In a recent transaction, Conor Spollen, Chief Operating Officer of Li-Cycle Holdings Corp. (NYSE:LICY), sold common shares worth approximately $9,379. The shares were sold on December 3, 2024, at a weighted average price of $1.8872 per share. The shares were sold in multiple transactions with prices ranging from $1.82 to $1.985. According to InvestingPro data, the stock has declined over 68% in the past year, though analysis suggests the company is currently trading below its Fair Value.
This sale was part of an automatic sell-to-cover transaction to address tax liabilities arising from the vesting and settlement of restricted stock units (RSUs). Following this transaction, Spollen holds 92,699 shares, including 79,382 RSUs awarded under the Li-Cycle Holdings Corp. 2021 Incentive Award Plan. These RSUs are subject to time-vesting conditions based on continued service. InvestingPro analysis reveals the company faces significant financial challenges, with a weak financial health score and rapid cash burn rate. Get access to 18 additional ProTips and comprehensive financial metrics with InvestingPro.
Li-Cycle, a company focused on hazardous waste management, recently underwent a share consolidation, which adjusted the number of securities reported in this transaction. The company currently trades at a price-to-book ratio of 0.14, reflecting its challenging market position. Discover detailed insights and comprehensive analysis in the Pro Research Report, available exclusively on InvestingPro.
In other recent news, Li-Cycle Holdings Corp. witnessed a noteworthy surge in its revenue growth. The company reported a 79% increase in its third-quarter revenue, amounting to $8.4 million, primarily due to an increase in recycling service revenue and favorable metal prices. In addition, Li-Cycle secured a $475 million loan agreement with the U.S. Department of Energy to support the construction of the Rochester Hub project in New York. This project is expected to be North America's first commercial-scale facility for hydrometallurgical resource recovery of battery materials.
Further developments include a decrease in SG&A expenses by 50% year-over-year to $12.9 million, attributed to restructuring. Li-Cycle's future objectives include securing full funding for the Rochester Hub, finalizing project analyses, and optimizing the Spoke network for financial sustainability. The company anticipates a significant increase in recycling materials by 2030, driven by the rising number of electric vehicles and manufacturing scrap. Despite some operational challenges, the company remains optimistic due to potential financial incentives from the U.S. 45X tax credit and the projected growth of the EV market in North America.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.