Li-Cycle Stock Gains On $100M Investment From Koch Strategic Platforms

Koch Investments Group will invest $100 million in Li-Cycle Holdings Corp LICY by purchasing convertible notes.
The note will have an initial conversion price of approximately $13.43 per Li-Cycle common share. The notes will mature on September 29, 2026.
Li-Cycle expects the investment to support its growth opportunities in North America, Europe, and Asia.
In addition to the new capital, Li-Cycle and several Koch Industries subsidiaries are exploring opportunities to accelerate growth strategies.
"KSP's investment in Li-Cycle will further fund and accelerate the growth of our lithium-ion battery recycling footprint in North America and globally, as we scale our efficient and proven technology globally to grow in lockstep with our customers and pursue new market opportunities," said Ajay Kochhar, co-founder and CEO of Li-Cycle.
Price Action: LICY shares are trading higher by 12.4% at $12.36 on the last check Wednesday.