Li-Cycle board approves 8-for-1 share consolidation, names Dedo board chair

Li-Cycle Holdings updates from the Company’s Annual General and Special Meeting of Shareholders held on May 23, 2024. Voting results of items of business at the AGM included the election of each of the Li-Cycle director nominees; the approval of the share consolidation resolution, described further below; the approval of the compensation of the Company’s named executive officers on an advisory basis; the approval of a one-year frequency period for future advisory votes on the compensation of the Company’s named executive officers on an advisory basis; and the approval of the adjournment of the AGM to permit Li-Cycle to complete the search for a successor independent auditor firm. Following approval by the Company’s shareholders and its Board of Directors, the Company will effect a consolidation of the Company’s common shares at a ratio of 8 pre-consolidation Shares for 1 post-consolidation Share. The Share Consolidation is expected to be effective before the markets open on June 4, 2024. Beginning on June 4, 2024, Li-Cycle’s Shares are expected to begin trading on a post-consolidation basis on the New York Stock Exchange under the same symbol, “LICY,” but under a new CUSIP number: 50202P204. The Share Consolidation is being implemented as a way to potentially increase the trading price of Shares so as to regain compliance with the closing share price criteria set forth in Rule 802.01C of the NYSE Manual. Under the terms of the Share Consolidation, every eight Shares will be automatically consolidated into one Share. The Share Consolidation will not change the authorized number of Shares. The Company would also like to announce the appointment of Jacqueline Dedo as Li-Cycle’s independent Board Chair, effective immediately. Ms. Dedo succeeds Tim Johnston, Li-Cycle’s previous interim non-executive Board Chair. As part of this transition, Mr. Johnston is also stepping down from the Li-Cycle Board, effective May 31, 2024, to pursue other business opportunities. Ms. Dedo will continue to serve as the Chair of the Board’s Special Committee.