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Christine Barwell, the Chief Human Resources Officer of Li-Cycle Holdings Corp. (NYSE:LICY), recently sold 1,426 common shares, according to a filing submitted to the Securities and Exchange Commission. The shares were sold at a price of $1.075 each, totaling approximately $1,532. The transaction comes as the company’s stock has declined about 75% over the past year, with the current market capitalization standing at approximately $29 million.
This transaction, reported on January 27, reflects an automatic sell to cover the tax liability arising from the vesting and settlement of restricted stock units (RSUs). Following this transaction, Barwell retains ownership of 62,058 shares, which include 59,819 RSUs awarded under the company’s 2021 Incentive Award Plan. Each RSU represents the contingent right to receive one common share, subject to time-vesting conditions. According to InvestingPro analysis, Li-Cycle operates with significant debt concerns and weak financial health metrics, with 17 additional key insights available to subscribers.
Li-Cycle, a leader in lithium-ion battery resource recovery, previously conducted a share consolidation on June 3, 2024, adjusting the number of shares to reflect a one-for-eight consolidation ratio. InvestingPro’s comprehensive analysis suggests the stock is currently undervalued, with detailed insights available in the exclusive Pro Research Report covering 1,400+ US equities.
In other recent news, Li-Cycle Holdings Corp. has made significant advancements in its financial structure and revenue growth. The company reported a 79% surge in Q3 2024 revenue to $8.4 million, mainly driven by increased recycling service revenue and favorable metal prices. Concurrently, Li-Cycle secured a $475 million loan agreement with the U.S. Department of Energy for the construction of the Rochester Hub project in New York.
Li-Cycle also expanded its financial agreements with Glencore (OTC:GLNCY) Canada Corporation, a key investor. This included a Note Guaranty, granting Glencore a first priority security interest in their assets. As a result of these financial adjustments, Glencore’s pro forma fully-diluted ownership in Li-Cycle increased to approximately 66%.
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, one Series A Warrant, and one Series B Warrant to purchase additional common shares.
These are among the recent developments in the company’s strategic efforts to manage its financial obligations and partnerships. Analysts have indicated that Li-Cycle anticipates a significant increase in recycling materials by 2030, driven by the rising number of electric vehicles and manufacturing scrap. This aligns with the projected growth of the electric vehicle market in North America at a compound annual growth rate of approximately 20% from 2025 to 2030.
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