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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Loop Industries, Inc.    LOOP

LOOP INDUSTRIES, INC.

(LOOP)
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LOOP INDUSTRIES, INC. : Termination of a Material Definitive Agreement (form 8-K)

11/04/2020 | 09:17am EST

Item 1.02. Termination of a Material Definitive Agreement.

On October 29, 2020, Loop Industries, Inc. (the "Company") received notice from Coca-Cola Cross Enterprise Procurement Group ("CEPG") of CEPG's intention to terminate the Master Terms and Conditions Supply Agreement for Loop PET plastic, dated November 14, 2018 (the "MTC"), with such termination to be effective on December 14, 2020 (the "Notice").

The MTC was a multi-year agreement that enabled members of CEPG ("Customers") to enter into supply agreements with the Company for the purchase of Loop PET plastic from the Company's as yet unfinished joint venture facility, to be established in Spartanburg, South Carolina with Indorama Ventures PCL to incorporate Loop™ PET plastic into its product packaging. Pursuant to the MTC, the Company would have had an opportunity to provide and deliver certain quantities of Loop™ PET plastic to Customers under supply agreements which incorporated the terms of the MTC.

CEPG advised the Company that it is terminating the MTC because the Company did not satisfy its first production milestone from the joint venture facility by July 2020 as required by the MTC. CEPG indicated in the Notice that it is open and interested in exploring a new framework agreement with the Company for North America and/or Europe.

The Company previously expected the commissioning of the joint venture facility in the third quarter of 2021. However, as previously disclosed, the Company now expects delays in the commissioning of the joint venture facility, which has been affected by the Covid-19 pandemic and the continued border closures and quarantine requirements between Canada and the U.S.The Company intends to engage with CEPG regarding the joint venture facility when it has more clarity on the commisioning as well as for our planned Infinite Loop European project.

The foregoing description of the terms of the MTC does not purport to be complete and is qualified in its entirety by reference to the full text of the MTC, a copy of which was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on November 29, 2018 and is incorporated by reference into this Item 1.02.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 - - -
Net income 2021 -17,9 M - -
Net Debt 2021 - - -
P/E ratio 2021 -20,9x
Yield 2021 -
Capitalization 386 M 386 M -
Capi. / Sales 2021 -
Capi. / Sales 2022 59,1x
Nbr of Employees 61
Free-Float 36,1%
Chart LOOP INDUSTRIES, INC.
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Loop Industries, Inc. Technical Analysis Chart | LOOP | US5435181046 | MarketScreener
Technical analysis trends LOOP INDUSTRIES, INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 15,50 $
Last Close Price 9,10 $
Spread / Highest target 75,8%
Spread / Average Target 70,3%
Spread / Lowest Target 64,8%
EPS Revisions
Managers and Directors
NameTitle
Daniel Solomita Chairman, President & Chief Executive Officer
Nelson Gentiletti Treasurer, Chief Operating & Financial Officer
Jay Stubina Independent Director
Laurence G. Sellyn Lead Independent Director
Andrew P. Lapham Independent Director
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