Loop Industries, Inc. (NASDAQ: LOOP) announced the appointment of Jeffrey Geygan to its Board of Directors, effective immediately, according to a company press release. Geygan serves as Chairman of Global Value Investment Corporation (GVIC), a current institutional shareholder of the company.

Alongside the board appointment, GVIC stated its intent to increase its ownership position to at least 10% of Loop's outstanding common shares, subject to market conditions and compliance with applicable securities laws.

Daniel Solomita, Founder and CEO of Loop Industries, commented on the appointment: "As we begin our global commercial execution, Jeff's deep capital markets expertise and value-creation track record will be invaluable."

Geygan said in a statement: "Loop has spent years developing and validating a differentiated technology platform that addresses a significant global challenge. The company's transition from technology development to commercial execution represents an opportunity to drive long-term value creation."

Loop also outlined several commercialization efforts currently underway. The company is advancing plans for a commercial-scale manufacturing facility in India through a joint venture with Ester Industries. In Europe, Loop is partnering with Reed Societe Generale Group to commercialize operations following a site selection in Germany. The company also said it is in supply discussions with unnamed global consumer brands.

Loop Industries describes itself as a technology company focused on depolymerizing waste PET plastic and polyester fiber into base monomers, which are then reprocessed into virgin-quality PET resin and polyester fiber. The company's shares are listed on the Nasdaq Global Market.