Loop Industries, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Loop Industries, Inc., a Nevada corporation, on November 21, 2016. The report discloses a corporate governance change involving the appointment of a new director to the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial statements or performance metrics.
Material Changes
The primary material change reported is the appointment of Jay Stubina as a director of the Company, effective November 21, 2016. Mr. Stubina brings experience in finance, technology implementation, and data management, having co-founded Continent8 Technologies in 1998. He holds a Chartered Professional Accountant license in Canada.
Outlook, Risks, and Unusual Items
Management indicated that Mr. Stubina's expertise aligns with the Company's business structure. No specific guidance, outlook, or new risk factors were disclosed in this filing. An Indemnification Agreement was executed on November 23, 2016, protecting Mr. Stubina against claims arising from his director duties.
Key Facts for Investor Verification
- New Director Appointment: Jay Stubina joined the Board on November 21, 2016.
- Existing Equity Holdings: Mr. Stubina indirectly holds 37,500 shares of common stock.
- Warrant Position: Mr. Stubina holds a warrant to purchase 75,000 shares at an exercise price of $6.00 per share, expiring in two years from March 18, 2016.
- Indemnification: A formal agreement was signed to indemnify the new director for claims related to his service.