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     117  0 Kommentare Loop Industries and Reed Management Sign Agreement for €35 Million Financing for Global Commercialization of the Infinite Loop(TM) Technology and To Form French Joint Venture

    LOOP AND REED MANAGEMENT SAS ("REED") SIGN AGREEMENT FOR €35 MILLION IN FINANCING TO CONTRIBUTE TO THE GLOBAL COMMERCIAL ROLLOUT OF THE INFINITE LOOP™ TECHNOLOGYLOOP AND REED TO FORM JOINT VENTURE TO COMMERCIALIZE LOOP'S TECHNOLOGY ACROSS …

    • LOOP AND REED MANAGEMENT SAS ("REED") SIGN AGREEMENT FOR €35 MILLION IN FINANCING TO CONTRIBUTE TO THE GLOBAL COMMERCIAL ROLLOUT OF THE INFINITE LOOP™ TECHNOLOGY
    • LOOP AND REED TO FORM JOINT VENTURE TO COMMERCIALIZE LOOP'S TECHNOLOGY ACROSS EUROPE
    • PARTNERSHIP IN LINE WITH LOOP'S STRATEGY OF DEPLOYING CAPITAL IN LOW-COST MANUFACTURING COUNTRIES SUCH AS INDIA AND HAVE A MORE ASSET-LIGHT MODEL FOCUSED ON LICENSING ITS TECHNOLOGY IN HIGHER COST COUNTRIES

    MONTREAL, QC / ACCESSWIRE / May 30, 2024 / Loop Industries, Inc. (NASDAQ:LOOP) (the "Company," "Loop," "we," "us," or "our"), a clean technology company whose mission is to accelerate a circular plastics economy by manufacturing 100% recycled polyethylene terephthalate ("PET") plastic and polyester fiber, today announced that the Company and Reed, a European investment firm focused on high impact and technology-enabled infrastructure, have signed definitive binding agreements, subject to certain closing conditions, for an investment of €35 million from Reed to fund the global commercialization of the Infinite Loop technology and have agreed to form a 50/50 joint venture for the European deployment of Loop's technology.

    The signing of this agreement occurred subsequent to the Company's fourth quarter and full fiscal year 2024 financial release and 10-K filing and is therefore being announced separately as a further update to these filings.

    Under the terms of the agreement, which has been signed following the completion by Reed of extensive operational, technical, ESG, and legal due diligence, Reed will provide capital as follows:

    • €10M investment in a Convertible Preferred Security to be issued by Loop, which contains a 13% PIK dividend rate and 5-year term;
    • €25M loan to Loop in two equal tranches - first tranche to support global deployment opportunities paid at closing and second tranche to support European deployment opportunities paid in the following 12 months with both tranches having a 13% PIK interest rate and 3-year term;

    Loop is also concurrently negotiating financing with a governmental agency in order to complete the Company's required financing for its planned monomer facility in India.

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    Verfasst von Accesswire
    Loop Industries and Reed Management Sign Agreement for €35 Million Financing for Global Commercialization of the Infinite Loop(TM) Technology and To Form French Joint Venture LOOP AND REED MANAGEMENT SAS ("REED") SIGN AGREEMENT FOR €35 MILLION IN FINANCING TO CONTRIBUTE TO THE GLOBAL COMMERCIAL ROLLOUT OF THE INFINITE LOOP™ TECHNOLOGYLOOP AND REED TO FORM JOINT VENTURE TO COMMERCIALIZE LOOP'S TECHNOLOGY ACROSS …