Glencore-affiliated reporting persons disclosed changes in their beneficial ownership of Li-Cycle Holdings Corp. tied to an amended and restated convertible note with an original principal of $124,059,131.32. The note is convertible at $2.33 per share and may be converted into common shares, and carries an option to pay interest in cash or by payment-in-kind based on the secured overnight financing rate plus 6% annually. As part of a court-approved Equity and Asset Purchase Agreement and a credit bid, Glencore Canada directed Li-Cycle to reduce the note principal by $30,867,124 (equivalent to up to 13,247,693 shares at $2.33). The note matures on December 9, 2029, and the agreement contemplates issuance of warrants on certain redemptions, with warrant counts tied to principal divided by the conversion price.
Li-Cycle Holdings Corp. (LICY) Amendment No. 11 reports completion of restructuring steps in August 2025 that materially change its capital structure and ownership. Court orders in Canada (CCAA) on August 1, 2025 and recognition by the U.S. Bankruptcy Court on August 4, 2025 approved the EAPA, the related transaction and a Credit Bid. On the Closing Date, August 7, 2025, a Collateral Release and Note Direction Agreement was entered, Glencore Canada directed a $30,867,124 reduction in the principal of Second A&R Convertible Note No. 1, leaving a principal balance of $93,192,007.32 (excluding accrued interest). As of that date Glencore-affiliated reporting persons may be deemed to beneficially own 74,587,088 Common Shares, representing approximately 62.6% of the issued Common Shares. The filing also discloses the resignation of Mr. Kunal Sinha from the Issuer’s board and an Exhibit (Collateral Release and Note Direction Agreement) filed as Exhibit 99.17.