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Matthew T. Plavan, the CFO and COO of Origin Materials, Inc. (NASDAQ:ORGN), recently sold 24,500 shares of the company's common stock. The transaction, dated December 27, 2024, was executed at a weighted-average price of $1.0249 per share, totaling approximately $25,110. The stock has since rallied to $1.28, marking an impressive 18% gain over the past week. According to InvestingPro analysis, Origin Materials currently appears undervalued based on its Fair Value assessment. This sale was conducted under a pre-established 10b5-1 trading plan, primarily to cover tax withholding obligations related to the vesting of restricted stock units. Following the transaction, Plavan holds 1,439,588 shares directly. The company maintains a strong liquidity position with a current ratio of 16.27 and holds more cash than debt on its balance sheet. InvestingPro subscribers can access 12 additional key insights and a comprehensive Pro Research Report, offering deeper analysis of Origin Materials' financial health and growth prospects.
In other recent news, Origin Materials, Inc. announced significant changes to its executive team, including the departure of Co-Chief Executive Officer Rich Riley, effective December 31, 2024. Following Riley's departure, John Bissell will become the sole CEO. Matt Plavan, currently serving as Chief Financial Officer, will also assume the role of Chief Operating Officer. These leadership changes come during a time of financial challenges for the company, as it continues to navigate the competitive landscape.
Origin Materials has reported a Q3 revenue increase to $8.2 million from $7.1 million year-over-year and maintains a solid cash position of $113 million. The company also announced plans for commercial production of PET caps, as part of its strategy to capture a share of the $65 billion caps and closures market. This follows the successful Factory Acceptance Test of its CapFormer System, with initial revenue from caps expected in the first quarter of 2025.
Despite a reduction in the company's cash balance over the past year, Origin Materials anticipates a significant production scale-up, with at least eight CapFormer Systems operational by 2025. The company is also in ongoing discussions for additional business in the caps and closures sector, indicating its commitment to growth. These are among the recent developments for Origin Materials, a company incorporated in Delaware and operating in the industrial organic chemicals sector.
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