The Toronto-based battery recycling company announced it has secured a further investment from the world’s third most valuable mining company through a senior secured convertible note. Li-Cycle’s shares popped about 36 per cent to nearly 80 U.S. cents apiece on the New York Stock Exchange Wednesday. (The Logic)
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The Toronto-based battery recycling company announced it has secured a further investment from the world’s third most valuable mining company through a senior secured convertible note. Li-Cycle’s shares popped about 36 per cent to nearly 80 U.S. cents apiece on the New York Stock Exchange Wednesday. (The Logic)
Talking point: The investment is a lifeline for Li-Cycle, which has been considering strategic alternatives after the company was forced to halt construction on its key hub in Rochester, N.Y., due to rising costs. Glencore, which in 2022 invested US$200 million in Li-Cycle, has been a key partner in its expansion in Italy, but the project has been slow to pass regulatory reviews. Li-Cycle’s shares hit a 52-week low in January, after receiving a noncompliance notice from the NYSE in December warning that it had six months to bring its average closing price above US$1 for 30 days.
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