Latest news with #RochesterHub
Business Wire
2 days ago
- Business
- Business Wire
Li-Cycle Completes Sale of Certain of its Subsidiaries and Assets to Glencore
TORONTO--(BUSINESS WIRE)--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. 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 Forward-Looking Statements 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. 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. 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. 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.
Yahoo
01-05-2025
- Business
- Yahoo
Li-Cycle seeks buyers of business and assets due to financial struggles
ROCHESTER, N.Y. (WROC) — Lithium-ion battery recycler Li-Cycle is seeking buyers of its business or assets due to financial difficulties. According to a statement from the company, it is seeking more assistance to meet its obligations and repay its liabilities. The statement says that Li-Cycle may need to modify or terminate operations and liquidate its assets. The company is currently seeking buyers for its business or assets, including the entire company. They said they can't assure whether any buyers would be found. Li-Cycle releases 2024 year-end report: Revenue up, costs down, no new plans for Rochester Hub Li-Cycle also references the Rochester Hub project, saying their inability to develop it and other future projects is considered a 'risk and uncertainty' when making a forward-looking statement such as this. Years ago, Li-Cycle was awarded $375 million loan for the Rochester Hub, but construction of the hub was put on hold due to rising costs. They entered a commercial agreement with Glencore and then secured a $475 million loan in 2024. As of April 2025, no new plans were announced for the facility. The company then faced hardship after it was removed from the New York Stock Exchange. Li-Cycle did not appeal the decision and instead traded on OTCQX Best Market. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
03-03-2025
- Business
- Yahoo
Li-Cycle removed from New York State Exchange
ROCHESTER, N.Y. (WROC) — Li-Cycle, the Canadian battery recycler that has continued to work to restart construction on the 'Rochester Hub,' has been removed from the New York Stock 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. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
