$0.253
+0.002 (+0.68%)At close
LOOP News
LOOP Events
Loop Industries Trading Halted, News Pending
Loop Industries trading halted, news pending
Loop Industries Forms Strategic Committee to Advance Commercialization
Loop Industries announced that its board has formed a strategic alternatives committee to advance commercialization, strengthen the company's capital position and maximize long-term shareholder value. The committee's formation follows Jeff Geygan's appointment as chairman and the separation of the chairman and CEO roles, creating a formal board-led process to evaluate Loop's capital needs, strategic direction and opportunities to unlock the value of its technology and intellectual-property platform. The committee's immediate priority is to support management in securing Loop's required capital contribution and broader project-financing structure for the planned India joint venture through project-level debt, strategic capital, equity financing or a combination of those sources. The committee will evaluate strategic and financial alternatives, including strategic investments, project-level financing, licensing and commercial partnerships, regional joint ventures, business combinations, corporate-structure alternatives, a potential sale, merger or going-private transaction, and other initiatives to enhance shareholder value.
Loop Industries Appoints Jeff Geygan as Chairman of the Board
Loop Industries announced the appointment of Jeff Geygan as chairman of the board of directors. Founder and CEO Daniel Solomita, who previously held both the chairman and CEO roles, will continue to serve as CEO and a director.
Loop Industries Q1 Revenue $179,000
Reports Q1 revenue $179,000 vs. $252,000 last year."Our commercial momentum is continuing as we engage in constructive discussions with leading global apparel and consumer brands eager to secure Loop's virgin-quality polyester," said Daniel Solomita, Founder and CEO of Loop Industries. "This traction is demonstrated by our recent LOI with a major global apparel brand. Although long-term agreements fall outside their standard procurement practices, they executed this LOI to position themselves to secure a portion of our volume and help work towards their stated objectives of reducing their carbon footprint by increasing the recycled content in their products. Concurrently, our engineering teams are driving excellent progress in India and are fully prepared to deploy that expertise as we begin work on our European development."
Loop Industries Appoints Jeffrey Geygan to Board of Directors
Loop Industries announced the strategic appointment of Jeffrey Geygan to its Board of Directors, effective immediately. Mr. Geygan serves as Chairman of Global Value Investment Corporation , a long-term institutional shareholder. In tandem with his appointment, GVIC has formalized its intent to deepen its financial commitment to Loop. Subject to market conditions and compliance with applicable securities laws, GVIC intends to increase its total ownership position to at least 10% of the Company's outstanding common shares.
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