Current Report Filing (8-k)
04 Noviembre 2020 - 8:16AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported)
October 29, 2020
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LOOP INDUSTRIES, INC.
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(Exact
name of registrant as specified in its charter)
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Nevada
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000-54786
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27-2094706
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(State
or other jurisdictionof incorporation)
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(CommissionFile
Number)
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(IRS
EmployerIdentification No.)
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480 Fernand Poitras
Terrebonne, Quebec, Canada, J6Y 1Y4
(Address
of principal executive offices, including zip code)
(450) 951-8555
(Registrant’s
telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
☐ Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
☐ Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common
stock, par value $0.0001 per share
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LOOP
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Nasdaq
Global Market
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Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (§240.12b-2 of this chapter)
.Emerging
growth company ☐
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. ☐
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.
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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LOOP INDUSTRIES, INC.
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Date:
November 4, 2020
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By:
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/s/ Daniel Solomita
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Daniel
Solomita
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Chief
Executive Officer and President
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Loop Industries (NASDAQ:LOOP)
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Loop Industries (NASDAQ:LOOP)
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