US Firm Li-Cycle to Make its Debut on NYSE on August 11

Highlights :

  • Li-Cycle is a lithium-ion battery recycler and resource recovery company operating in North America.
  • The firm has completed its business combination with Peridot Acquisition Corp, a blank check company.

US firm Li-Cycle Holdings Corp. has announced that its shares will begin trading on the New York Stock Exchange on August 11, 2021, as a result of the company’s completion of its business combination with Peridot Acquisition Corp, a blank check company.

The ticker symbols for the common stock and warrants of Peridot will change from “PDAC” and “PDAC.WS” to “LICY” and “LICY.WS”, respectively. The business combination implies a pre-money equity valuation for Li-Cycle of $975 million and, when combined with the transaction proceeds, represents a combined company pro forma equity value of $1.55 billion.

Li-Cycle is a lithium-ion battery recycler and resource recovery company operating in North America. The transaction was approved at an extraordinary general meeting of Peridot shareholders on August 5, 2021 and was unanimously approved by Peridot’s Board of Directors.

Ajay Kochhar, co-founder and CEO of Li-Cycle, said, “Consummation of our business combination with Peridot marks a significant milestone for Li-Cycle. Peridot’s support of our mission to close the battery supply chain loop has been instrumental, and we look forward to our ongoing partnership with their team.”

“We are well-positioned to benefit from macroeconomic tailwinds as we scale our efficient and proven commercial lithium-ion recycling technology to grow in lockstep with our customers. As the electric vehicle revolution continues to ramp up, we believe our technology will be critical for supporting the growth of e-mobility globally, while ensuring sustainability and resource efficiency,” he added.

Citi served as the sole financial advisor to Li-Cycle. Cowen served as capital markets advisor to Li-Cycle.

Alan Levande, the former Chairman and CEO of Peridot and now a Non-Executive Director of the Board of Directors of Li-Cycle, commented, “Li-Cycle’s innovative business model, exceptional management team, and proven, disruptive technology provides the company with a strong competitive moat that is poised to benefit from global electrification.”

“Since announcing the transaction, the Li-Cycle team has demonstrated excellent stewardship – announcing foundational commercial agreements, bolstering the leadership team with strategic hires, strengthening the company’s IP, and importantly, furthering progress on building out the company’s Spoke and Hub model. We are excited to see its future successes amplified in the public markets,” he added.

To memorialize the completion of the business combination, Li-Cycle will be ringing the closing bell at the NYSE at 4:00 p.m. ET on August 11, 2021. A live stream of the event and replay can be accessed after August 11, 2021 by visiting https://www.nyse.com/bell.

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Soumya Duggal

Soumya is a master's degree holder in English, with a passion for writing. It's an interest she has directed towards environmental writing recently, with a special emphasis on the progress being made in renewable energy.

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