Origin 1 Construction Update

The company announced this morning via a press release that the mechanical completion of its manufacturing facility in Sarnia, Ontario would not be completed by the end of 2022, as previously expected. The recent severe winter weather put a hindrance on construction activities. The final construction should wrap-up by the end of January 2023, with commissioning expected to be completed by the end of the first quarter 2023. Start-up of the O1 facility will begin shortly thereafter.

While the company failed to meet their original goal of having mechanical completion done by year's end, it is good to know that worker safety was prioritized here. The storm wreaked havoc on the area, shuttering schools, businesses, and libraries last Friday. It made harsh travel conditions and one road in particular was closed down due to the number of collisions.

Fermium Research Reiterates Buy Rating

In a research note released yesterday, analysts Frank Mitsch and Aziza Gazieva discussed the updated timeline for the company's first production-scale facility. "We're not inclined to make a mountain out of a molehill," they said. Further, it was reported that CEO John Bissell stated that they were very close to hitting their year-end goal but had to go "tools down" due to the winter storm.

Further, the firm reiterated their buy rating on the stock, to which they have assigned a $20 price target and said "though we readily understand investor frustrations with the stock action...we continue to believe the ORGN story is still very much on track."

Weekly Chart

While certainly not quite back at the $5 level yet, the stock made a move in the right direction yesterday. Perhaps fueled partly by the news release, partly by reduced selling pressure, ORGN managed a 6.15% gain on the day.

In a form 4 filed yesterday, it was revealed that CEO John Bissell had sold 150,000 shares on the 27th (about 8% of that day's trading volume) which contributed to the heavy drop. The shares sold were pursuant to a 10b5-1 Plan dated September 1, 2022, according to the filing. Insiders sell for a variety of reasons. In this case, "to cover tax obligations in connection with the settlement of vested incentive stock options nearing expiration." Following the sale, Bissell holds 1.2 million shares of Origin Materials.

Reference - Institutional Position Updates

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