ORGN - Why Origin Materials Stock Sank 67% and Plunged Below $2 Today
2023-08-10 11:59:55 ET
Shares of Origin Materials (NASDAQ: ORGN) dropped like a rock Thursday morning, trading 67% lower as of 11 a.m. ET. Yes, you read that right: More than half of the chemical company's market capitalization was wiped out with the market's opening today.
Origin Materials, which calls itself the "world's leading carbon negative materials company" and boasts some big names among its customers, just pushed back the construction of a plant. That's not good news coming from a young company that has just started generating revenue.
Origin Materials released its numbers for the second quarter on Aug. 9. It generated $6.9 million in revenue versus no revenue in the year-ago period and ended the quarter with $218 million in liquidity.
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Why Origin Materials Stock Sank 67% and Plunged Below $2 Today