Shares of Danimer Scientific (NYSE: DNMR) dropped a quick 17% as trading got underway on March 30. The news likely driving the decline was the company’s after-the-market earnings release on March 29, the first quarterly report of its public life.
Danimer Scientific, which is involved in making biodegradable plastics, came public through a blank check company in the last few trading days of 2020. That means its fourth-quarter 2020 earnings report was its first as a public entity, though for most of the period it wasn’t actually public. Basically, this report is setting something of a benchmark for future periods. Investors don’t seem to be too pleased with the results.