Li-Cycle Announces Approval to Trade on the OTCQX® Best Market
Li-Cycle Holdings (NYSE:LICY) announced its approval to trade on the OTCQX® Best Market under the symbol 'LICYF' starting February 27, 2025. This move follows the NYSE's suspension of trading and delisting process due to non-compliance with price requirements, as the company's shares averaged below $1.00 over 30 trading days after a reverse stock split.
The transition to OTCQX aims to reduce costs while maintaining efficient access to U.S. capital markets. The company secured waivers from convertible debt holders Glencore Canada and Wood River Capital until April 30, 2025. Li-Cycle will continue its SEC reporting obligations and plans to list on another eligible market in accordance with convertible debt terms.
The company remains focused on securing complete funding for its Rochester Hub project and meeting conditions for the first advance under its DOE loan facility.
Li-Cycle Holdings (NYSE:LICY) ha annunciato la sua approvazione per negoziare sul OTCQX® Best Market con il simbolo 'LICYF' a partire dal 27 febbraio 2025. Questa mossa segue la sospensione della negoziazione da parte dell'NYSE e il processo di delisting a causa della non conformità ai requisiti di prezzo, poiché le azioni della società hanno avuto una media inferiore a $1,00 per 30 giorni di negoziazione dopo uno split azionario inverso.
Il passaggio all'OTCQX mira a ridurre i costi mantenendo un accesso efficiente ai mercati dei capitali statunitensi. L'azienda ha ottenuto esenzioni dai detentori di debito convertibile Glencore Canada e Wood River Capital fino al 30 aprile 2025. Li-Cycle continuerà a soddisfare i suoi obblighi di reporting SEC e prevede di quotarsi su un altro mercato idoneo in conformità con i termini del debito convertibile.
La società rimane concentrata sul garantire un finanziamento completo per il suo progetto Rochester Hub e sul soddisfare le condizioni per il primo anticipo nell'ambito della sua struttura di prestito DOE.
Li-Cycle Holdings (NYSE:LICY) anunció su aprobación para operar en el OTCQX® Best Market bajo el símbolo 'LICYF' a partir del 27 de febrero de 2025. Este movimiento sigue a la suspensión de la negociación y el proceso de deslistado por parte de la NYSE debido al incumplimiento de los requisitos de precio, ya que las acciones de la compañía promediaron menos de $1.00 durante 30 días de negociación después de una división de acciones inversa.
La transición al OTCQX tiene como objetivo reducir costos mientras se mantiene un acceso eficiente a los mercados de capital de EE. UU. La empresa obtuvo exenciones de los tenedores de deuda convertible Glencore Canada y Wood River Capital hasta el 30 de abril de 2025. Li-Cycle continuará cumpliendo con sus obligaciones de informes ante la SEC y planea listar en otro mercado elegible de acuerdo con los términos de la deuda convertible.
La compañía sigue enfocada en asegurar financiamiento completo para su proyecto Rochester Hub y en cumplir con las condiciones para el primer adelanto bajo su instalación de préstamo DOE.
Li-Cycle Holdings (NYSE:LICY)는 2025년 2월 27일부터 'LICYF' 기호로 OTCQX® Best Market에서 거래할 수 있도록 승인받았다고 발표했습니다. 이 결정은 NYSE가 가격 요건을 준수하지 않아 거래를 중단하고 상장 폐지 절차를 밟은 데 따른 것입니다. 회사의 주가는 역주식 분할 이후 30거래일 동안 평균 $1.00 이하였습니다.
OTCQX로의 전환은 비용을 절감하면서 미국 자본 시장에 대한 효율적인 접근을 유지하는 것을 목표로 하고 있습니다. 회사는 Glencore Canada와 Wood River Capital로부터 2025년 4월 30일까지 전환 가능한 채무 보유자로부터 면제를 받았습니다. Li-Cycle은 SEC 보고 의무를 계속 이행하며, 전환 가능한 채무 조건에 따라 다른 적격 시장에 상장할 계획입니다.
회사는 로체스터 허브 프로젝트에 대한 완전한 자금 조달을 확보하고 DOE 대출 시설에 따른 첫 번째 선급금 조건을 충족하는 데 집중하고 있습니다.
Li-Cycle Holdings (NYSE:LICY) a annoncé son approbation pour négocier sur le OTCQX® Best Market sous le symbole 'LICYF' à partir du 27 février 2025. Ce mouvement fait suite à la suspension de la négociation et au processus de radiation par la NYSE en raison du non-respect des exigences de prix, les actions de la société ayant en moyenne été inférieures à 1,00 $ pendant 30 jours de négociation après un fractionnement d'actions inversé.
La transition vers l'OTCQX vise à réduire les coûts tout en maintenant un accès efficace aux marchés de capitaux américains. L'entreprise a obtenu des dérogations de la part des détenteurs de dettes convertibles Glencore Canada et Wood River Capital jusqu'au 30 avril 2025. Li-Cycle continuera de respecter ses obligations de reporting auprès de la SEC et prévoit de se coter sur un autre marché éligible conformément aux conditions des dettes convertibles.
L'entreprise reste concentrée sur l'obtention d'un financement complet pour son projet Rochester Hub et sur le respect des conditions pour le premier versement dans le cadre de sa facilité de prêt DOE.
Li-Cycle Holdings (NYSE:LICY) hat seine Genehmigung bekannt gegeben, ab dem 27. Februar 2025 unter dem Symbol 'LICYF' am OTCQX® Best Market zu handeln. Dieser Schritt folgt auf die Aussetzung des Handels und den Delisting-Prozess der NYSE aufgrund von Nichteinhaltung der Preisvorgaben, da die Aktien des Unternehmens über 30 Handelstage nach einem Reverse-Split im Durchschnitt unter 1,00 $ lagen.
Der Übergang zum OTCQX zielt darauf ab, die Kosten zu senken und gleichzeitig einen effizienten Zugang zu den US-Kapitalmärkten aufrechtzuerhalten. Das Unternehmen hat bis zum 30. April 2025 Ausnahmen von den Inhabern von wandelbaren Schulden Glencore Canada und Wood River Capital erhalten. Li-Cycle wird weiterhin seinen SEC-Berichtspflichten nachkommen und plant, sich gemäß den Bedingungen der wandelbaren Schulden an einem anderen geeigneten Markt zu listen.
Das Unternehmen konzentriert sich darauf, die vollständige Finanzierung für sein Rochester Hub-Projekt zu sichern und die Bedingungen für die erste Auszahlung im Rahmen seiner DOE-Darlehensfazilität zu erfüllen.
- Approved for trading on OTCQX Best Market
- Reduced operational costs expected from OTCQX transition
- Secured waivers from convertible debt holders
- Maintains access to U.S. capital markets
- NYSE delisting due to share price falling below $1.00
- Required reverse stock split within past year
- Funding package for Rochester Hub project not yet secured
- DOE loan facility first advance conditions not yet met
Insights
Li-Cycle's transition from NYSE to OTCQX represents a significant deterioration in its capital markets position, despite management's attempt to frame it as a cost-saving measure. With a micro-cap valuation of just
The NYSE delisting follows non-compliance with minimum price requirements, even after implementing a reverse stock split – typically a last-resort measure to maintain listing compliance. This forced downgrade to OTCQX will likely trigger several negative consequences:
- Reduced trading liquidity and potential exclusion from certain indices
- Many institutional investors have mandates prohibiting OTCQX investments
- Decreased analyst coverage and market visibility
- Potential challenges in raising future capital
Most concerning is the temporary nature of the convertible debt holder waivers (from Glencore and Wood River Capital), which expire April 30, 2025. This creates a tight 90-day window for Li-Cycle to secure another eligible exchange listing or potentially face debt covenant violations. The company's statement about listing on "another eligible market" lacks specifics and timeline commitments.
This market transition occurs at a critical juncture as Li-Cycle attempts to secure funding for its Rochester Hub project and satisfy conditions for its DOE loan facility. The company's deteriorating market position could complicate these efforts, as potential partners and lenders may question its financial stability.
While Li-Cycle's technology and strategic positioning in battery recycling remain potentially valuable, this delisting reflects severe investor skepticism about the company's execution capabilities and path to profitability. The next 90 days will be important in determining whether Li-Cycle can stabilize its financial position or faces further deterioration.
Company expects to start trading on OTCQX under the symbol “LICYF” on February 27, 2025 following suspension of trading on the NYSE
OTCQX to provide Li-Cycle efficient access to
“Moving to OTCQX is expected to reduce our costs while continuing to provide us efficient access to
The transfer to OTCQX does not affect Li-Cycle’s current day-to-day business operations or its reporting obligations with the
The Company received written notice today from the New York Stock Exchange (“NYSE”) that it has suspended trading of Li-Cycle’s common shares effective immediately and started the process to delist the Company’s common shares from the NYSE. NYSE’s actions relate to recently enacted changes to Section 802.01C of the NYSE’s Listed Company Manual. The NYSE determined that the Company was not in compliance with NYSE regulation, because the average closing price of Li-Cycle’s common shares was less than
In addition to the OTCQX, the Company plans to list its common shares on another eligible market in accordance with the terms of its convertible debt. The Company has obtained waivers from its convertible debt holders, Glencore Canada Corporation and Wood River Capital, LLC, to permit the move to OTCQX as an eligible market for the Company’s common shares which waivers extend to April 30, 2025. Additional information regarding this announcement, including the form of waivers from Glencore Canada Corporation and Wood River Capital, LLC, will be included in a Current Report on Form 8-K to be filed with the SEC.
About Li-Cycle Holdings Corp.
Li-Cycle is a leading global lithium-ion battery resource recovery company. Established in 2016, and with major customers and partners around the world, Li-Cycle’s mission is to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. The Company leverages its innovative, sustainable and patent-protected Spoke & Hub Technologies™ to recycle all different types of lithium-ion batteries. At our Spokes, or pre-processing facilities, we recycle battery manufacturing scrap and end-of-life batteries to produce black mass, a powder-like substance which contains a number of valuable metals, including lithium, nickel and cobalt. At our future Hubs, or post-processing facilities, we plan to process black mass to produce critical battery-grade materials, including lithium carbonate, for the lithium-ion battery supply chain. For more information, visit https://li-cycle.com/.
Forward-Looking Statements
Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of the
These statements are based on various assumptions, whether or not identified in this press release, including but not limited to assumptions regarding Li-Cycle’s ability to satisfy the drawdown conditions and access funding under the Company’s DOE loan facility; the timing, scope and cost of Li-Cycle’s projects, including paused projects; the processing capacity and production of Li-Cycle’s facilities; Li-Cycle’s ability to source feedstock and manage supply chain risk; Li-Cycle’s ability to increase recycling capacity and efficiency; Li-Cycle’s ability to obtain financing on acceptable terms or at all; the success of Li-Cycle’s cash preservation plan; the outcome of the go-forward strategy of Li-Cycle’s Rochester Hub; and Li-Cycle’s ability to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.
These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the following: Li-Cycle’s inability to fund the anticipated costs of, and realize the anticipated benefits from, its Spoke optimization plan; Li-Cycle’s inability to satisfy the drawdown conditions and access funding under the DOE Loan Facility; Li-Cycle’s inability to develop the Rochester Hub as anticipated or at all, and other future projects including its Spoke network expansion projects in a timely manner or on budget or that those projects will not meet expectations with respect to their productivity or the specifications of their end products; risk and uncertainties related to Li-Cycle’s ability to continue as a going concern; Li-Cycle’s insurance may not cover all liabilities and damages; Li-Cycle’s reliance on a limited number of commercial partners to generate revenue; Li-Cycle’s failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or its failure to develop and maintain a proper and effective internal control over financial reporting; and risks of litigation or regulatory proceedings that could materially and adversely impact Li-Cycle’s financial results. These and other risks and uncertainties related to Li-Cycle’s business are described in greater detail in the sections titled “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation—Key Factors Affecting Li-Cycle’s Performance” in its Annual Report on Form 10-K and the sections titled “Part II. Other Information—Item 1A. Risk Factors” and “Part I. Financial Information—Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation—Key Factors Affecting Li-Cycle’s Performance” in its Quarterly Reports on Form 10-Q, in each case filed with the SEC and the Ontario Securities Commission in
Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Li-Cycle’s assessments as of any date subsequent to the date of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250226390364/en/
Investor Relations & Media
Louie Diaz
Sheldon D'souza
Investor Relations: investors@li-cycle.com
Media: media@li-cycle.com
Source: Li-Cycle Holdings Corp.
FAQ
When will Li-Cycle (LICY) start trading on OTCQX and under what symbol?
Why is Li-Cycle (LICY) being delisted from NYSE?
How long are Li-Cycle's waivers from Glencore and Wood River Capital valid?
What are Li-Cycle's key priorities after moving to OTCQX?
Will Li-Cycle's reporting obligations change after moving to OTCQX?
