Loop Industries Appoints Spencer Hart to Board of Directors

On February 10, 2025, Loop Industries, Inc. (NASDAQ: LOOP) announced the appointment of Mr. Spencer Hart to its Board of Directors. Mr. Hart, an experienced investment banker with over 30 years in capital markets and mergers and acquisitions, will be joining the Board. His election was in accordance with the company’s Fifth Amended and Restated Outside Director Compensation Policy.

As part of his appointment, Mr. Hart has been granted 28,770 restricted stock units under Loop Industries’ 2017 Equity Incentive Plan. These units constitute a prorated portion of the company’s standard non-executive director annual equity grant. The awarded stock units will fully vest after one year from the grant date or just before the company’s subsequent annual meeting of stockholders after the grant date, subject to Mr. Hart’s continuous service.

Furthermore, Mr. Hart has signed the standard form of indemnification agreement provided by Loop Industries. It is important to note that there are no preexisting arrangements or understandings between Mr. Hart and any other relevant parties leading to his appointment to the Board. Additionally, Loop Industries confirmed that there have been no transactions during the previous fiscal year in which Mr. Hart had any direct or indirect material interest, as defined under Regulation S-K’s Item 404(a).

The filing did not mention any corresponding changes in the company’s status as an emerging growth company under Rule 405 of the Securities Act of 1933 or the extended transition period for new financial accounting standards. It’s notable that this news follows Loop Industries’ commitment to maintaining transparency and compliance with regulatory requirements.

Loop Industries aims to leverage Mr. Hart’s expertise in financial markets and strategic transactions to guide the company in its future endeavors. The addition of Mr. Hart to the Board is positioned to enrich the diversity of perspectives and experience within Loop Industries’ leadership.

Loop Industries’ Chief Financial Officer, Fady Mansour, signed off on this report per the requirements of the Securities Exchange Act of 1934. For further information regarding Mr. Hart’s appointment and other corporate updates, interested parties may refer to the full filing on the Securities and Exchange Commission’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Loop Industries’s 8K filing here.

About Loop Industries

Loop Industries, Inc, a technology company, focuses on depolymerizing waste polyethylene terephthalate PET plastics and polyester fibers, including plastic bottles, packaging, carpets and textiles of any color, transparency and even ocean plastics that have been degraded by the sun and salt, to its base building blocks.