Why Li-Cycle (LICY) Stock Is Exploding Higher

Li-Cycle Holdings Corp LICY shares are trading higher by 20% to $0.70 Wednesday morning on upward momentum. The company on Tuesday announced it secured a $75 million investment from Glencore plc through a senior secured convertible note agreement.

This investment aims to bolster Li-Cycle’s liquidity as it conducts a strategic review process. The company is evaluating its approach to the paused Rochester Hub project, including potential product mix and construction strategies. Following an assessment, Li-Cycle chose Glencore’s offer.

As part of the agreement, Glencore will have increased representation on Li-Cycle’s board. Li-Cycle intends to disclose its full-year 2023 financial results by March 15.

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How To Buy LICY Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Li-Cycle Holdings case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

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According to data from Benzinga Pro, LICY has a 52-week high of $6.16 and a 52-week low of $0.35.