Li cycle nyse Licy Stock Soars 23 What's the Big News

Li-Cycle (NYSE: LICY) Stock Soars 23% – What’s the Big News?

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.