Loop Industries - LOOP STOCK NEWS

Loop Industries has finalized a $56.5 million equity investment from SK global chemical, acquiring new treasury common shares at $12 each. This partnership aims to enhance Loop's technology commercialization in Asia, starting with the first Infinite Loop™ facility in Ulsan, South Korea, and plans for at least four manufacturing sites by 2030, processing around 400,000 tons of PET plastic annually. Additionally, Jonghyuk Lee has joined Loop's Board of Directors.

Loop Industries, a clean technology company, has announced a strategic partnership with SK global chemical to accelerate commercialization of its sustainable PET production in Asia. Loop will own 49% of the joint venture, with SKGC owning 51%. SKGC is investing $56.5 million in Loop by purchasing new common shares. In Q1 2022, Loop reported a net loss of $12.16 million, up from $3.85 million the previous year, driven by increased R&D and administrative expenses. Cash reserves decreased to $18 million, down from $35 million, reflecting ongoing investments for future growth.

Loop Industries has announced a strategic partnership with SK global chemical to form a joint venture for building Infinite Loop facilities in Asia. The Memorandum of Understanding outlines that SKGC will own 51% of the joint venture, with Loop holding 49%. As part of the deal, SKGC will invest $56.5 million in Loop, facilitating the funding of a new manufacturing facility in Bécancour, Québec. The joint venture aims to construct four facilities by 2030, potentially recycling 400,000 tons of PET plastic annually and saving approximately 632,100 metric tons of CO2 emissions once operational.

Loop Industries (NASDAQ: LOOP) reported its fourth quarter and fiscal year results on February 28, 2021, showcasing a net loss of $36.34 million, up from $14.51 million the previous year. The increase in losses stemmed from substantial R&D expenditures of $18.69 million, primarily due to significant investment in machinery and engineering design for the Infinite Loop™ technology. The company is transitioning its pilot plant into a demonstration facility and has secured a no-objection letter from the FDA for food-grade applications, enhancing its market potential.

Loop Industries has appointed Louise Sams to its Board of Directors, effective immediately. Ms. Sams, who previously held executive roles at Turner Broadcasting, brings valuable legal expertise and governance knowledge. She will also chair the Governance Committee, aiding in the company’s plans for global commercialization of its sustainable PET technology. Additionally, Loop's independent directors confirmed no falsification in testing results following a thorough review of a short-seller report. The company remains committed to its innovative approach to reduce plastic waste.

Loop Industries announced the retirement of Nelson Gentiletti as COO and CFO, effective March 1, 2021. Andrew (Drew) Hickey has been appointed as the new CFO, bringing over 25 years of investment banking experience. Gentiletti will assist with the transition until April 30. CEO Daniel Solomita expressed confidence in Hickey's capability to lead future commercialization efforts. Loop is dedicated to advancing sustainable PET plastic technology, emphasizing the importance of enhancing corporate governance and financial practices.

Loop Industries (NASDAQ: LOOP) reported its Q3 fiscal results for the period ending November 30, 2020. The company saw a net loss of $14.17 million, an increase of $10.32 million from the previous year, primarily due to a spike in R&D expenses and a write-down of machinery. Key updates include the initiation of a partnership with SUEZ for the European Infinite Loop project and the establishment of a demonstration facility. Despite these advancements, the company faces challenges, including delays in a joint venture project due to COVID-19 restraints.

Loop Industries announced that independent testing by Kemitek confirmed the effectiveness of its patented Gen II depolymerization technology in producing pure monomers. The verification involved a rigorous methodology over 16 days at Loop's Quebec facilities, examining the conversion of waste PET plastic into high-purity dimethyl terephthalate (DMT) and monoethylene glycol (MEG). Results showed DMT purity between 99.7% and 100.1% and MEG purity from 98.2% to 98.9%. The technology's capability could significantly impact the reduction of plastic waste while meeting European and FDA standards.

Labaton Sucharow has launched an investigation into Loop Industries (NASDAQ: LOOP) amid serious allegations from Hindenburg Research claiming deceptive practices and false claims about its recycling processes. Reports suggest that Loop's results are unreplicable, its lead scientists lack formal qualifications, and its CEO has connections to individuals with criminal backgrounds related to stock manipulation. Following these revelations, LOOP shares have plummeted over 30%, highlighting potential risks to investors. The firm warns that Loop is unlikely to generate meaningful revenue, with a market cap of approximately $515 million.