Loop Industries (NASDAQ: LOOP), a leading innovator in sustainable plastics technology, has closed an underwritten public offering of 2,087,000 shares of its common stock, including 207,000 additional shares pursuant to the partial exercise of the over-allotment option granted to the underwriters. Loop Industries secured approximately $26.6 million in gross proceeds, with each of the shares sold at the public offering price of $12.75. The company intends to use the proceeds for working capital and general corporate purposes, including continued investment in research and development for further innovation and funding ongoing operations. Roth Capital Partners acted as sole manager for the offering.
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About Loop Industries Inc.
Loop Industries is a technology company whose mission is to accelerate the world’s shift toward sustainable PET plastic and polyester fiber and away from 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(TM) branded PET resin and polyester fiber suitable for use in food-grade packaging, thus enabling our customers to meet sustainability objectives. Loop Industries is contributing to the global movement to a circular economy by preventing plastic waste and recovering waste plastic for a more sustainable future for all. For more information, please visit www.LoopIndustries.com.
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