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Christopher J. Biederman, Chief Technology Officer of Li-Cycle Holdings Corp. (NYSE:LICY), recently sold 326 common shares of the company. The transaction comes as the stock trades near its 52-week low of $0.92, having declined about 68% over the past year. The shares were sold at a price of $1.015 each, totaling approximately $330. This transaction was part of an automatic sell to cover tax liabilities arising from the vesting of restricted stock units (RSUs). Following this sale, Biederman holds 89,750 shares, including 72,386 RSUs that are subject to time-vesting conditions under the company’s 2021 Incentive Award Plan. According to InvestingPro analysis, Li-Cycle faces significant challenges with cash burn and debt management, earning a Weak financial health score. Discover 18 additional key insights about LICY with an InvestingPro subscription.
In other recent news, Li-Cycle Holdings Corp. has been making significant financial moves. The hazardous waste management company has updated its financial agreements with Glencore (OTC:GLNCY) Canada Corporation, amending and restating senior secured and unsecured convertible notes. The adjustments align the interests of Glencore note holders with common shareholders and introduce economic anti-dilution adjustments. The company has also secured an exclusive agreement with a high-performance luxury vehicle manufacturer in Germany to supply its recycling facility with lithium-ion battery scrap. This deal bolsters the supply chain for Li-Cycle’s battery recycling operations.
In addition, Li-Cycle has set the pricing for its public offering in the United States, anticipating gross proceeds of approximately $15 million. The offering comprises 15 million units, each containing one common share or a pre-funded warrant to purchase one common share, and Series A and Series B Warrants to purchase additional common shares. The company plans to allocate the net proceeds towards working capital and general corporate purposes.
Moreover, Li-Cycle has fortified its financial foundation with a series of agreements, chiefly with Glencore Canada Corporation. The company’s U.S. subsidiaries have provided guarantees and security interests in their assets, including intellectual property and equity interests, to secure obligations under the amended and restated unsecured convertible notes issued to Glencore. These recent developments reflect Li-Cycle’s ongoing efforts to manage its financial obligations and strategic partnerships effectively.
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