Li-Cycle Holdings (NYSE: LICY) stock surged 23% on Tuesday after the company announced improvements to its liquidity position and ongoing internal technical review of the Rochester Hub.
Li-Cycle (LICY) has released a comprehensive business update following the announcement of a $75 million investment from Glencore plc. The company reports significant progress on various fronts, including financial stability and technical advancements.
In an update, Kochhar, Li-Cycle’s President and Chief Executive Officer, expressed satisfaction with the progress made since initiating the comprehensive review. He highlighted improvements in liquidity and the internal technical review of the Rochester Hub, a pivotal aspect of their operations. Kochhar emphasized the importance of the $75 million strategic financing from Glencore plc in bolstering liquidity and strengthening their long-term strategic collaboration.
Moreover, Li-Cycle confirmed the successful verification of the technical viability of producing lithium carbonate and mixed hydroxide precipitate (MHP) during the internal review of the Rochester Hub project. In addition, the company is engaged in discussions with the U.S. Department of Energy for a conditional loan commitment of up to $375 million.
Li-Cycle (NYSE: LICY) Stock Performance
LICY stock soared 22.72% to close at $1.35 on Tuesday. The traders had exchanged hands with 93,197,148 (93.19 million) shares compared to the average daily trading volume of 6.33 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
