Li-Cycle Holdings Up 36% on Glencore Investment
By Josh Beckerman
Shares of lithium-ion battery recycler Li-Cycle Holdings shares rose 36% Tuesday after it agreed to issue a $75 million senior secured convertible note to Glencore.
The stock was recently at 55 cents and is down about 6.5% this year. Volume was more than 45.5 million shares, compared with a 65-day average of 3.3 million.
Glencore is a battery feedstock partner for Li-Cycle's Spoke facilities, as well as a planned future supplier of black mass and key reagents for Li-Cycle's future Hub facilities. Glencore invested $200 million in Li-Cycle in June 2022.
The new note will mature on the fifth anniversary of closing and will be convertible into common shares at an initial conversion price of 53 cents a share. Li-Cycle and Glencore agreed to amend the terms of an existing note, including extending the maturity.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
March 12, 2024 13:26 ET (17:26 GMT)
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