$ORGN Goldman Sachs initiates neutral $10 Price target, 38% upside

While I would always prefer a buy rating, I thought this report was overall a net positive

It focuses on the positives we all know while the risks are more about #SPAC volatility and construction

1/6 $ORGN Positives:
* Key entrant into bioplastics space
* Potential opportunity is strong w/ unique product offering
* Main modules for O1 4 months ahead of schedule
* $ORGN did not include a price premium in its base case, could be 20-30%

2/6

$ORGN I am seeing misinformation on cash needs following elevated redemptions. A thread to hopefully clarify. Some of this is my opinion post calls with the company and comparing to $PCT. As always, open to pushback.

TLDR: I don't think they will need to raise equity

1/6 The #SPAC was too large for this deal (my opinion). As a result they did one of the smaller PIPEs, despite announcing the transaction during the hottest point in the PIPE cycle. Many large institutional funds were scaled back significantly

2/6