Loop sells Bécancour land for CDN $18.5M, cuts costs, appoints interim CFO, extends liquidity to ~3 years

On December 21, 2022 the Board of Directors (the “Board”) of the Company appointed Nicolas Lafond as Interim Chief Financial Officer of the Company, effective December 30, 2022, to serve while the Company evaluates its longer-term needs for this role as it pursues the next stage of its strategic development.

On December 22, 2022, the Company announced that, effective December 30, 2022, Drew Hickey will leave the Company to pursue other opportunities.

Item 1.01. Entry into a Material Definitive Agreement. On December 22, 2022, Loop Canada Inc. (“Loop Canada”), a wholly-owned subsidiary of Loop Industries, Inc. (the “Company”), entered into an agreement (the “Agreement”) for the sale of the entirety of the remaining land owned by Loop Canada in Bécancour, Québec. As previously disclosed, Loop Canada acquired approximately 19.9 million square feet of land in Bécancour, Québec in May 2021. As previously disclosed, on June 15, 2022, Loop Canada entered into an agreement for the sale of approximately 10.3 million square feet of the land owned by Loop Canada in Bécancour, Québec, which closed on September 15, 2022. Pursuant to the Agreement, Loop Canada agreed to sell its remaining land located at 7000, boulevard Raoul-Duchesne, Bécancour (Qc) G9H 4X6 consisting of approximately 9.6 million square feet for a purchase price of CDN $18.5 million. The purchase price will be paid on the closing date of the purchase. The cost of the deed of s