Document And Entity Information - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Mar. 26, 2021 |
Jun. 30, 2020 |
|
| Document Information Line Items | |||
| Entity Registrant Name | DANIMER SCIENTIFIC, INC. | ||
| Document Type | 10-K/A | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Common Stock, Shares Outstanding | 88,327,719 | ||
| Entity Public Float | $ 196,000,000 | ||
| Amendment Flag | true | ||
| Amendment Description | This Amendment No. 1 to Form 10-K (this “Amendment”) amends the Annual Report on Form 10-K for the fiscal year ended December 31, 2020 originally filed on March 30, 2021 (the “Original Form 10-K”) by Danimer Scientific, Inc. (“Danimer”, the “Company”, “we”, or “us”). On May 7, 2021, we filed a Current Report on Form 8-K with the Securities and Exchange Commission “(SEC”) disclosing the determination by management and the audit committee of our board of directors that, as a result of the re-evaluation described below, we will restate our previously issued Consolidated Financial Statements and related disclosures as of and for the year ended December 31, 2020. Refer to Note 1 to our Consolidated Financial Statements of this Amendment for additional information. On April 12, 2021, the Division of Corporation Finance and the Office of the Chief Accountant of the SEC (“Staff”) released a public statement entitled Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”). In the statement, the Staff, among other things, highlighted potential accounting implications of certain terms that are common in warrants issued in connection with the initial public offerings of SPACs such as Danimer. As a result of the Staff Statement and in light of evolving views as to certain provisions commonly included in warrants issued by SPACs, we re-evaluated our accounting for the warrants issued in connection with our initial public offering and concluded that the private warrants (“Private Warrants”) should be accounted for as derivative liabilities pursuant to Accounting Standards Codification 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, rather than as components of equity as we had previously treated them. As a result, we are restating in this Amendment our Consolidated Financial Statements as of and for the period ended December 31, 2020 to reflect the change in accounting treatment (the “Restatement”). In connection with the Restatement, we reassessed the effectiveness of our disclosure controls and procedures for the period affected by the Restatement. As a result of that reassessment, we determined that our disclosure controls and procedures were not effective because we identified a material weakness in our controls over the accounting for complex financial instruments, such as the Private Warrants. For more information, see Item 9A. This Amendment sets forth the Original Form 10-K in its entirety; however, this Amendment amends and restates only the following items of the Original Form 10-K and only with such modifications as necessary to reflect the Restatement. ● Cover Page; ● Cautionary Note Regarding Forward-Looking Statement ● Part I, Item 1A. Risk Factors ● Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations; ● Part II, Item 8, Financial Statements and Supplementary Data; ● Part II, Item 9A, Controls and Procedures; and ● Part IV, Item 15 Exhibits, Financial Statement Schedules In order to preserve the nature and character of the disclosures set forth in the Original Form 10-K, this Amendment speaks as of the date of the filing of the Original Form 10-K, and the disclosures contained in this Amendment have not been updated to reflect events occurring subsequent to that date, other than those associated with the Restatement. Among other things, forward-looking statements made in the Original Form 10-K have not been revised to reflect events that occurred or facts that became known to us after the filing of the Original Form 10-K, and such forward looking statements should be read in their historical context. Currently dated certifications from our Chief Executive Officer and Chief Financial Officer are also attached to this Amendment as Exhibits 31.1, 31.2, and 32.1. This Amendment should be read in conjunction with our other SEC filings. | ||
| Entity Central Index Key | 0001779020 | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Filer Category | Non-accelerated Filer | ||
| Entity Well-known Seasoned Issuer | No | ||
| Document Period End Date | Dec. 31, 2020 | ||
| Document Fiscal Year Focus | 2020 | ||
| Document Fiscal Period Focus | FY | ||
| Entity Small Business | true | ||
| Entity Emerging Growth Company | true | ||
| Entity Shell Company | false | ||
| Entity Ex Transition Period | false | ||
| Entity File Number | 001-39280 | ||
| Entity Incorporation, State or Country Code | DE | ||
| Entity Interactive Data Current | Yes |