Why is LOOP stock 10% Up pre market?
Loop Industries (NASDAQ: LOOP) and SK Global Chemical have agreed to take a 10% stake in the company, the largest outside investment after CEO Daniel Solomita., to help commercialize its plastic recycling technology in Asia.
The partnership aims to help commercialize its plastic recycling technology in Asia. Loop and SKGC are also planning a joint venture with exclusivity to build sustainable PET plastic and polyester fiber manufacturing facilities throughout Asia, according to a statement.
The first facility will start building in South Korea in the first quarter of 2022. The end result will be four facilities in Asia by 2030.
Under the transaction, SKGC will purchase 4.71M new treasury common shares of Loop at a price of $12 per share, for a total of $56.5M. Loop intends to use these proceeds toward the funding of its planned Infinite Loop manufacturing facility at its recently acquired site in Bécancour, Québec.
Note: LOOP has a short interest of 14.5% of equity float.
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