Loop Industries closes EUR 20M preferred stock financing and licensing deal with Reed

Loop Industries, Inc.

Received EUR 20M total: EUR 10M from Series B Convertible Preferred (1,044,430 shares at $10/share) and EUR 10M initial license fee.
Series B pays 13% cumulative annual PIK dividend; convertible to common at $4.75/share after 3 years or automatically at 5 years.
License grants European JV (Infinite Loop Europe SAS) use of depolymerization tech for one facility; further facilities require separate licenses.
Proceeds to be used for general corporate purposes and technology commercialization.
Investors Rights Agreement includes resale registration, standstill, lock-up, and voting arrangements with CEO Solomita.

item 1.01 item 2.03 item 5.03 item 3.02 item 3.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Loop Industries, Inc.: Filed Certificate of Designation for Series B Convertible Preferred Stock, establishing terms, rights, and limitations for up to 5,000,000 shares (effective 2024-12-19).

Change: charter amendment
Effective: 2024-12-19

Exact text from the filing

On December 19, 2024, the Company filed the Certificate of Designation (the “Certificate of Designation”) establishing the terms, rights, and limitations for up to 5,000,000 shares of Series B Convertible Preferred Stock with the Secretary of State of the State of Nevada.

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11 governance changes filed in the last 30 days. Browse all governance changes →

Loop Industries, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-24-015913

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