GREY:NMKEF - Post by User
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Tcheckon Oct 16, 2020 3:57pm
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IQ not a viable financial tool , loop it
IQ not a viable financial tool , loop it The shares of Quebec-based Loop Industries fell 35% in two days after the publication of a damning report that argues that its plastic recycling technology is worth nothing. Quebec and Ottawa have invested at least $ 5 million in Loop.
Loop Industries stock closed yesterday at US $ 7.55 on the Nasdaq, which puts the Terrebonne company at US $ 319 million. At the start of the month, it was worth over US $ 500 million.
On Tuesday, the American firm Hindenburg Research released a detailed report on Loop based on interviews with former employees, business partners and experts as well as on company documents.
“Loop Industries has never generated revenue, but presents itself as a technological innovator with a ‘proven’ solution that ‘leads the sustainable plastic revolution’. Our research indicates that Loop is just a smokescreen without viable technology. ”