LOOP INDUSTRIES, INC. (OTCMKTS:LLPP) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters to a Vote of Security Holders.
LOOP INDUSTRIES, INC. (OTCMKTS:LLPP) Files An 8-K Submission of Matters to a Vote of Security Holders
The 2020 Annual Meeting of Stockholders (the “2020 Annual Meeting”) of the Company was held virtually on June 28, 2020.At the 2020 Annual Meeting, the Company’s shareholders re-elected Andrew Lapham, Laurence Sellyn, and Jay Stubina and elected for the first time Peter Kezios to serve as members of the Board until the 2021 Annual Meeting of Stockholders or until their respective successors have been elected and qualified.On June 26, 2020, Daniel Solomita was elected to the Board upon the affirmative vote of the sole holder of the Company’s Series A Preferred Stock, resulting in a total of five directors.In addition, the Company’s shareholders took the following actions at the 2020 Annual Meeting: (i) the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for fiscal year ending February 28, 2021 was ratified; and (ii) a proposal for advisory approval of the Company’s 2020 executive compensation (the “Say-on-Pay Vote”) was approved.
The proposals below are described in detail in the Company’s definitive proxy statement dated May 4, 2020.The voting results for each proposal were as follows:
Proposal 1: Election of four directors to hold office until the 2021 Annual Meeting of Stockholders:
Proposal 2: Ratification of the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for fiscal year ending February 28, 2021:
Proposal 3: Advisory vote to approve, on an advisory basis, the compensation of the Company’s Named Executive Officers as disclosed in the proxy statement:
About LOOP INDUSTRIES, INC. (OTCMKTS:LLPP)
Loop Industries, Inc., formerly First American Group Inc., is a manufacturer of Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG), the chemical components used in manufacturing polyethylene terephthalate (PET). The Company is engaged in designing, prototyping and building a closed loop plastics recycling business using a de-polymerization technology. Its technology uses waste PET plastics, such as water bottles, soda bottles, consumer packaging, carpets and industrial waste as feedstock to process. These feedstocks are available through municipal triage centers, industrial recycling and landfill reclamation projects. The Company operates in the United States and Canada. The Company focuses on depolymerizing waste plastics and converts them into valuable chemicals, ready to be reintroduced into the manufacturing of virgin plastics.
