Daniel Solomita, President and CEO of Loop Industries, Inc. (NASDAQ:LOOP), has sold a total of 101,278 shares of the company’s common stock, according to a recent SEC filing. The sale comes amid a challenging period for the company’s stock, which has declined 23% in the past week and is currently trading at $1.21, near its 52-week low of $1.17. The transactions, which were carried out for tax purposes, occurred over two trading days on December 16 and 17. The shares were sold at prices ranging from $1.56 to $1.57 per share, amounting to a total value of $158,393.
Following these sales, Solomita’s direct ownership stands at 508,722 shares. Additionally, he holds 18,600,000 shares indirectly through 10036552 Canada Inc., a corporation wholly owned by him. Despite these sales, the transactions represent less than 1% of Solomita’s total ownership in Loop Industries before and after the sales.
In other recent news, Loop Industries, a Nevada-based chemical company, has announced a significant expansion into the European market. This comes as part of an Amended and Restated Share Purchase Agreement with Reed Management SAS, involving Loop selling and issuing shares of convertible preferred stock to a new entity, Loop Europe, for €10 million. Simultaneously, Loop Europe will issue corporate bonds to Reed for an equal amount.
Additionally, a licensing agreement will see Loop Europe pay Loop a €10 million royalty tranche for the use of Loop’s proprietary technology. The closure of these transactions, however, is dependent on customary conditions, including the completion of Loop Europe’s incorporation and execution of related documents. The company expects the deal to close within a week following the incorporation of Loop Europe.
These developments represent a significant step for Loop Industries in extending its global footprint. Nonetheless, the company has acknowledged potential risks, including possible delays in the incorporation of Loop Europe or unmet closing conditions. Investors are advised to consider the company’s filings for a comprehensive understanding of the risks involved.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.