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September 22, 2020
1 Min Read
Image: Coloures-Pic/Adobe Stock
Montréal-based Loop Industries Inc., an innovator in sustainable plastics technology, announced on Sept. 21 the pricing of an underwritten public offering of 1,880,000 shares of its common stock at a price to the public of $12.75 per share, pursuant to an effective registration statement on Form S-3 filed with the US Securities and Exchange Commission. In addition, Loop Industries has granted the underwriter a 30-day option to purchase up to an additional 282,000 shares of its common stock. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $24 million. The offering is expected to close on or about Sept. 23, 2020, subject to customary closing conditions.
Loop Industries intends to use the net proceeds from the proposed offering for working capital and general corporate purposes, including continued investment in research and development for further innovation and funding ongoing operations.
Roth Capital Partners is acting as the sole manager for the offering.
Loop Industries describes itself as a technology company whose mission is to accelerate the world’s shift toward sustainable PET plastic and polyester fiber and away from our dependence on fossil fuels. Loop Industries owns patented and proprietary low-energy technology that depolymerizes no- and low-value waste PET plastic and polyester fiber — including plastic bottles and packaging; carpets and textiles of any color, transparency or condition; and even ocean plastics that have been degraded by the sun and salt — to its base building blocks (monomers). The monomers are filtered, purified, and polymerized to create virgin-quality Loop-branded PET resin and polyester fiber suitable for use in food-grade packaging, thus enabling its customers to meet their sustainability objectives.
About the Author(s)
Until she retired in September 2021, Clare Goldsberry reported on the plastics industry for more than 30 years. In addition to the 10,000+ articles she has written, by her own estimation, she is the author of several books, including The Business of Injection Molding: How to succeed as a custom molder and Purchasing Injection Molds: A buyers guide. Goldsberry is a member of the Plastics Pioneers Association. She reflected on her long career in "Time to Say Good-Bye."
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