Loop Energy Inc. has filed its final prospectus for the proposed initial public offering (IPO) of its common shares for gross proceeds of $100 million.
Loop Energy Inc. will issue 6,250,000 common shares at a price of $16.00 for aggregate gross proceeds of $100,000,000 or $115,000,000 if the over-allotment option is exercised in full.
Loop Energy has previously proposed to issue shares at between $12.00 and $16.00 per share.
The Toronto Stock Exchange (TSX) has conditionally approved the listing of Loop Energy common shares under the symbol “LPEN.” The offering is expected to close on or about February 25, 2021.
Burnaby, BC based Loop is a leading designer of PEM fuel cell systems targeted for the electrification of commercial vehicles. It sells and services two categories of products: fuel cell stacks and fuel cell modules, which are intended to serve a variety of commercial applications including light commercial vehicles, transit buses, medium and heavy duty trucks, marine, train, mining trucks, material handling vehicles and stationary power.
Upon closing of the IPO, Loop Energy will have 33,577,961 common shares or 34,515,461 common shares issued and outstanding if the over-allotment option is exercised in full.
Cummins Inc. (NYSE: CMI) will beneficially own 6,944,445 common shares, representing 20.7% of outstanding common share (20.1% if the over-allotment option is exercised in full).
photo credit: Loop Energy