Li-Cycle to cut 17 per cent of staff amid battery recycling growing pains [Globe and Mail, The (Toronto, Canada)]
Li-Cycle Holdings Corp. (LICY)
Company Research
Source: Globe and Mail, The
growth plans in order to save cash and focus on building a crucial processing facility in New York. The cuts, announced on Tuesday, are a tacit acknowledgment by the Toronto-based company that its rapid growth in recent years – with facilities announced across North America, Europe and Asia – was unsustainable given the high costs and technical challenges associated with building what is essentially a new global market for electric vehicle battery recycling. In all, 60 employees will lose their jobs. The company was still informing affected staff about the cuts on Tuesday afternoon. Li-Cycle, which plans to record an $8.3 million severance charge this quarter, will have roughly 200 employees after the cuts. While Li-Cycle posted its highest quarterly revenue ever during 2023, the company has struggled with construction cost overruns at its Rochester, New York, battery processing facility. The U.S. Energy Department said last year that it would conditionally lend the company $3
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News
- Li-Cycle Holdings Corp. (NYSE: LICY) had its "neutral" rating re-affirmed by analysts at Chardan Capital. They now have a $0.75 price target on the stock.MarketBeat
- Black Mass Recycling Market Report 2024: Global Trends, Forecast and Competitive Analysis 2018-2030 - Opportunities in Automotive, Consumer electronics, Energy, Aerospace and Defense, and Construction [Yahoo! Finance]Yahoo! Finance
- Argan, 1847 Holdings, C3is among industrial movers [Seeking Alpha]Seeking Alpha
- Li-Cycle to Host Annual General and Special Meeting of Shareholders on Thursday, May 23, 2024 at 8:30 a.m. (ET) [Yahoo! Finance]Yahoo! Finance
- Li-Cycle to Host Annual General and Special Meeting of Shareholders on Thursday, May 23, 2024 at 8:30 a.m. (ET)Business Wire
LICY
Earnings
- 11/13/23 - Miss
LICY
Sec Filings
- 4/12/24 - Form DEFA14A
- 4/12/24 - Form ARS
- 4/12/24 - Form DEF
- LICY's page on the SEC website