Origin Materials Inc. (NASDAQ: ORGN, ORGNW) announced its board of directors approved a plan to sell the company's PET cap technology and other assets followed by an orderly wind down of operations, according to a company statement.

The West Sacramento, California-based company is reducing its workforce to cut costs and support the planned asset sale, with affected employees expected to depart by the end of the month. John Bissell will step down as CEO while remaining on the board of directors. CFO and COO Matt Plavan has been appointed interim CEO.

The board unanimously approved dissolution and liquidation of the company, subject to shareholder approval, through a Plan of Complete Liquidation and Dissolution. Origin will call a special shareholder meeting to seek approval of the plan and file proxy materials with the Securities and Exchange Commission.

"We previously reported that, absent near-term financing and reductions in operating expenses, our existing cash and cash equivalents would allow us to continue our planned operations into the third quarter of 2026," Plavan said. "To date, however, our attempts to source additional capital have been unsuccessful."

The company stated that over the past year, the board, management and external advisors devoted time to identifying strategic opportunities but the strategic review process has not yielded a transaction the board views as likely to provide greater value to shareholders than selling technology assets and winding down operations.

If shareholders approve the dissolution plan, Origin intends to file a certificate of dissolution, delist its shares and warrants from Nasdaq, satisfy remaining liabilities and convert remaining assets to cash. The company will establish a reserve for expenses and liabilities as required by Delaware law.