Burnaby-based Fuel Cell Systems Designer Loop Energy Files for $100 Million Initial Public Offering (IPO)Tuesday, February 9, 2021
Burnaby, BC, February 9, 2021--(T-Net)--Burnaby-based Loop Energy Inc. announced today that it has filed, and obtained a receipt for, a preliminary long-form prospectus for a proposed initial public offering of common shares of the Company with the securities regulatory authorities in each of the provinces in Canada.
The gross proceeds of the IPO are expected to be $100 million.
Loop is a leading designer of fuel cell systems targeted for the electrification of commercial vehicles, including, light commercial vehicles, transit buses and medium and heavy duty trucks.
Loop Energy develops market-leading hydrogen fuel cell solutions for next-generation zero-emission vehicles and power generators
The company reported a US $15 Million Fuel Cell Range Extender order for Transit Buses in Nanjing China in April 2020, and strengthened its management team with a new Vice President Engineering a month later in May 2020, and appointed George Rubin as Chief Commercial Officer in January 2021.
Ben Nyland, Chief Executive Officer and Director, Loop Energy
The company's offices are headquartered in Burnaby, BC, with additional offices located in Europe (Saronno VA Italy), and in China (Taicang City, Jiangsu Province).
Loop Energy - Fuel Cell Range Extenders
Loop Energy - Fuel Cell Stacks
National Bank Financial Inc. is acting as lead underwriter and sole bookrunner, with a syndicate of underwriters comprised of CIBC World Markets Inc., Raymond James Ltd., Canaccord Genuity Corp. and Cormark Securities Inc.
Loop Energy - eFlow® Fuel Cell Technology
Loop is a leading designer of fuel cell systems targeted for the electrification of commercial vehicles, including, light commercial vehicles, transit buses and medium and heavy duty trucks. Loop's products feature the Company's proprietary eFlow™ technology in the fuel cell stack's bipolar plates, eFlow™ was designed to enable commercial customers to achieve performance maximization and cost minimization. Loop works with OEMs and major vehicle sub-system suppliers to enable the production of fuel cell electric vehicles. For more information about how Loop is driving towards a zero-emissions future, visit www.loopenergy.com.
Fasken Martineau DuMoulin LLP is acting as legal counsel to the Company, KPMG LLP are the auditors for the Company, and Goodmans LLP is acting as legal counsel to the underwriters.
The preliminary long-form prospectus has not yet become final for purposes of a distribution of securities to the public. No securities regulatory authority has either approved or disapproved the contents of this news release. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any province of Canada prior to the time of receipt for the final long-form prospectus or other authorization is obtained from the securities regulatory authority in such province. Copies of the preliminary long-form prospectus will be available on SEDAR at www.sedar.com.
The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act"), as amended, or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the U.S. Securities Act). Accordingly, the securities may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registrations requirements of the U.S. Securities Act and applicable state securities laws.
This press release may contain forward-looking statements within the meaning of applicable securities legislation, which reflect management's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, failure to complete the Offering and the failure to raise the expected gross proceeds of the Offering, and the factors discussed under "Risk Factors" in the preliminary prospectus of the Company dated February 5, 2021. Loop disclaims any obligation to update these forward-looking statements.
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