Li-Cycle Completes Sale of Certain of its Subsidiaries and Assets to Glencore
Sale includes Spokes in Germany, Arizona, Alabama, New York and Ontario, Rochester Hub project, intellectual property portfolio, and assumption of certain liabilities
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Successful credit bid concludes Li-Cycle's court approved sale and investment solicitation process
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TORONTO — Li-Cycle Holdings Corp. ('Li-Cycle' or the 'Company') is pleased to announce the completion of the sale of certain of its subsidiaries and assets to an affiliate of Glencore Canada Corporation ('Glencore'), the Company's largest secured creditor, by way of credit bid and assumption of certain indebtedness.
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The sale includes Li-Cycle's Germany, Arizona, Alabama, New York, and Ontario Spokes; its Rochester Hub project; and its intellectual property portfolio. Glencore has also assumed certain of Li-Cycle's liabilities. Glencore's successful credit bid concludes Li-Cycle's court-approved sale and investment solicitation process. The remaining Li-Cycle entities are either being wound-up under their corporate statutes or remain in creditor protection pursuant to the Companies' Creditors Arrangement Act (Canada) ('CCAA') and Chapter 15 of the U.S. Bankruptcy Code at this time. More information regarding Li-Cycle's CCAA and Chapter 15 proceedings can be found at https://www.alvarezandmarsal.com/LiCycle.
Forward-Looking Statements
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Certain statements contained in this press release may be considered 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as 'believe', 'may', 'will', 'continue', 'anticipate', 'intend', 'expect', 'should', 'would', 'could', 'plan', 'potential', 'future', 'target' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements about the remaining Li-Cycle entities either being wound-up or remaining in creditor protection: These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding the Company's liquidity and financial condition. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.
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These forward-looking statements are provided for the purpose of assisting readers in understanding certain key elements of Li-Cycle's current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of Li-Cycle's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and is not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
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Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Li-Cycle, and are not guarantees of future performance. Li-Cycle believes that these risks and uncertainties include, but are not limited to, the risks and uncertainties related to Li-Cycle's business are described in greater detail in the section titled 'Part I – Item 1A. Risk Factors' and 'Part II – Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation' in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC and the Ontario Securities Commission in Canada. Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Actual results could differ materially from those contained in any forward-looking statement.
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Li-Cycle assumes no obligation to update or revise any forward-looking statements, except as required by applicable laws. These forward-looking statements should not be relied upon as representing Li-Cycle's assessments as of any date subsequent to the date of this press release.
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