In a recent transaction, John Bissell, Co-CEO and Director of Origin Materials, Inc. (NASDAQ:ORGN), sold 36,000 shares of the company's common stock. The sale, executed on December 13, was made at a weighted-average price of $1.1434 per share, totaling approximately $41,162. The transaction comes as Origin Materials, currently valued at $153 million, maintains a strong balance sheet with more cash than debt, though InvestingPro data shows the company is rapidly consuming its cash reserves.
The shares were sold to cover tax withholding obligations related to the vesting and settlement of restricted stock units. This transaction was part of a "sell to cover" arrangement, and not a discretionary sale by Mr. Bissell. According to InvestingPro analysis, which offers comprehensive insights through its Pro Research Reports covering 1,400+ US stocks, Origin Materials is currently trading below its Fair Value. Following the transaction, Bissell retains ownership of 1,581,230 shares of Origin Materials.
In other recent news, Origin Materials, Inc. announced plans to commence commercial production of its innovative PET caps following a successful Factory Acceptance Test of its first CapFormer System. The company reported a rise in Q3 revenue to $8.2 million from $7.1 million year-over-year and a robust cash position. Origin Materials expects significant growth from its caps and closures business starting in 2025, with at least eight CapFormer Systems projected to be operational by year-end. The company also has a $100 million MOU in place and anticipates positive EBITDA in the first half of 2026.
In addition to these developments, Origin Materials is actively exploring strategic partnerships and is in discussions for more business in the caps and closures sector. Despite a decrease in the cash balance from the previous year, the company maintains a strong cash position of $113 million as of Q3 end. Management has addressed investor questions about stock transactions and discussed improving gross margins as manufacturing scales up. The company remains strategically positioned to capture market share in the caps and closures industry, with significant revenue growth expected from 2025 onwards.
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