|Company Name||Zymergen Inc.|
|Class Period||April 23, 2021 to August 03, 2021|
|Lead Plaintiff Motion Deadline||October 04, 2021|
In April 2021, Zymergen completed its IPO, selling approximately 18.5 million shares of common stock at $31 per share.
On August 3, 2021, after the market closed, Zymergen issued a business update stating that it “recently became aware of issues with its commercial product pipeline that will impact the Company’s delivery timeline and revenue projections.” Specifically, “several key target customers encountered technical issues in implementing Hyaline into their manufacturing processes,” and Zymergen also found that its total addressable market appears to be smaller than previously expected. As a result, Zymergen “no longer expects product revenue in 2021, and expects product revenue to be immaterial in 2022.” The Company also announced that its CEO was stepping down, effective immediately.
On this news, the Company’s stock price fell $26.58 per share, or 76%, to close at $8.25 per share on August 4, 2021, representing a nearly 73% decline from the IPO price.
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