Loop Industries Appoints New Board Member

Loop Industries, Inc. (NASDAQ:LOOP), a chemical products company with a market capitalization of $52 million, announced on Monday the appointment of investment banker Mr. Spencer Hart to its board of directors. According to InvestingPro data, the company currently shows a weak financial health score, with significant cash burn concerns. Mr. Hart brings over three decades of experience in capital markets and mergers and acquisitions from his tenure at prominent Wall Street firms.

The company, based in Terrebonne, Quebec, Canada, stated that Mr. Hart's compensation aligns with its Fifth Amended and Restated Outside Director Compensation Policy. This policy was detailed in the proxy statement for the 2024 annual meeting of stockholders, filed on May 29, 2024. The appointment comes as Loop's stock has experienced significant volatility, with shares down nearly 63% over the past year.

In conjunction with his board appointment, Mr. Hart received 28,770 restricted stock units under Loop Industries' 2017 Equity Incentive Plan. These units are set to vest on the earlier of one year from the grant date or the day before the company's next annual meeting of stockholders, contingent upon Mr. Hart's continued service through the vesting date.

Loop Industries also confirmed that Mr. Hart has entered into the company's standard form of indemnification agreement. This agreement was previously filed with the SEC on June 30, 2017, and is intended to indemnify directors under certain circumstances.

The company clarified that there are no arrangements or understandings between Mr. Hart and any other persons regarding his selection as a director. Further, there have been no material transactions in the last fiscal year involving Mr. Hart that would require disclosure under SEC regulations.

This announcement comes as part of a current report filed with the SEC on Thursday, February 13, 2025. Loop Industries specializes in industrial applications and services within the chemicals and allied products sector. The company currently trades near its InvestingPro Fair Value, with analysts setting price targets ranging from $3 to $5.80 per share. Get access to comprehensive financial analysis and 7 additional ProTips for LOOP through a InvestingPro subscription, including detailed insights into the company's profitability metrics and growth potential. The information in this article is based on a press release statement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.