Loop Industries jumps as SK global chemical buys stake

Loop Industries

24/06/2021 11:51

** Shares of plastic production technology co  LOOP.O  rise
as much as 5.66% to $16.8 premarket
    ** South Korean petrochemical maker SK global chemical will
buy a 10% stake in LOOP for $56.5 mln urn:newsml:reuters.com:*:nFWN2O40T7
    ** Co to also form a joint venture with SK global to bring
its plastic recycling technology to Asia 
    ** LOOP will own 49% of the JV and SK global will own the
rest
    ** Co's shares slumped more than 20% last year after short
seller Hindenburg Research issued report questioning co's
process for recycling plastic  urn:newsml:reuters.com:*:nL1N2IV2DO
    ** Stock up 91% this year, as of last close 
    

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com;))