Loop Industries (LOOP) said late Thursday it has secured 10 million euros ($10.5 million) through a convertible preferred security financing with Reed Societe Generale Group, an investment firm majority-owned by Societe Generale.
Terms of the convertible preferred security include conversion to Loop common stock at $4.75 per share or redemption in cash, the company said.
As part of the deal, Loop also finalized the sale of its first Infinite Loop technology license for an initial payment of 10 million euros, with ensuing milestone-based payments.
The technology license will be given to a European partnership that is 90% owned by Reed Societe Generale Group and 10% by Loop.
Shares of Loop Industries rose 52% in premarket activity Friday.
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