Loop Energy has announced its Board has determined it is in the best interests of the company to execute an additional operating cost reduction programme immediately.
Loop claims that due to challenging market conditions, such as stock price declines in the hydrogen fuel cell sector, it is necessary to enter into the programme after a measured consideration of its alternatives.
The programme includes around a 65% global headcount reduction by the end of the year and the closing of hydrogen fuel cell production in China. Loop will also reduce product shipments through to the end of the year and state it may not meet prior year revenues.
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