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We cannot predict when this matter will be resolved or what, if any, action the SEC may take following the conclusion of the investigation.
+Added: On September 30 th , 2022 the U.S.
+Added: Securities and Exchange Commission (“SEC”) filed a complaint (the “SEC complaint”) against several named defendants (“Defendants”), and also identified as a relief defendant Daniel Solomita, our Chief Executive Officer.
+Added: The SEC complaint does not allege wrongdoing by Loop Industries or Mr.
+Added: The SEC complaint identifies Mr.
+Added: Solomita and an entity he owns as relief defendants because they purportedly received monies from the Defendants in 2015 that the SEC alleges were derived from the Defendants’ fraud.
+Added: The SEC complaint does not allege that Mr.
+Added: Solomita was aware of the alleged wrongdoing by the Defendants and does not allege that he was aware that any alleged monies received were derived from fraud.
The information set forth under "Contingencies" in Note 20, Commitments and Contingencies, contained in the notes to the condensed consolidated financial statements of this Quarterly Report on Form 10-Q is incorporated by reference in answer to this Item.
6 unchanged sentences
Risk factors relating to us are set forth under “Risk Factors” in our Annual Report on Form 10-K, filed on May 27, 2022.
−Removed: No material changes to such risk factors have occurred during the three months ended May 31, 2022.
+Added: No material changes to such risk factors have occurred during the six months ended August 31, 2022.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.