offices address

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share ORGN The NASDAQ Capital Marke
• $11.50 — of Common Stock at an exercise price of $11.50 per share ORGNW The NASDAQ Capital Mark
• $0.6 m — he workforce reduction of approximately $0.6 million, primarily consisting of severanc
• $0.5 million — loyee separation costs of approximately $0.5 million and non-cash charges of approximately $
• $0.1 million — n and non-cash charges of approximately $0.1 million for the accelerated vesting of certain

Filing Documents

• orgn-20240920.htm (8-K) — 35KB
• orgn-20248kxex991rif.htm (EX-99.1) — 12KB
• 0001802457-24-000061.txt ( ) — 213KB
• orgn-20240920.xsd (EX-101.SCH) — 2KB
• orgn-20240920_def.xml (EX-101.DEF) — 15KB
• orgn-20240920_lab.xml (EX-101.LAB) — 26KB
• orgn-20240920_pre.xml (EX-101.PRE) — 16KB
• orgn-20240920_htm.xml (XML) — 4KB

05 Costs Associated with Exit or Disposal Activities

Item 2.05 Costs Associated with Exit or Disposal Activities In light of increasing near-term demand for our PET caps, on September [20], 2024, the Company affected an organizational realignment to redirect, and in some cases reduce, existing resources from non-PET cap research programs with potential longer-term economic benefits to accelerate near-term, higher-margin revenue opportunities from PET caps. Consistent with this realignment, the Company will shift to "on demand" operation of its Origin 1 facility in Sarnia, Ontario, reducing staffing while preserving the ability to generate small volumes of product sufficient to explore scale-up with strategic partners. The reorganization will result in a reduction in the company's overall cash burn and a reduction of approximately 28% of the Company's global workforce, which the Company anticipates completing by the fourth quarter of 2024, subject to compliance with statutory notice periods, where applicable. The Company expects to record a restructuring charge related to the workforce reduction of approximately $0.6 million, primarily consisting of severance and benefits costs, inclusive of cash expenditures for employee separation costs of approximately $0.5 million and non-cash charges of approximately $0.1 million for the accelerated vesting of certain equity awards. The Company expects to incur the majority of the expenses related to the workforce reduction by the end of the fourth quarter of 2024. The estimated charges are subject to a number of assumptions, including legal requirements in various jurisdictions, and actual results may differ materially from these estimates. The Company may incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the workforce reduction.

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding demand for Origin's PET caps, the estimat e and timing of the charges that will be incurred in connection with the Company's realignment, the potential benefits of deferring non-PET cap research programs and on-demand operation of Origin 1, with longer-term economic impacts and accelerating higher-margin revenue opportunities. These statements are based on various assumptions, whether or not identified in this Current Report on Form 8-K, and on the current expectations of Origin's management, and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and you must rely on them as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond Origin's control. These forward-looking statements are subject to a number of risks and uncertainties, including the effects of competition on Origin's business; the uncertainty of the projected financial information with respect to Origin; disruptions and other impacts to Origin's business as a result of global conflicts, the impact of severe weather events, and other global health or economic crises; changes in customer demand; and those factors discussed

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On September 23, 2024, the Company issued a press release announcing the organizational realignment described in Item 2.05 above. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is being furnished to the SEC and shall not be deemed filed for any purpose.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release dated September 23, 2024 104 Cover Page Interactive Data File, formatted in Inline XBRL (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ORIGIN MATERIALS, INC. Dated: September 23, 2024 By: /S/ Matt Plavan Matt Plavan Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR