Loop Energy Updates on Strategic Review Process

VANCOUVER, BC / ACCESSWIRE / May 23, 2024 / Loop Energy™ Inc. ("Loop" or the "Company") (TSX:LPEN) has issued an update on its ongoing strategic review process. The Company has highlighted its limited financial resources, leading to a significant reduction in workforce. Loop now has less than 15 employees globally.

To navigate its financial constraints, Loop Energy has enlisted Alvarez & Marsal Canada ULC ("A&M") to advise on potential strategic alternatives. The future of the Company could include the sale of assets or raising additional funds. However, without securing additional capital, Loop may face an orderly winding-down of operations, potentially ceasing operations as a going concern.