Li-Cycle Completes Share Consolidation
Li-Cycle Holdings Corp. (NYSE: LICY) has completed a share consolidation at a ratio of 8:1.
The new shares will trade under the symbol 'LICY' on the NYSE starting June 4, 2024, with a new CUSIP identifier of 50202P204.
Shareholders will not receive fractional shares; any resulting fractions will be cancelled for no consideration.
The consolidation will adjust the price and number of shares issuable under convertible securities proportionally.
This move aims to potentially increase the stock price and regain compliance with NYSE's minimum share price criteria.
- Share consolidation at an 8:1 ratio completed successfully.
- New shares will trade under the same symbol 'LICY' on the NYSE.
- Consolidation aims to increase stock price and regain NYSE compliance.
- Proportional adjustment of price and number of shares under convertible securities.
- Shareholders will not receive any fractional shares, leading to potential minor losses.
- Cancellation of fractional shares for no consideration.
- Share consolidation usually follows when a company is at risk of delisting, indicating potential underlying financial issues.
The Company expects the Shares to begin trading on a post-consolidation basis on the New York Stock Exchange (“NYSE”) when the market opens on June 4, 2024, under the existing symbol “LICY.” The new CUSIP identifier for the Shares will be 50202P204.
Shareholders will not receive any fractional Shares as a result of the Share Consolidation. Any fractional Shares resulting from the Share Consolidation are deemed to have been tendered immediately by the holder thereof to the Company for cancellation for no consideration. The Share Consolidation does not modify any voting rights or other terms of the Shares.
As a result of the Share Consolidation, the exercise or conversion price and the number of Shares issuable under any of the Company’s outstanding securities that are exercisable or convertible into Shares, including under equity awards, warrants, rights, convertible notes and other similar securities, will be proportionally adjusted in accordance with the terms of such securities.
The Share Consolidation has been implemented to potentially increase the trading price of Shares and regain compliance with the NYSE minimum share price criteria set forth in Section 802.01C of the NYSE Listed Company Manual.
Continental Stock Transfer and Trust Company (“Continental”), the Company's transfer agent, has acted as the exchange agent for the Share Consolidation. Shares held by shareholders in ‘street name’ will have their accounts automatically credited by their brokerage firm, bank or other nominee, as will any shareholders who held their Shares in book-entry form at Continental.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) 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 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 economically and efficiently source, recover and recycle lithium-ion batteries and lithium-ion battery manufacturing scrap, as well as third party black mass, and to meet the market demand for an environmentally sound, closed-loop solution for manufacturing waste and end-of-life lithium-ion batteries; Li-Cycle’s inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycle’s inability to manage future global growth effectively; 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; Li-Cycle’s history of losses and expected significant expenses for the foreseeable future as well as additional funds required to meet Li-Cycle’s liquidity needs and capital requirements in the future not being available to Li-Cycle on acceptable terms or at all when it needs them; risk and uncertainties related to Li-Cycle’s ability to continue as a going concern; uncertainty related to the success of Li-Cycle’s cash preservation plan and related past and further workforce reductions; Li-Cycle’s inability to attract, train and retain top talent who possess specialized knowledge and technical skills; Li-Cycle’s failure to oversee and supervise strategic review of all or any of the Li-Cycle’s operations and capital project and obtain financing and other strategic alternatives; Li-Cycle’s inability to service its debt and the restrictive nature of the terms of its debt; Li-Cycle’s potential engagement in strategic transactions, including acquisitions, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of debt, or prove not to be successful; one or more of Li-Cycle’s current or future facilities becoming inoperative, capacity constrained or disrupted, or lacking sufficient feed streams to remain in operation; the potential impact of the pause in construction of the Rochester Hub on the authorizations and permits granted to Li-Cycle for the operation of the Rochester Hub and the Spokes on pause; the risk that the
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/20240603750175/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
What is the share consolidation ratio for Li-Cycle (NYSE: LICY)?
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Will Li-Cycle shareholders receive fractional shares after the consolidation?