Li-Cycle Holdings Corp LICY

$50 million investment from LG

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Li-Cycle Announces Completion of $50 Million Investment from LG Energy Solution and LG Chem 

TORONTO, Ontario (May 12, 2022) – Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the “Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, today announced the successful completion of the previously announced $50 million aggregate investment in common shares of the Company (“Common Shares”) by LG Energy Solution, Ltd. (“LGES”) and LG Chem, Ltd. (“LGC”). LGES and LGC have each subscribed for an equal number of Common Shares, at an average subscription price of $9.43 per Common Share. Following the investment, LGES and LGC collectively hold 5,300,352 Common Shares, representing approximately 3% of the issued and outstanding Common Shares in the capital of the Company.

 

Under the terms of the Subscription Agreements with each of LGES and LGC entered into on December 13, 2021, as amended and restated on April 21, 2022, the investment was split into two tranches: (i) an initial tranche of 4,416,960 Common Shares, in the aggregate, at a price of $10.00 per share (for an aggregate initial tranche subscription price of approximately $44.2 million), and (ii) a second tranche of 883,392 Common Shares, in the aggregate, at a price of $6.60 per share, being the volume-weighted average trading price of Li-Cycle’s Common Shares for the 5 trading days ending immediately prior to April 29, 2022 (for an aggregate second tranche subscription price of approximately $5.8 million).

 

Additional information regarding this announcement may be found in a Form 6-K that will be filed with the U.S. Securities and Exchange Commission and the Ontario Securities Commission.

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"Under the terms of the Subscription Agreements with each of LGES and LGC entered into on December 13, 2021, as amended and restated on April 21, 2022, the investment was split into two tranches: (i) an initial tranche of 4,416,960 Common Shares, in the aggregate, at a price of $10.00 per share (for an aggregate initial tranche subscription price of approximately $44.2 million), and (ii) a