What changed in this filing

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Item 1. Financial Statements

2024-01-16 compared with 2023-10-16 · 121 added, 158 removed, 308 unchanged (48% of the section changed)

1 unchanged sentence

Loop Industries, Inc.

Three and Six months ended August 31, 2023

Three and Nine months ended November 30, 2023

Index to the Unaudited Interim Condensed Consolidated Financial Statements

Condensed consolidated balance sheets as at August 31, 2023 (Unaudited) and February 28, 2023

Condensed consolidated statements of operations and comprehensive loss for the three and six months ended August 31, 2023 and 2022 (Unaudited)

Condensed consolidated statements of changes in stockholders’ equity for the three and six months ended August 31, 2023 and 2022 (Unaudited)

Condensed consolidated statements of cash flows for the six months ended August 31, 2023 and 2022 (Unaudited)

Condensed consolidated balance sheets as at November 30, 2023 (Unaudited) and February 28, 2023

Condensed consolidated statements of operations and comprehensive loss for the three and nine months ended November 30, 2023 and 2022 (Unaudited)

Condensed consolidated statements of changes in stockholders’ equity for the three and nine months ended November 30, 2023 and 2022 (Unaudited)

Condensed consolidated statements of cash flows for the nine months ended November 30, 2023 and 2022 (Unaudited)

Notes to the condensed consolidated financial statements (Unaudited)

3 unchanged sentences

dollars, except per share data)

August 31, 2023

February 28, 2023

Current assets

31 unchanged sentences

Commitments (Note 18)

Subsequent event (Note 19)

See accompanying notes to the condensed consolidated financial statements .

4 unchanged sentences

Three Months Ended

Six Months Ended

August 31, 2023

August 31, 2022

August 31, 2023

August 31, 2022

Nine Months Ended

Revenue from contracts with customers

4 unchanged sentences

Other (income) loss :

Gain on disposition of assets (Note 6)

Interest and other financial expenses

2 unchanged sentences

Total other (income) loss

Other comprehensive loss -

Other comprehensive income (loss) -

Foreign currency translation adjustment

7 unchanged sentences

Condensed Consolidated Statement of Changes in Stockholders’ Equity

Three Months Ended August 31, 2022

Series A preferred stock

(in thousands of U.S.

dollars, except for share data)

Three months ended November 30, 2023

Preferred stock

par value $0.0001

Comprehensive

Stockholders’

Balance, May 31, 2022

Accumulated Deficit

Comprehensive Income (Loss)

Stockholders’ Equity

Balance, August 31, 2023

$ ( 167,634 )

Expiration of warrants (Note 17)

Issuance of shares upon the exercise of stock options (Note 15)

Stock options issued for services (Note 15)

1 unchanged sentence

Foreign currency translation

Balance, August 31, 2022

Balance, November 30, 2023

$ ( 171,878 )

(in thousands of U.S.

dollars, except for share data)

Three months ended August 31, 2023

Preferred stock

Three Months Ended November 30, 2022

Series A preferred stock

par value $0.0001

Comprehensive

Stockholders’

Income (Loss)

Balance, May 31, 2023

Accumulated Deficit

Comprehensive (Loss)

Stockholders' Equity

Balance, August 31, 2022

$ ( 160,294 )

Issuance of shares upon the vesting of restricted stock units (Note 15)

Expiration of warrants (Note 17)

Stock options issued for services (Note 15)

1 unchanged sentence

Foreign currency translation

Balance, August 31, 2023

Balance, November 30, 2022

$ ( 161,307 )

2 unchanged sentences

Condensed Consolidated Statement of Changes in Stockholders’ Equity

Six Months Ended August 31, 2022

Series A preferred stock

(in thousands of U.S.

dollars, except for share data)

Nine Months Ended November 30, 2023

Preferred stock

par value $0.0001

Comprehensive

Stockholders’

Accumulated Deficit

Comprehensive Income (Loss)

Stockholders’ Equity

Balance, February 28, 2023

1 unchanged sentence

Issuance of shares upon the vesting of restricted stock units (Note 15)

Expiration of warrants (Note 17)

Issuance of shares upon the exercise of stock options (Note 15)

Stock options issued for services (Note 15)

1 unchanged sentence

Foreign currency translation

Balance, August 31, 2022

Balance, November 30, 2023

$ ( 171,878 )

(in thousands of U.S.

dollars, except for share data)

Six months ended August 31, 2023

Preferred stock

Nine Months Ended November 30, 2022

Series A preferred stock

par value $0.0001

Comprehensive

Stockholders’

Income (Loss)

Paid-in Capital

Accumulated Deficit

Comprehensive (Loss)

Stockholders' Equity

Balance, February 28, 2022

1 unchanged sentence

Issuance of shares upon the vesting of restricted stock units (Note 15)

Expiration of warrants (Note 17)

Stock options issued for services (Note 15)

1 unchanged sentence

Foreign currency translation

Balance, August 31, 2023

Balance, November 30, 2022

$ ( 161,307 )

3 unchanged sentences

(in thousands of U.S.

Six Months Ended August 31,

Nine Months Ended November 30,

Cash Flows from Operating Activities

2 unchanged sentences

Stock-based compensation expense (Note 15)

Gain on disposition of assets (Note 6)

Accretion and accrued interest expenses (Note 10)

7 unchanged sentences

Cash Flows from Investing Activities

Proceeds from disposition of assets (Note 6)

Deposits on equipment (Note 5)

15 unchanged sentences

Loop Industries, Inc.

Three and Six Months Ended August 31, 2023 and 2022

Three and Nine months Ended November 30, 2023 and 2022

Notes to the Condensed Consolidated Financial Statements

16 unchanged sentences

In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements present fairly the financial position, results of operations, comprehensive loss and cash flows for the interim periods.

The results for the three- and six-month periods ended August 31, 2023 are not necessarily indicative of the results to be expected for any subsequent quarter, for the fiscal year ending February 29, 2024, or for any other period.

The results for the three- and nine-month periods ended November 30, 2023 are not necessarily indicative of the results to be expected for any subsequent quarter, for the fiscal year ending February 29, 2024, or for any other period.

The consolidated financial statements of the Company have been prepared on a going concern basis, which contemplates the continuing of operations, the realization of assets and the settlement of liabilities in the normal course of business.

5 unchanged sentences

The Company has incurred net losses and negative cash flow from operating and investing activities since its inception and expects to incur additional net losses while it continues to develop and plan for commercialization.

As at August 31, 2023, the Company’s available liquidity was $ 15,952 , consisting of cash and cash equivalents of $ 13,365 and an undrawn senior loan facility from a Canadian bank of $ 2,587 .

As at November 30, 2023, the Company’s available liquidity was $ 11,943 , consisting of cash and cash equivalents of $ 9,366 and an undrawn senior loan facility from a Canadian bank of $ 2,577 .

Management actively monitors the Company’s cash resources against the Company’s short-term cash commitments to ensure the Company has sufficient liquidity to fund its costs for at least twelve months from the financial statement issuance date.

17 unchanged sentences

Potential common shares are excluded from the computation if their effect is antidilutive.

For the three- and six-month periods ended August 31, 2023 and 2022, the calculations of basic and diluted loss per share are the same because potential dilutive securities would have an antidilutive effect.

As at August 31, 2023, the potentially dilutive securities consisted of 2,782,000 outstanding stock options (2022 – 1,570,000 ), 4,417,688 outstanding restricted stock units (2022 – 4,128,718 ), and 7,089,400 outstanding warrants (2022 – 7,104,553 ).

For the three- and nine-month periods ended November 30, 2023 and 2022, the calculations of basic and diluted loss per share are the same because potential dilutive securities would have an antidilutive effect.

As at November 30, 2023, the potentially dilutive securities consisted of 2,772,000 outstanding stock options (2022 – 2,542,000 ), 4,417,688 outstanding restricted stock units (2022 – 4,036,803 ), and 7,089,400 outstanding warrants (2022 – 7,104,553 ).

Sales Tax, Tax Credits and Other Receivables

Sales tax, research and development tax credits and other receivables as at August 31, 2023 and February 28, 2023 were as follows:

August 31, 2023

February 28, 2023

Sales tax, research and development tax credits and other receivables as at November 30, 2023 and February 28, 2023 were as follows:

Investment tax credits

1 unchanged sentence

Other receivables

Inventories as at August 31, 2023 and February 28, 2023 were as follows:

August 31, 2023

February 28, 2023

Inventories as at November 30, 2023 and February 28, 2023 were as follows:

Finished goods

1 unchanged sentence

Raw materials

As at August 31 and February 28, 2023, inventories included finished goods, work in process and raw materials.

As at November 30 and February 28, 2023, inventories included finished goods, work in process and raw materials.

Finished goods inventories consist of bottle grade and fiber grade Loop ™ PET resin which is intended to be sold to customers.

3 unchanged sentences

Deposits and Prepaid Expenses

As at August 31, 2023, the Company had $ 8,460 (February 28, 2023 – $ 3,395 ) of non-refundable cash deposits on long-lead equipment that are intended to be used in the first planned Infinite Loop ™ manufacturing facility.

Prepaid expenses and other deposits as at August 31, 2023 were $ 115 and $ 636 as at February 28, 2023.

As at November 30, 2023, the Company had $ 8,460 (February 28, 2023 – $ 3,395 ) of non-refundable cash deposits on long-lead equipment that are intended to be used in the first planned Infinite Loop ™ manufacturing facility.

Prepaid expenses and other deposits as at November 30, 2023 were $ 470 and $ 636 as at February 28, 2023.

Property, Plant and Equipment

As at August 31, 2023

depreciation, write-

down and impairment

Net book value

As at November 30, 2023

depreciation,

write-down and

Building and Land Improvements

1 unchanged sentence

As at February 28, 2023

depreciation, write-

down and impairment

Net book value

depreciation,

write-down and

Building and Land Improvements

Office equipment and furniture

Depreciation expense for the three- and six-month periods ended August 31, 2023 amounted to $ 101 and $ 201 , respectively (2022 – $ 117 and $ 237 ).

Depreciation expense for the three- and nine-month periods ended November 30, 2023 amounted to $ 93 and $ 295 , respectively (2022 – $ 111 and $ 348 ).

On May 27, 2021, we acquired land in Bécancour, Québec for cash of $ 4,400 .

The Company sold approximately two thirds of the land held for sale in the three-month period ended November 30, 2022 for cash proceeds of $ 8,559 and a gain on disposition of the asset of $ 6,704 .

Intangible Assets

Intangible assets as at August 31, 2023 and February 28, 2023 were $ 1,375 and $ 1,210 , respectively.

During the six-month periods ended August 31, 2023 and 2022, we made additions relating to patent application costs to intangible assets of $ 225 and $ 141 , respectively.

Amortization expense for the three- and six-month periods ended August 31, 2023 amounted to $ 35 and $ 67 , respectively (2022 – $ 21 and $ 40 ).

Intangible assets as at November 30, 2023 and February 28, 2023 were $ 1,485 and $ 1,210 , respectively.

During the nine-month periods ended November 30, 2023 and 2022, we made additions relating to patent application costs to intangible assets of $ 378 and $ 225 , respectively.

Amortization expense for the three- and nine-month periods ended November 30, 2023 amounted to $ 38 and $ 105 , respectively (2022 – $ 23 and $ 63 ).

Fair Value of Financial Instruments

The following tables presents the fair value of the Company’s financial liabilities as at August 31, 2023 and February 28, 2023:

Fair Value as at August 31, 2023

The following tables presents the fair value of the Company’s financial liabilities as at November 30, 2023 and February 28, 2023:

Fair Value as at November 30, 2023

Financial liabilities measured at amortized cost:

5 unchanged sentences

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities as at August 31, 2023 and February 28, 2023 were as follows:

August 31, 2023

February 28, 2023

Accounts payable and accrued liabilities as at November 30, 2023 and February 28, 2023 were as follows:

Trade accounts payable

3 unchanged sentences

Accrued engineering fees

Accrued director compensation

Other accrued liabilities

Long‑Term Debt

Long-term debt as of August 31, 2023 and February 28, 2023, was comprised of the following:

August 31, 2023

February 28, 2023

Long-term debt as of November 30, 2023 and February 28, 2023, was comprised of the following:

Investissement Québec financing facility:

6 unchanged sentences

Investissement Québec financing facility

The Company recorded interest expense on the Investissement Québec loan for the three- and six-month periods ended August 31, 2023 in the amount of $ 22 and $ 43 , respectively (2022 – $ 22 and $ 44 ) and an accretion expense of $ 18 and $ 36 , respectively (2022 – $ 18 and $ 35 ).

During the six-month period ended August 31, 2023, the Company made repayments of $ 32 (2022 – nil) on the Investissement Québec loan.

The Company recorded interest expense on the Investissement Québec loan for the three- and nine-month periods ended November 30, 2023 in the amount of $ 21 and $ 63 , respectively (2022 – $ 21 and $ 65 ) and an accretion expense of $ 18 and $ 53 , respectively (2022 – $ 17 and $5 2 ).

During the nine-month period ended November 30, 2023, the Company made repayments of $ 47 (2022 – nil) on the Investissement Québec loan.

Total repayments due on the Company’s indebtedness over the next five years are as follows:

7 unchanged sentences

The Credit Facility allows for borrowings of up to $ 2,577 in aggregate principal amount and provides for a two-year term.

The Credit Facility is secured by the Company’s Terrebonne, Québec property and is subject to a minimum equity covenant, tested quarterly with which the Company was in compliance as at August 31, 2023.

All borrowings under the Credit Facility will bear interest at an annual rate equal to the bank’s Canadian prime rate plus 1 .0%.

The Company is subject to a guarantee of the liabilities of Loop Canada Inc.

As at August 31, 2023, the Credit Facility was available and undrawn.

As at November 30, 2023, the Credit Facility was available and undrawn.

Related Party Transactions

Employment Agreement

On June 29, 2015, the Company entered into an employment agreement with Mr.

Daniel Solomita, the Company’s President and Chief Executive Officer (“CEO”).

The employment agreement is for an indefinite term.

On July 13, 2018, the Company and Mr.

Solomita entered into an amendment and restatement of the employment agreement which provided for a long-term incentive grant of 4,000,000 shares of the Company’s common stock, in tranches of one million shares each, upon the achievement of four performance milestones.

This was modified to provide a grant of 4,000,000 restricted stock units (“RSUs”) covering 4,000,000 shares of the Company’s common stock while the performance milestones remained the same.

The grant of the restricted stock units became effective upon approval by the Company’s shareholders at the Company’s 2019 annual meeting, of an increase in the number of shares available for grant under the Plan.

Such approval was granted by the Company’s shareholders at the Company’s 2019 annual meeting.

On April 30, 2020, the Company and Mr.

Solomita entered into an amendment of Mr.

Solomita’s employment agreement.

The amendment clarified the milestones consistent with the shift in the Company’s business from the production of terephthalate to the production of dimethyl terephthalate, another proven monomer of PET plastic that is simpler to purify.

When a milestone becomes probable, the corresponding expense will be valued based on the grant date fair value on April 30, 2020, the date of the last modification of Mr.

Solomita’s employment agreement.

The closing price of the Company’s common stock on the Nasdaq on April 30, 2020 was $ 7.74 per share.

During the six-month period ended August 31, 2022, Mr.

During the nine-month period ended November 30, 2022, Mr.

Solomita met a performance milestone in relation to the signature of a supply agreement with a customer.

Accordingly, 1,000,000 performance incentive RSUs with a fair value of $ 7,740 were earned and issuable to Mr.

This amount was reflected as stock-based compensation expense during the six-month period ended August 31, 2022.

During the six-month period ended August 31, 2023, no outstanding performance milestones were probable of being achieved and, accordingly, the Company did not record any additional stock-based compensation expense.

This amount was reflected as stock-based compensation expense during the nine-month period ended November 30, 2022.

During the nine-month period ended November 30, 2023, no outstanding performance milestones were probable of being achieved and, accordingly, the Company did not record any additional stock-based compensation expense.

On October 12, 2023, Mr.

Solomita and the Company agreed to defer by one year the settlement of 800,000 RSUs that were set to settle on October 15, 2023.

On October 14, 2022, Mr.

Solomita and the Company agreed to defer by one year the settlement of 400,000 RSUs that were set to settle on October 15, 2022.

Stockholders’ Equity

For the period ended August 31, 2023

Number of shares

For the nine-month period ended November 30, 2023

Balance, February 28, 2023

Issuance of shares upon settlement of restricted stock units

Balance, August 31, 2023

For the period ended August 31, 2022

Number of shares

Issuance of shares upon the exercise of stock options

Balance, November 30, 2023

For the nine-month period ended November 30, 2022

Balance, February 28, 2022

Issuance of shares upon settlement of restricted stock units

Balance, August 31, 2022

During the six months ended August 31, 2023, the Company recorded the following common stock transaction:

Balance, November 30, 2022

During the nine months ended November 30, 2023, the Company recorded the following common stock transaction:

The Company issued 51,963 shares of the common stock to settle restricted stock units that vested in the period.

During the six months ended August 31, 2022, the Company recorded the following common stock transaction:

The Company issued 7,721 shares of the common stock to settle stock options exercised in the period.

During the nine months ended November 30, 2022, the Company recorded the following common stock transaction:

The Company issued 51,531 shares of the common stock to settle restricted stock units that vested in the period.

Research and Development Expenses

Research and development expenses for the three-month periods ended August 31, 2023 and 2022 were as follows:

August 31, 2023

August 31, 2022

Research and development expenses for the three-month periods ended November 30, 2023 and 2022 were as follows:

Employee compensation

2 unchanged sentences

Plant and laboratory operating expenses

Research and development expenses for the six-month periods ended August 31, 2023 and 2022 were as follows:

August 31, 2023

August 31, 2022

Research and development expenses for the nine-month periods ended November 30, 2023 and 2022 were as follows:

Employee compensation

3 unchanged sentences

General and Administrative Expenses

General and administrative expenses for the three-month periods ended August 31, 2023 and 2022 were as follows:

August 31, 2023

August 31, 2022

General and administrative expenses for the three-month periods ended November 30, 2023 and 2022 were as follows:

Employee compensation

Professional fees

General and administrative expenses for the six-month periods ended August 31, 2023 and 2022 were as follows:

August 31, 2023

August 31, 2022

General and administrative expenses for the nine-month periods ended November 30, 2023 and 2022 were as follows:

Employee compensation (1)

1 unchanged sentence

Includes stock-based compensation expense.

During the six-month period ended August 31, 2022, the Company recorded a stock-based compensation expense of $ 7,740 related to the achievement of a performance milestone for 1,000,000 RSUs (Note 11).

During the nine-month period ended November 30, 2022, the Company recorded a stock-based compensation expense of $ 7,740 related to the achievement of a performance milestone for 1,000,000 RSUs (Note 11).

Share-based Payments

Stock Options

The following tables summarizes the continuity of the Company’s stock options during the three-month periods ended August 31, 2023 and 2022:

stock options

Weighted average

exercise price

stock options

Weighted average

exercise price

The following tables summarizes the continuity of the Company’s stock options during the three-month periods ended November 30, 2023 and 2022:

Outstanding, beginning of period

1 unchanged sentence

Exercisable, end of period

The following tables summarizes the continuity of the Company’s stock options during the six-month periods ended August 31, 2023 and 2022:

stock options

Weighted average

exercise price

stock options

Weighted average exercise price

The following tables summarizes the continuity of the Company’s stock options during the nine-month periods ended November 30, 2023 and 2022:

Outstanding, beginning of period

3 unchanged sentences

Fair value is calculated based on a Black-Scholes option pricing model.

There were no new issuances of stock options for the three-month period ended August 31, 2022.

The principal components of the pricing model for the stock options granted in the six-month period ended August 31, 2023 were as follows:

There were no new issuances of stock options for the three-month period ended November 30, 2022.

The principal components of the pricing model for the stock options granted in the nine-month period ended November 30, 2023 were as follows:

Exercise price

3 unchanged sentences

Expected life

During the three-month periods ended August 31, 2023 and 2022, stock-based compensation expense attributable to stock options amounted to $ 172 and $ 313 , respectively.

During the six-month periods ended August 31, 2023 and 2022, stock-based compensation expense attributable to stock options amounted to $ 333 and $ 630 , respectively.

During the three-month periods ended November 30, 2023 and 2022, stock-based compensation expense attributable to stock options amounted to $ 168 and $ 551 , respectively.

During the nine-month periods ended November 30, 2023 and 2022, stock-based compensation expense attributable to stock options amounted to $ 501 and $ 1,181 , respectively.

Restricted Stock Units

The following table summarizes the continuity of the restricted stock units during the three-month periods ended August 31, 2023 and 2022:

Weighted average

fair value price

Weighted average

fair value price

The following table summarizes the continuity of the restricted stock units during the three-month periods ended November 30, 2023 and 2022:

Outstanding, beginning of period

1 unchanged sentence

Outstanding vested, end of period

The following table summarizes the continuity of the restricted stock units during the six-month periods ended August 31, 2023 and 2022:

Weighted average

fair value price

Weighted average

fair value price

The following table summarizes the continuity of the restricted stock units during the nine-month periods ended November 30, 2023 and 2022:

Outstanding, beginning of period

3 unchanged sentences

Fair value is calculated based on the intrinsic value at grant date multiplied by the number of restricted stock unit awards granted.

During the three-month periods ended August 31, 2023 and 2022, stock-based compensation attributable to RSUs amounted to $ 216 and $ 316 , respectively.

During the six-month periods ended August 31, 2023 and 2022, stock-based compensation attributable to RSUs amounted to $ 410 and $ 8,465 , respectively.

During the three-month periods ended November 30, 2023 and 2022, stock-based compensation attributable to RSUs amounted to $ 229 and $ 323 , respectively.

During the nine-month periods ended November 30, 2023 and 2022, stock-based compensation attributable to RSUs amounted to $ 639 and $ 8,788 , respectively.

Stock-Based Compensation Expense

During the three-month periods ended August 31, 2023 and 2022, stock-based compensation included in research and development expenses amounted to $ 155 and $ 319 , respectively, and in general and administrative expenses amounted to $ 233 and $ 310 , respectively.

During the six-month periods ended August 31, 2023 and 2022, stock-based compensation included in research and development expenses amounted to $ 315 and $ 716 , respectively, and in general and administrative expenses amounted to $ 428 and $ 8,379 , respectively.

The amount recorded in general and administrative expenses for the six-month period ended August 31, 2022 includes $ 7,740 related to the achievement of a performance milestone for 1,000,000 RSUs (Note 11).

During the three-month periods ended November 30, 2023 and 2022, stock-based compensation included in research and development expenses amounted to $ 161 and $ 455 , respectively, and in general and administrative expenses amounted to $ 236 and $ 419 , respectively.

During the nine-month periods ended November 30, 2023 and 2022, stock-based compensation included in research and development expenses amounted to $ 476 and $ 1,170 , respectively, and in general and administrative expenses amounted to $ 664 and $ 8,799 , respectively.

The amount recorded in general and administrative expenses for the nine-month period ended November 30, 2022 includes $ 7,740 related to the achievement of a performance milestone for 1,000,000 RSUs (Note 11).

Equity Incentive Plan

7 unchanged sentences

However, where a participant, at the time of the grant, owns stock representing more than 10 % of the voting power of the Company, the life of the options shall not exceed 5 years.

The following table summarizes the continuity of the Company’s Equity Incentive Plan units that were authorized for issuance as at and during the six-month periods ended August 31, 2023 and 2022:

Number of units*

The following table summarizes the continuity of the Company’s Equity Incentive Plan units that were authorized for issuance as at and during the nine-month periods ended November 30, 2023 and 2022:

Authorized, beginning of period

1 unchanged sentence

Units granted

( 1,123,605 )

Units forfeited

2 unchanged sentences

*The use of the term “units” in the table above describes a combination of stock options and RSUs.

During the six-month period ended August 31, 2022, warrants to purchase 4,554,865 shares of our common stock in aggregate with an exercise price of $ 11.00 expired.

During the nine-month period ended November 30, 2022, warrants to purchase 4,554,865 shares of our common stock in aggregate with an exercise price of $ 11 .00 expired.

Agreement for purchase of equipment

1 unchanged sentence

Pursuant to the agreement, the Company has paid cash deposits of $ 8,460 (Note 5).

The balance is expected to be paid by the end of this fiscal year.

The remaining balance is expected to be paid by the end of this fiscal year.

Agreement with SK Geo Centric Co.

4 unchanged sentences

To date, no amounts have been contributed by the Company to the new entity.

Subsequent Event

On January 16 th , Loop announced that the Company signed a non-binding memorandum of understanding with Reed Management, a European investment firm, for $ 66 million in non-dilutive financing as part of a joint venture to roll-out Loop’s technology in the European market.

Of this amount, $ 33 million is to be provided to Loop as non-dilutive capital to fund Loop’s technology commercialization globally.

The remaining $ 33 million is to be invested in the European joint venture.

The non-binding memorandum of understanding is subject to customary due diligence and the fulfillment of certain pre-closing conditions.

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.

What changed 10-Q

Item 1. Financial Statements