Origin Materials Stock Craters As Board Moves To Sell Technology, Wind Down Operations

Origin Materials Inc. (NASDAQ:ORGN) shares are down on Monday following the company’s announcement of a strategic plan to sell its technology and wind down operations.

This news comes as the company aims to maximize shareholder value amid ongoing financial struggles.

The company engages in sustainable PET caps and closures.

Origin Materials Plans Technology Sale And Wind-Down

Origin Materials’ Board of Directors has approved a reduction in force to fund the continued qualification of customers and the strategic sale of its PET cap technology.

The company expects to wind down operations following these initiatives, with a plan for liquidation and dissolution pending shareholder approval.

As part of the reduction in force, members of the executive team will be leaving the company, with John Bissell stepping down as CEO while continuing to serve on the Board of Directors, and CFO and COO Matt Plavan appointed as interim CEO.

“Our ongoing work to support customer qualification processes and to optimize our products for manufacturing is a critical prerequisite to commercially scaling this technology, and continues to be our primary focus during this period,” Plavan commented.

“We previously reported that, absent near-term financing and reductions in operating expenses, our existing cash and cash equivalents would allow us to continue our planned operations into the third quarter of 2026,” Plavan further added.

In March, Origin Materials announced a 1-for-30 reverse stock split.

ORGN Price Action: Origin Materials shares were down 46.24% at $1.43 at the time of publication on Monday. The stock is trading at a new 52-week low, according to Benzinga Pro data.

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