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

editor May 13, 2022
Updated 2022/06/09 at 1:55 AM

Li-Cycle Holdings Corp. (“Li-Cycle” or the “Company”), an industry leader in lithium-ion battery resource recovery and the leading lithium-ion battery recycler in North America, 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.

Latest Aithority Insights: Oracle Offers Service Agents a Unified View of the Customer with Oracle Fusion Cloud Unity CDP

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).

Browse The Complete News About Aithority : LTI Innovation Studio for SAP Business Technology Platform Launched at SAP Sapphire

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.

Li-Cycle is on a mission to leverage its innovative Spoke & Hub Technologies to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution.

Share this Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Hey, wait!

For the latest updates subscribe to our Newsletter!