Li-Cycle Holdings Corp LICY shares are trading lower Tuesday after the company announced that it has engaged Moelis in evaluating financing and strategic alternatives.
What Happened: Li-Cycle said it engaged independent investment bank Moelis & Company LLC as a financial advisor to assist in evaluating financing and strategic alternatives. There can be no assurance that the evaluation will result in a transaction or other strategic company.
Li-Cycle also reported third-quarter financial results after the bell on Monday.
The lithium-ion battery resource recovery company reported third-quarter revenue of $4.7 million, which beat the consensus estimate of $2.99 million. Li-Cycle reported an adjusted loss of 19 cents per share versus estimates for a loss of 24 cents per share.
"In conjunction with the pause in the Rochester Hub project announced in late October, we have initiated a comprehensive review. We have performed an initial analysis of options for completion of the Rochester Hub, and we are taking steps to conserve cash," said Ajay Kochhar, president and CEO of Li-Cycle.
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LICY Price Action: Li-Cycle shares were down 50 % at $0.73 at the time of publication, according to Benzinga Pro.
Photo: Finnrich from Pixabay.
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