UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2023.
Commission File Number 001-40733
LI-CYCLE HOLDINGS CORP.
Li-Cycle Holdings Corp.
207 Queens Quay West, Suite 590
Toronto, ON M5J 1A7
(877) 542-9253
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
The following exhibit is furnished as part of this report on Form 6-K.
Exhibit Number |
Exhibit Description | |
99.1 | Press Release, dated December 29, 2023 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
LI-CYCLE HOLDINGS CORP. | ||
By: | /s/ Ajay Kochhar | |
Name: | Ajay Kochhar | |
Title: | Chief Executive Officer |
Date: December 29, 2023
Exhibit 99.1
Li-Cycle Receives Continued Listing Standard Notice from NYSE
TORONTO, Ontario (December 29, 2023) Li-Cycle Holdings Corp. (NYSE: LICY) (Li-Cycle or the Company), a leading global lithium-ion battery resource recovery company, today announced that it has received written notice (the Notice) from the New York Stock Exchange (NYSE) indicating that the Company is not in compliance with Section 802.01C of the NYSEs continued listing standards because the average closing price of Li-Cycles common stock was less than $1.00 over a consecutive 30 trading-day period.
Li-Cycle has advised the NYSE of its intention to cure the deficiency and is considering all available options in this regard. Under the NYSEs rules, Li-Cycle has a six-month period following receipt of the Notice to bring its average closing share price to at least $1.00 over the prior 30 trading-day period.
The Notice has no immediate effect on the listing of the Companys common shares on the NYSE, subject to the Companys compliance with the NYSEs other continued listing requirements, and does not affect Li-Cycles ongoing business operations or its reporting obligations under the rules of the U.S. Securities and Exchange Commission or the Ontario Securities Commission.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is a leading global lithium-ion battery resource recovery company and North Americas largest pure-play lithium-ion battery recycler, with a rapidly growing presence across Europe. Established in 2016, and with major customers and partners around the world, Li-Cycle is on a mission 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 provide a safe, scalable, customer-centric solution 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 Hubs, or post-processing facilities, we will process black mass to produce critical battery-grade materials, including lithium carbonate, nickel sulphate, and cobalt sulphate. For more information, visit https://li-cycle.com/.
Contacts
Investor Relations
Nahla A. Azmy
Sheldon Dsouza
investors@li-cycle.com
Media
Louie Diaz
media@li-cycle.com
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Forward-Looking Statements
Certain statements contained in this press release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as believe, may, will, continue, anticipate, intend, expect, should, would, could, plan, potential, future, target or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements about: the expectation of the Notice having no immediate effect on the listing of the Companys common shares on the NYSE, subject to the Companys compliance with the NYSEs other continued listing requirements, and does not affect Li-Cycles ongoing business operations or its reporting obligations under the rules of the U.S. Securities and Exchange Commission or the Ontario Securities Commission. There can be no assurance that such 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-Cycles current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycles 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: additional funds required to meet Li-Cycles capital and operating requirements in the future not being available to Li-Cycle on acceptable terms or at all when it needs them; Li-Cycle may engage in strategic transactions, including financing and mergers and acquisitions activity, that could disrupt its business, cause dilution to its shareholders, reduce its financial resources, result in incurrence of secured and unsecured debt, or prove not to be successful; Li-Cycles 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-Cycles inability to successfully implement its global growth strategy, on a timely basis or at all; Li-Cycles inability to manage future global growth effectively; Li-Cycles inability to develop the Rochester Hub, 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-Cycles failure to materially increase recycling capacity and efficiency; one or more of Li-Cycles current or future facilities becoming inoperative, capacity constrained or if its operations are disrupted; Li-Cycle expects to continue to incur significant expenses and may not achieve or sustain profitability; problems with the handling of lithium-ion battery cells that result in less usage of lithium-ion batteries or affect Li-Cycles operations; Li-Cycles inability to maintain and increase feedstock supply commitments as well as securing new customers and off-take agreements; a decline in the adoption rate of EVs, or a decline in the support by governments for green energy technologies; decreases in benchmark prices for the metals contained in Li-Cycles products; changes in the volume or composition of feedstock materials processed at Li-Cycles facilities; the development of an
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alternative chemical make-up of lithium-ion batteries or battery alternatives; Li-Cycles revenues for the Rochester Hub are derived significantly from a single customer; Li-Cycles insurance may not cover all liabilities and damages; Li-Cycles heavy reliance on the experience and expertise of its management; Li-Cycles reliance on third-party consultants for its regulatory compliance; Li-Cycle is, and may become, subject to legal proceedings that could require Li-Cycle to incur significant legal expenses and divert managements attention away from operating Li-Cycles business; Li-Cycles inability to complete its recycling processes as quickly as customers may require; Li-Cycles inability to compete successfully; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; significant variance in Li-Cycles operating and financial results from period to period due to fluctuations in its operating costs and other factors; fluctuations in foreign currency exchange rates which could result in declines in reported sales and net earnings; unfavorable economic conditions, such as consequences of the global COVID-19 pandemic; natural disasters, unusually adverse weather, epidemic or pandemic outbreaks, cyber incidents, boycotts and geo-political events; failure to protect or enforce Li-Cycles intellectual property; Li-Cycle may be subject to intellectual property rights claims by third parties; Li-Cycles failure to effectively remediate the material weaknesses in its internal control over financial reporting that it has identified or if it fails to develop and maintain a proper and effective internal control over financial reporting. These and other risks and uncertainties related to Li-Cycles business are described in greater detail in the section entitled Risk Factors and Key Factors Affecting Li-Cycles Performance in its Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission and the Ontario Securities Commission in Canada. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.
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-Cycles assessments as of any date subsequent to the date of this press release.
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