Li-Cycle to hold reconvened shareholder meeting
on October 15, 2024 at 8:30 a.m. (EDT) to vote on appointment of
new auditor
Li-Cycle Holdings Corp. (NYSE: LICY) (“Li-Cycle” or the
“Company”), a leading global lithium-ion battery resource recovery
company, announced today that the Audit Committee of the Company’s
Board of Directors (the “Board”) has unanimously approved the
selection of Marcum Canada LLP (“Marcum”) as the Company’s
independent registered public accounting firm that will serve as
its independent auditor and the Board has approved that the
appointment of Marcum be put forward for shareholder approval.
“After careful consideration of offers and a comprehensive
review of the capabilities and fit of respective firms, the Audit
Committee is pleased to have selected Marcum as the Company’s new
independent auditor and the Board is recommending that shareholders
vote for the appointment of Marcum,” said Ajay Kochhar, President
and CEO of Li-Cycle. “We believe Marcum’s expertise and
understanding of our industry and business will serve the Company
and its stakeholders well as we advance our comprehensive review
and go-forward strategy for the Rochester Hub project.”
The Company will reconvene its Annual General and Special
Meeting of Shareholders (the “Reconvened Meeting”) on Tuesday,
October 15, 2024 at 8:30 a.m. (Eastern Daylight Time) to vote on
the appointment of Marcum and the authorization of the Board to fix
Marcum’s remuneration.
All interested parties are invited to attend the Reconvened
Meeting by using the live webcast link here:
www.virtualshareholdermeeting.com/LICY2024. Only registered
shareholders and duly appointed proxyholders as of the record date
on September 10, 2024, will be entitled to vote and ask questions
at the Reconvened Meeting.
The Company’s proxy materials and annual report for the
Reconvened Meeting will be available at www.ProxyVote.com, on
Li-Cycle’s website at Li-Cycle – Investor Relations, on EDGAR at
www.sec.gov, and on SEDAR+ at www.sedarplus.com. The Company will
use full set delivery for the distribution of proxy materials and
will send shareholders paper copies of a proxy supplement,
containing an amended proxy card.
Your vote is important. Whether or not you plan to virtually
attend the Reconvened Meeting, please vote as soon as possible by
one of the methods described in the Reconvened Meeting materials to
ensure that your shares are represented and voted at the Reconvened
Meeting. The deadline to vote via the Internet or by phone prior to
the Reconvened Meeting is October 10, 2024 at 8:30 a.m. (Eastern
Daylight Time).
About Li-Cycle Holdings Corp.
Li-Cycle (NYSE: LICY) is a leading global lithium-ion battery
resource recovery company. Established in 2016, and with major
customers and partners around the world, Li-Cycle’s mission is 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 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
future Hubs, or post-processing facilities, we plan to process
black mass to produce critical battery-grade materials, including
lithium carbonate, for the lithium-ion battery supply chain. For
more information, visit https://li-cycle.com/.
About Marcum Canada LLP
Marcum Canada LLP is a top-ranked national accounting and
advisory firm dedicated to helping entrepreneurial, middle-market
companies and high net worth individuals achieve their goals.
Marcum’s industry-focused practices offer deep insight and
specialized services to privately held and publicly registered
companies, and nonprofit and social sector organizations. Marcum
also provides a full complement of technology, wealth management,
and executive search and staffing services. Headquartered in New
York City, Marcum has offices in major business markets across the
U.S. and select international locations. For more information:
https://www.marcumllp.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”, “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 appointment of Marcum as the
Company’s new independent auditor, the expectation that Marcum’s
expertise and understanding of Li-Cycle’s industry and business
will serve the Company and its stakeholders well, the reconvening
of the Annual General and Special Meeting of Shareholder, the
voting, the availability of the Company’s proxy materials and
annual report, and the mailing of the proxy supplement. These
statements are based on various assumptions, whether or not
identified in this press release, made by Li-Cycle. 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. 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 following:
Li-Cycle’s inability to economically and efficiently source,
recover and recycle lithium-ion batteries and lithium-ion battery
manufacturing scrap, as well as third party black mass, and to meet
the market demand for an environmentally sound, closed-loop
solution for manufacturing waste and end-of-life lithium-ion
batteries; Li-Cycle’s inability to successfully implement its
global growth strategy, on a timely basis or at all; Li-Cycle’s
inability to manage future global growth effectively; Li-Cycle’s
inability to develop the Rochester Hub as anticipated or at all,
and other future projects including its Spoke network expansion
projects in a timely manner or on budget or that those projects
will not meet expectations with respect to their productivity or
the specifications of their end products; Li-Cycle’s history of
losses and expected significant expenses for the foreseeable future
as well as additional funds required to meet Li-Cycle’s liquidity
needs and capital requirements in the future not being available to
Li-Cycle on acceptable terms or at all when it needs them; risk and
uncertainties related to Li-Cycle’s ability to continue as a going
concern; uncertainty related to the success of Li-Cycle’s cash
preservation plan and related past and further workforce
reductions; Li-Cycle’s inability to attract, train and retain top
talent who possess specialized knowledge and technical skills;
Li-Cycle’s failure to oversee and supervise strategic review of all
or any of the Li-Cycle’s operations and capital project and obtain
financing and other strategic alternatives; Li-Cycle’s inability to
service its debt and the restrictive nature of the terms of its
debt; Li-Cycle’s potential engagement in strategic transactions,
including acquisitions, that could disrupt its business, cause
dilution to its shareholders, reduce its financial resources,
result in incurrence of debt, or prove not to be successful; one or
more of Li-Cycle’s current or future facilities becoming
inoperative, capacity constrained or disrupted, or lacking
sufficient feed streams to remain in operation; the potential
impact of the pause in construction of the Rochester Hub on the
authorizations and permits granted to Li-Cycle for the operation of
the Rochester Hub and the Spokes on pause; the risk that the New
York state and municipal authorities determine that the permits
granted to Li-Cycle for the production of metal sulphates at the
Rochester Hub will be impacted by the change to MHP and the
reduction in scope for the project; Li-Cycle’s failure to
materially increase recycling capacity and efficiency; Li-Cycle
expects to continue to incur significant expenses and may not
achieve or sustain profitability; problems with the handling of
lithium-ion battery cells that result in less usage of lithium-ion
batteries or affect Li-Cycle’s operations; Li-Cycle’s inability to
maintain and increase feedstock supply commitments as well as
secure new customers and off-take agreements; a decline in the
adoption rate of EVs, or a decline in the support by governments
for “green” energy technologies; decreases in benchmark prices for
the metals contained in Li-Cycle’s products; changes in the volume
or composition of feedstock materials processed at Li-Cycle’s
facilities; the development of an alternative chemical make-up of
lithium-ion batteries or battery alternatives; Li-Cycle’s expected
revenues for the Rochester Hub are expected to be derived
significantly from a limited number of customers; uncertainty
regarding the sublease agreement with Pike Conductor Dev 1, LLC
related to the construction, financing and leasing of a warehouse
and administrative building for the Rochester Hub; Li-Cycle’s
insurance may not cover all liabilities and damages; Li-Cycle’s
heavy reliance on the experience and expertise of its management;
Li-Cycle’s reliance on third-party consultants for its regulatory
compliance; Li-Cycle’s inability to complete its recycling
processes as quickly as customers may require; Li-Cycle’s inability
to compete successfully; increases in income tax rates, changes in
income tax laws or disagreements with tax authorities; significant
variance in Li-Cycle’s operating and financial results from period
to period due to fluctuations in its operating costs and other
factors; fluctuations in foreign currency exchange rates which
could result in declines in reported sales and net earnings;
unfavorable economic conditions, such as consequences of the global
COVID-19 pandemic; natural disasters, unusually adverse weather,
epidemic or pandemic outbreaks, cyber incidents, boycotts and
geo-political events; failure to protect or enforce Li-Cycle’s
intellectual property; Li-Cycle may be subject to intellectual
property rights claims by third parties; Li-Cycle may be subject to
cybersecurity attacks, including, but not limited to, ransomware;
Li-Cycle’s failure to effectively remediate the material weaknesses
in its internal control over financial reporting that it has
identified or its failure to develop and maintain a proper and
effective internal control over financial reporting; the potential
for Li-Cycle’s directors and officers who hold Company common
shares to have interests that may differ from, or be in conflict
with, the interests of other shareholders; risks related to
adoption of Li-Cycle’s shareholder rights plan and amendment to the
shareholder rights plan; risks of litigation or regulatory
proceedings that could materially and adversely impact Li-Cycle’s
financial results; Li-Cycle’s reliance on a limited number of
commercial partners to generate revenue; and the volatility of the
price of Li-Cycle’s common shares.
These and other risks and uncertainties related to Li-Cycle’s
business are described in greater detail in the sections titled
“Item 1A. Risk Factors” and “Item 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations—Key
Factors Affecting Li-Cycle’s Performance” in its Annual Report on
Form 10-K and the sections titled “Part II. Other Information—Item
1A. Risk Factors” and “Part I. Financial Information—Item 2.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in its Quarterly Reports on Form 10-Q, in
each case filed with the U.S. Securities and Exchange Commission
and the Ontario Securities Commission (“OSC”) 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 assessment as of any date subsequent to the
date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240809376659/en/
Investor Relations & Media Louie Diaz Sheldon D'souza
Investor Relations: investors@li-cycle.com Media:
media@li-cycle.com
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