On February 17, 2026, Fort Baker Capital Management LP disclosed in an SEC filing that it sold its entire stake in TEGNA (TGNA 0.32%).What happenedAccording to a recent SEC filing dated February 17, 2026, Fort Baker Capital Management LP sold its entire position in TEGNA, reducing its holding by 1,678,588 shares. The estimated transaction value for the sale was $34.30 million, calculated using the quarter’s average share price. The net position change of $34.30 million indicates the total shift in value, wh ...

Financial Data and Key Metrics Changes - Cash operating expenses for Q3 were $2.2 million, reflecting a year-over-year decrease of $1.1 million [11] - Total liquidity available at the end of Q3 was $7.7 million, expected to decrease in the coming quarters [11][12] Business Line Data and Key Metrics Changes - The company executed a supply contract with Nike for a fixed amount of Twist, its textile-to-textile polyester resin, with a guaranteed take-or-pay element [4] - The textile-to-textile segment is becoming a significant growth driver due to new European regulations mandating recycled content in clothing [4][8] Market Data and Key Metrics Changes - 66% of all PET and polyester manufactured globally comes from the polyester textile side, amounting to approximately 85 million tons per year [8] - The demand for textile-to-textile recycling is increasing as European regulations will start being enforced in 2028 [7][8] Company Strategy and Development Direction - The Infinite Loop India manufacturing facility is on budget and on schedule, with construction expected to be completed by the end of 2027 [3][9] - The company is focusing on raising financing for its equity contribution to the ELITE project and ongoing operations until the Indian facility starts up [12] - The partnership with Reed Société Générale Group is progressing, with a lead site in Germany being negotiated for a similar plant [10][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financing and operational progress, anticipating meaningful revenue and profitability from engineering fees in both India and Europe [16] - The company is uniquely positioned to capitalize on the growing demand for textile recycling due to its low-temperature depolymerization technology [8][74] Other Important Information - The company is engaged with multiple parties regarding financing to fund its investment in ELITE, with anticipated engineering revenues expected to support ongoing operations [12][67] - The Indian facility will have a total capacity of 170,000 tons, with significant amounts of textile waste available for processing [66] Q&A Session Summary Question: How much of the facility in India is under contract? - The company expects to have between five to six customers for the facility, currently having Nike and Tyrell Plus, with negotiations ongoing with several other brands [26] Question: Are pricing and margins similar for textile and packaging? - The textile side currently commands higher premiums due to regulatory pressures, while both sides are comparable depending on customer needs [29] Question: What is the size of the debt package for India? - The debt package for India is $130 million, with Loop's equity contribution being approximately $28 million [49][50] Question: What is the timeline for the India facility? - Construction is scheduled to be completed in Q4 of 2027, with detailed engineering already underway [35] Question: How does the CapEx for the European facility compare to India? - The European facility will be slightly more expensive due to transportation and reconnection costs, but existing utilities on-site will help offset some costs [62] Question: What is the expected payback period for the Indian plant? - The payback period for the Indian plant is expected to be less than three years [68]