Li-Cycle Shares Rise 7% After Partnership With Glencore
May 05 2022 - 1:02PM
Dow Jones News
By Chris Wack
Li-Cycle Holdings Corp. shares were up 7% to $7.71 after the
company said it has entered into a strategic partnership with
Glencore Plc.
The company said the strategic partnership will aid the electric
vehicle battery supply chain by providing customers with an
integrated approach for their primary and recycled metal needs.
Glencore executed a global feedstock supply agreement under
which Glencore will supply all types of manufacturing scrap and
end-of-life lithium-ion batteries to Li-Cycle.
Glencore will make a $200 million investment in Li-Cycle, and
Glencore will have the right to nominate one board member to the
Li-Cycle board. Li-Cycle has agreed to nominate Kunal Sinha,
Glencore's head of recycling, to its board of directors.
Glencore will purchase a $200 million convertible note, which
will mature on the fifth anniversary of closing and have an initial
conversion price of $9.95 per Li-Cycle common share.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
May 05, 2022 12:47 ET (16:47 GMT)
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