Li-Cycle Corp of Toronto, ON and Peridot Acquisition Corp of Houston, TX have entered into a definitive business combination agreement that will result in Li-Cycle becoming a public company. Upon completion, the combined company will be renamed Li-Cycle Holdings Corp and will be listed on the New York Stock Exchange.
Ajay Kochhar, Li-Cycle’s CEO, commented, “Li-Cycle’s patented technology is proven in the North American market as the leading way to recycle lithium-ion batteries and re-use recovered materials to make new batteries in a truly circular and sustainable manner. The capital raised in this transaction will fully fund our planned growth. We are excited to partner with the Peridot team and enter the public markets, deliver on our mission and create long-term value for our customers, employees and shareholders.”
The business combination includes a pre-money equity valuation for Li-Cycle of US$1.67 billion. The transaction will provide US$615 million in gross proceeds to the company, assuming no redemption by Peridot shareholders.
The boards of directors of both Li-Cycle and Peridot have unanimously approved the transaction. The transaction will require the approval of both sets of shareholders and necessary regulatory approvals.
Volume 35, Issue 05