Joshua C. Lee, the General Counsel of Origin Materials, Inc. (NASDAQ:ORGN), recently reported a sale of 25,000 shares of the company's common stock. The shares were sold on December 27, 2024, at a weighted-average price of approximately $1.0249, totaling $25,622. According to InvestingPro data, the stock has since rallied, showing an impressive 18% gain over the past week, with analysts setting a target price of $2.50. This transaction was conducted to cover tax withholding obligations related to the vesting of restricted stock units, as per a 10b5-1 Plan initiated on September 13, 2024.
Earlier in the week, on December 23, Lee acquired 225,000 shares of common stock. These shares represent restricted stock units that will vest over three years, contingent upon continued service with the company. Following these transactions, Lee's total direct ownership stands at 629,785 shares.
In other recent news, Origin Materials, Inc. has announced significant changes in its executive team and is preparing for a major production ramp-up. The company's Co-Chief Executive Officer, Rich Riley, will step down from his roles by the end of 2024, with John Bissell taking over as the sole CEO. Additionally, Matt Plavan, the current CFO, will also serve as the Chief Operating Officer starting from the same date.
In terms of financial developments, Origin Materials reported a Q3 revenue increase to $8.2 million from $7.1 million year-over-year, maintaining a solid cash position of $113 million. The company plans to commence commercial production of PET caps, aiming to capture a share of the $65 billion caps and closures market. It expects to generate initial revenue from caps in the first quarter of 2025 and aims for positive EBITDA by the first half of 2026.
The company is also in ongoing discussions for additional business in the caps and closures sector, indicating its commitment to growth. However, the company's cash balance has seen a reduction in the past year, despite optimistic projections. CFO Matt Plavan discussed improving gross margins as manufacturing scales up, while co-CEO John Bissell highlighted the potential of the company's innovative technologies. These are the recent developments within Origin Materials, Inc.
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