Li-Cycle granted approval to trade on OTCQX Best Market
Li-Cycle's common shares have been approved to trade on the OTCQX Best Market, and it expects its common shares to commence trading on OTCQX under the symbol "LICYF" on February 27, when it expects to be eligible for quotation. The transfer to OTCQX does not affect Li-Cycle's current day-to-day business operations or its reporting obligations with the SEC and under other applicable securities laws. The OTCQX Best Market is the highest level of OTC Markets on which 12,000 U.S. and international securities trade. The company received written notice from the NYSE that it has suspended trading of Li-Cycle's common shares effective immediately and started the process to delist the company's common shares from the NYSE. The NYSE determined that the company was not in compliance with NYSE regulation, because the average closing price of Li-Cycle's common shares was less than $1.00 over a consecutive 30 trading-day period and the company had effected a reverse stock split within the prior one-year period. The company expects to advise the NYSE that it will not appeal the NYSE's delisting determination. In addition to the OTCQX, the company plans to list its common shares on another eligible market in accordance with the terms of its convertible debt. The company has obtained waivers from its convertible debt holders, Glencore Canada Corporation and Wood River Capital, to permit the move to OTCQX as an eligible market for the company's common shares which waivers extend to April 30.
