2024-03-12 12:34:21 ET
An Ontario-based lithium-ion %BatteryRecycler is turning heads on Tuesday after it was announced that the company has entered into an agreement to issue a senior secured convertible note in an aggregate principal amount of $75 million to an affiliate of Glencore plc.
Shares of %LiCycleHoldings (NYSE: LICY) went flying on the news, with traders pushing the stock price up to $0.5989/share (+49.31%) at the early session high. This pop was the first sign of life from the bulls for this small cap in about three months, and could be an indication of things to come!
Li-Cycle Holdings Corp is a lithium-ion battery resource recovery and the leading lithium-ion battery recycler. Its proprietary Spoke and Hub recycling process is designed at its Spokes, to process battery manufacturing scrap and end-of-life batteries to produce black mass and other intermediate products, and at its Hubs, to process black mass to recover raw materials, including but not limited to lithium carbonate, cobalt sulphate and nickel sulphate.