Item 8.01 Other Events.
After conducting necessary laboratory testing and reviewing results with our
consultants over a number of months, PureCycle Technologies, Inc. (the
"Company") filed for a FDA Letter of No Objection ("LNO") on September 10, 2021,
for conditions of use A - H. The U.S. Food and Drug Administration ("FDA")
confirmed receipt of the submission on September 13, 2021. The LNO submission
also defines the feedstock sources for the Company's planned commercial
recycling process to include curbside post-consumer recycled and food grade
post-industrial recycled feedstocks. While PureCycle has reviewed the LNO
approach with the FDA, it is possible that the FDA may not agree with our
findings and/or take longer to review our request than is customary for these
types of submissions.
Forward-Looking Statements
This contains forward-looking statements, including statements about the
financial condition, results of operations, earnings outlook and prospects of
PCT. In addition, any statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any underlying
assumptions, are forward-looking statements. Forward-looking statements are
typically identified by words such as "plan," "believe," "expect," "anticipate,"
"intend," "outlook," "estimate," "forecast," "project," "continue," "could,"
"may," "might," "possible," "potential," "predict," "should," "would" and other
similar words and expressions, but the absence of these words does not mean that
a statement is not forward-looking.
The forward-looking statements are based on the current expectations of the
management of PCT and are inherently subject to uncertainties and changes in
circumstances and their potential effects and speak only as of the date of such
statement. There can be no assurance that future developments will be those that
have been anticipated. These forward-looking statements involve a number of
risks, uncertainties or other assumptions that may cause actual results or
performance to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include, but are not
limited to, those factors described in "Risk Factors," those discussed and
identified in public filings made with the Securities and Exchange Commission
(the "SEC") by PCT and the following: PCT's ability to meet, and to continue to
meet, applicable regulatory requirements for the use of PCT's UPRP in food grade
applications (both in the United States and abroad); PCT's ability to comply on
an ongoing basis with the numerous regulatory requirements applicable to the
UPRP and PCT's facilities (both in the United States and abroad); expectations
and changes regarding PCT's strategies and future financial performance,
including its future business plans, expansion plans or objectives, prospective
performance and opportunities and competitors, revenues, products and services,
pricing, operating expenses, market trends, liquidity, cash flows and uses of
cash, capital expenditures, and PCT's ability to invest in growth initiatives;
PCT's ability to scale and build the Ironton, Ohio plant in a timely and
cost-effective manner; PCT's ability to build its first U.S. cluster facility,
located in Augusta, Georgia (the "Augusta Facility"), in a timely and
cost-effective manner; PCT's ability to maintain exclusivity under the P&G
license (as described below); the implementation, market acceptance and success
of PCT's business model and growth strategy; the success or profitability of
PCT's offtake arrangements; the ability to source feedstock with a high
polypropylene content; PCT's future capital requirements and sources and uses of
cash; PCT's ability to obtain funding for its operations and future growth;
developments and projections relating to PCT's competitors and industry; the
outcome of any legal proceedings to which PCT is, or may become a party,
including recently filed securities class action cases; the ability to recognize
the anticipated benefits of the business combination; unexpected costs related
to the business combination; geopolitical risk and changes in applicable laws or
regulations; the possibility that PCT may be adversely affected by other
economic, business, and/or competitive factors; operational risk; and the risk
that the COVID-19 pandemic, including any variants and the efficacy and
distribution of vaccines, and local, state, federal and international responses
to addressing the pandemic may have an adverse effect on PCT's business
operations, as well as PCT's financial condition and results of operations.
Should one or more of these risks or uncertainties materialize or should any of
the assumptions made by the management of PCT prove incorrect, actual results
may vary in material respects from those projected in these forward-looking
statements. Except to the extent required by applicable law or regulation, PCT
undertakes no obligation to update these forward-looking statements to reflect
events or circumstances after the date of this press release or to reflect the
occurrence of unanticipated events.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number Description of Exhibit
101 XBRL Document
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