Li-Cycle Announces Approval to Trade on the OTCQX Best Market

Li-Cycle Holdings Corp. (NYSE:LICY) (“Li-Cycle” or the “Company”), a leading global lithium-ion battery resource recovery company, today announced that its common shares have been approved to trade on the OTCQX Best Market, and that it expects its common shares to commence trading on OTCQX under the symbol “LICYF” on February 27, 2025, when it expects to be eligible for quotation.

“Moving to OTCQX is expected to reduce our costs while continuing to provide us efficient access to U.S. capital markets,” said Ajay Kochhar, Li-Cycle President and CEO. “We remain focused on providing value for all stakeholders and advancing our key priorities, especially securing a complete funding package for our Rochester Hub project and satisfying funding conditions for the first advance under our U.S. Department of Energy (“DOE”) loan facility. With our finalized DOE loan facility, top-tier partnerships across the global critical minerals and lithium-ion battery supply chains, and patented Spoke & Hub Technologies, Li-Cycle plays an important role in strengthening the U.S. energy industry due to our ability to produce critical minerals domestically.”

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 (“SEC”) and under other applicable securities laws. The OTCQX Best Market is the highest level of OTC Markets on which 12,000 U.S. and international securities trade. Streamlined market requirements for OTCQX are designed to help companies lower the cost and complexity of being publicly traded while providing transparent trading for their investors. To qualify for OTCQX, companies must meet high financial standards, follow best-practice corporate governance, and demonstrate compliance with applicable securities laws.

The Company received written notice today from the New York Stock Exchange (“NYSE”) that it has suspended trading of Li-Cycle’s common shares effective immediately and started the process to delist the Company’s common shares from the NYSE. NYSE’s actions relate to recently enacted changes to Section 802.01C of the NYSE’s Listed Company Manual. The NYSE determined that the Company was not in compliance with NYSE regulation, because the average closing price of Li-Cycle’s common shares was less than $1.00 over a consecutive 30 trading-day period and the Company had effected a reverse stock split within the prior one-year period. The Company expects to advise the NYSE that it will not appeal the NYSE’s delisting determination.

In addition to the OTCQX, the Company plans to list its common shares on another eligible market in accordance with the terms of its convertible debt. The Company has obtained waivers from its convertible debt holders, Glencore Canada Corporation and Wood River Capital, LLC, to permit the move to OTCQX as an eligible market for the Company’s common shares which waivers extend to April 30, 2025. Additional information regarding this announcement, including the form of waivers from Glencore Canada Corporation and Wood River Capital, LLC, will be included in a Current Report on Form 8-K to be filed with the SEC.

Li-Cycle | https://li-cycle.com/