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Freshfields Advises Li-Cycle in Follow-On Offering
Freshfields represented Li-Cycle Holdings Corp (“Li-Cycle”) in its SEC-registered follow-on public offering of 15,000,000 units, each consisting of: (i) one common share (or Pre-Funded Warrant to purchase one common share); (ii) one Series A Warrant to purchase one common share; and (iii) one Series B Warrant to purchase one common share. Li-Cycle’s common shares are listed on The New York Stock Exchange under the symbol “LICY.”
Li-Cycle is a leading global lithium-ion battery resource recovery company. Established in 2016, and with major customers and partners around the world, Li-Cycle’s mission is to recover critical battery-grade materials to create a domestic closed-loop battery supply chain for a clean energy future. Li-Cycle leverages its innovative, sustainable and patent-protected Spoke & Hub Technologies™ to recycle all different types of lithium-ion batteries.
Freshfields also represented Li-Cycle in its de-SPAC transaction, which closed in August 2021 and raised $580 million to support the company’s expansion, and subsequently on its issuance of a $100 million convertible note to Koch Strategic Platforms, LLC, its issuance of $50 million of common stock in the aggregate to LG Energy Solution, Ltd. and LG Chem, Ltd, on its strategic partnership with Glencore, its additional $75 million strategic investment from Glencore and on its $475 million project financing with the U.S. Department of Energy.
The Freshfields team was led by counsels Jeremy Barr and Tracy Zhang, with support from senior associate Shira Oyserman, law clerks Jerome Chan, Jenny Ge and Yoosong Lee, and guidance from partner Andrea Basham. Finance advice was provided by partners Allison Liff and Melissa Raciti-Knapp, counsel Catalina Ford and associates Allison Caramico, Nora McDonnell and Luis Salomón. Tax advice was provided by partner Claude Stansbury and associate Hannah Golden.
