What’s going on with AACQ?
Artius Acquisition Inc. (AACQ) stock was trading 0.05% lower after Origin Materials, the carbon negative materials company with which it’s combining, announced a partnership with Packaging Matters to create packaging using next-generation polymer. The shares were down $0.01 to $10.30 per share on Monday afternoon.
What does this mean for Artius?
Artius Acquisition Inc. in February combined with Original Materials to take the packaging company public, and the deal is expected to wrap up in the second quarter 2021, at which point the combined company will be called Origin Materials and be listed under the new ticker symbol “ORGN.”
The agreement between Original Materials and Packaging Matters to jointly develop next-generation polymer polyethylene furanoate (PEF) follows a previous supply agreement to buy sustainable carbon-negative polymer PET from Origin. The companies called their partnership “a potential breakthrough in the commercialization of PEF, a polymer with an attractive combination of performance characteristics for packaging, including enhanced barrier properties, degradability, and other qualities.”
Packaging Matters announced it intends to use the PET polymer from Origin Materials at its facility in Visalia, Calif. to make packaging products for its fresh fruits, vegetables, and salads customers.
"Origin Materials’ mission is to provide carbon-negative material solutions in a world-fast transitioning to net zero carbon," Origin Materials co-CEO Rich Riley said in a news release. "Partnering with Packaging Matters is a natural fit because by creating better-performing, carbon-negative packaging solutions together, we aim to deliver what the most innovative companies in the world are demanding and to show the packaging industry the path to a low-carbon future."
AACQ has an Overall Score of 11. Find out what this means to you and get the rest of the rankings on AACQ!
Artius Acquisition Inc is a blank check company.
