Li-Cycle removed from New York State Exchange
Li-Cycle pauses construction of Rochester facility due to costs
The company acknowledged the removal last week, saying that their reverse stock split to bump the price of each share to over a dollar proved to be ineffective, as 'the average closing price of Li-Cycle's common shares was less than $1.00 over a consecutive 30 trading-day period.'
Li-Cycle said it would not appeal the decision, but will begin trading on OTCQX® Best Market, adding 'the transfer to OTCQX does not affect Li-Cycle's current day-to-day business operations or its reporting obligations with the U.S. Securities and Exchange Commission.'
Li-Cycle secures $475M loan, CEO say it's a step forward for Rochester Hub
In November, Li-Cycle said it finalized a $475 million loan with the U.S. Department of Energy, which officials call a major step forward for its Rochester Hub.
According to the battery-recycling company, the loan agreement, which is a first for a company of this kind, is for $100 million more than initially approved.
Construction of the Rochester Hub was put on pause in late 2023 as the company reportedly dealt with ballooning construction costs. The estimated total for the project now sits at approximately $960 million. In the end, the construction alone is expected to create around 825 jobs. Company leaders added they anticipate it to generate about 200 more permanent ones.
Also in the fall, the company announced it began a partnership with Swedish company Glencore, which has already invested $75 million into Li-Cycle.
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