Origin Materials Stock Craters As Board Moves To Sell Technology, Wind Down Operations
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Origin Materials Inc. (NASDAQ:ORGN) announced a strategic plan to sell its technology and wind down operations due to funding constraints. The company will implement layoffs, including the departure of CEO John Bissell, with CFO Matt Plavan appointed as interim CEO. Shares fell 46.24% to $1.43, marking a new 52-week low. The board's decision aims to maximize shareholder value amid ongoing financial struggles, with plans for liquidation pending shareholder approval.
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