VANCOUVER, BC / ACCESSWIRE / May 31, 2024 / Loop Energy Inc. ("Loop" or the "Company") (TSX:LPEN) today provides the following update:
- The Company has received a letter from the Toronto Stock Exchange (the "TSX") advising the Company that it is reviewing the eligibility for the continued listing on the TSX and that a TSX Listing Committee meeting has been scheduled for September 20, 2024 for that purpose.
- In order to extend its limited financial resources, the Company has further reduced its workforce and effective June 1, 2024 will employ only a small number of essential employees worldwide.
- The Company has limited financial resources and in the event the Company is unable to raise additional capital, either through the sale of assets or the raising of additional funds, it may be required to consider alternatives which may include implementing proceedings or taking other courses of action that would not see Loop continue to operate as a going concern.
Forward Looking Warning
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflect management's current expectations and projections regarding future events. Forward looking information includes statements related to possible proceedings or other actions that Loop might be required to pursue or undertake in the future. Forward-looking information is based on a number of assumptions,including without limitation assumptions with respect to negotiations with third parties and the extent of its financial resources, and is subject to a number of risks and uncertainties, many of which are beyond the Company's control and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward-looking information. These risks include the failure to conclude a sale or financing transaction with a third party on a going concern basis, the risk that the Company will exhaust its financial resources and the risk that Loop may be required to initiate insolvency proceedings, as well as the other risk factors discussed under "Risk Factors" in the Company's Annual Information Form dated March 21, 2024 and in its other disclosure documents. Loop Energy disclaims any obligation to update these forward-looking statements.
Loop Energy Investor and Media Inquiries:
Paul Cataford | investors@loopenergy.com
SOURCE: Loop Energy Inc
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