Li-Cycle Adopts Limited Duration Shareholder Rights Plan
01 Novembro 2023 - 7:00AM
Business Wire
Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the
“Company”), a leading global lithium-ion battery resource recovery
company, today announced that its Board of Directors (the “Board”)
has adopted a limited duration shareholder rights plan (the “Rights
Plan”).
The Rights Plan is intended to protect the long-term interests
of Li-Cycle and Li-Cycle’s shareholders and to enable them to
realize the full potential value of their investment in the
Company. The Rights Plan is designed to protect against unequal
treatment of the Company’s shareholders and reduce the likelihood
that any person or group will gain control of, or exert significant
influence over, Li-Cycle, including through open market
accumulations, without appropriately compensating Li-Cycle’s
shareholders for control. The Rights Plan also helps ensure that
the Board has sufficient time to make informed, deliberate
decisions and take actions that are in the best interests of
Li-Cycle. The Rights Plan applies equally to all current and future
shareholders of Li-Cycle.
The Rights Plan is not intended to prevent or interfere with any
action with respect to Li-Cycle that the Board determines to be in
the best interests of the Company.
The Rights Plan will operate similarly to rights plans adopted
by other companies publicly listed in the United States. Pursuant
to the Rights Plan, Li-Cycle will issue one right for each common
share of the Company outstanding as of the close of business on
November 10, 2023. While the Rights Plan is effective immediately,
the rights generally will become exercisable only if an applicable
person or group acquires beneficial ownership of 20% or more of
Li-Cycle’s outstanding common shares in a transaction not approved
by the Board.
In that situation, each holder of a right (other than the
acquiring person or group) will have the right to purchase, for the
purchase price of $12.50, a number of common shares of the Company
having a then-current market value of twice the purchase price. In
addition, at any time after an applicable person or group acquires
20% or more of the Company’s common shares, the Board may, at its
option, deem all or part of the rights exercised at a ratio of one
common share for each outstanding right (other than rights owned by
such person or group, which will have become void) for a nil
purchase price per right.
The Rights Plan has a 364-day term and will expire on October
30, 2024.
Additional information regarding the Rights Plan will be
contained in a Form 6-K to be filed by Li-Cycle with the U.S.
Securities and Exchange Commission and the Ontario Securities
Commission.
McCarthy Tétrault LLP and Freshfields Bruckhaus Deringer US LLP
are serving as legal counsel to Li-Cycle.
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is a leading global lithium-ion battery
resource recovery company and North America’s largest pure-play
lithium-ion battery recycler, with a rapidly growing presence
across Europe. Established in 2016, and with major customers and
partners around the world, Li-Cycle is on a mission to recover
critical battery-grade materials to create a domestic closed-loop
battery supply chain for a clean energy future. The Company
leverages its innovative, sustainable, and patent-protected Spoke
& Hub Technologies™ to provide a safe, scalable,
customer-centric solution to recycle all different types of
lithium-ion batteries. At our Spokes, or pre-processing facilities,
we recycle battery manufacturing scrap and end-of-life batteries to
produce black mass, a powder-like substance which contains a number
of valuable metals, including lithium, nickel, and cobalt. At our
Hubs, or post-processing facilities, we will process black mass to
produce critical battery-grade materials, including lithium
carbonate, nickel sulphate, and cobalt sulphate. For more
information, visit https://li-cycle.com/.
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 implementation of, and
potential effects of implementing, the Rights Plan. These
statements are based on various assumptions, whether or not
identified in this communication. There can be no assurance that
such 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.
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. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101681889/en/
Investor Relations Nahla A. Azmy
Sheldon D’souza investors@li-cycle.com
Media Louie Diaz
media@li-cycle.com
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