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November 20, 2017 01:00 AM

Recycled PET maker Loop goes public on NASDAQ

Frank Esposito
Senior Staff Reporter
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    Loop Industries Inc.

    Recycled plastics firm Loop Industries Inc. began trading shares on the NASDAQ stock exchange Nov. 20.

    The Montreal-based firm describes itself as "a leader in sustainably produced PET resin." In a news release, CEO and founder Daniel Solomita said the NASDAQ listing "represents a very exciting and important milestone…as we move forward with our planned expansion and path to commercialization."

    Company officials could not be reached for further comment. In early October, Loop announced that it had found a site in Montreal for its first commercial location, but officials on Nov. 15 said that the firm had decided against using that site.

    Loop's technology produces purified terephthalic acid (PTA) and monoethylene glycol (MEG) from recycled material and uses those feedstocks to make PET resin. According to the firm's website, Somolita was working on a landfill project in South Carolina when he met a chemist who was developing the recyclate-based PTA/MEG technology.

    After two years of working out of Somolita's garage, Loop formed in 2015. The firm's stock began over-the-counter trading in April.

    On NASDAQ, Loop's per-share stock price opened at $14.50 on Nov. 20 and was at $15.15 in late trading that day.

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