Li-Cycle Announces Leadership and Operational Changes

Article content

TORONTO — Li-Cycle Holdings Corp. (OTCQX: LICYF) (“Li-Cycle” or the “Company”), a leading global lithium-ion battery resource recovery company, today announced leadership and operational changes.

Article content

Article content

As announced by Li-Cycle earlier today, the Company is undertaking a process to seek buyers for its business or its assets and is retaining Hilco Corporate Finance, LLC, a financial services company, and certain of its affiliates, to support the sales process.

Article content

Leadership Updates

Article content

Article content

Li-Cycle is announcing the following leadership changes.

Article content

Article content

Ajay Kochhar has stepped down from Li-Cycle’s Board of Directors and, on May 15, 2025, will transition from President and CEO to a senior advisory role for the Company to support its sales process. Mr. Kochhar co-founded Li-Cycle in 2016 and has provided strong leadership and a strategic vision as Li-Cycle developed its patented technology, completed its successful initial public offering, and grew to become a leading company in the lithium-ion battery recycling market.

Article content

William Aziz, FCPA, FCA has been appointed by Li-Cycle’s Board of Directors as Chief Restructuring Officer (“CRO”). Mr. Aziz has over 35 years of corporate restructuring experience, playing a key role in major Canadian restructurings, including as the CRO of Walter Energy Canada and UK, The Toronto Star Group and U.S. Steel Canada. He is a seasoned senior executive and director with deep experience in multi-party negotiations, strategic partnerships, mergers, acquisitions and divestitures. He is currently President and CEO of BlueTree Advisors, Inc. and a Board member of Maple Leaf Foods Inc.

Article content

Craig Cunningham, Chief Financial Officer (“CFO”), has stepped down as CFO. Since first joining Li-Cycle in March 2024, Mr. Cunningham has made many contributions to strengthen the Company’s financial processes.

Article content

Michelle Faysal, FCPA, FCA has joined Li-Cycle as interim CFO. Ms. Faysal has extensive experience as a hands-on senior executive and director. She has provided strategic direction and leadership through her independent consultancy practice in the corporate and not-for-profit sectors. Ms. Faysal was at Ernst & Young, LLP for over 20 years earlier in her career.

Article content

Jacqui Dedo, independent Chair of Li-Cycle’s Board of Directors, commented: “Li-Cycle’s mission and technology provides an important capability to the growing market need of critical materials recycling and energy security independence. On behalf of the Board, we want to thank all the stakeholders who have supported us in this key mission, and especially Ajay for his vision and leadership as co-founder and CEO, and our employees for their hard work and dedication to the Company.”

Article content

Operational Updates

Article content

Li-Cycle is also taking steps to curtail operations to optimize liquidity and support the Company’s sale process. The Company has commenced the process to suspend operations in a safe and compliant manner at its Arizona Spoke and Alabama Spoke recycling facilities. As a result, the Company will be furloughing approximately 85 employees at these facilities. The Company is also reducing its workforce by approximately 32 positions, primarily at its Toronto headquarters.

Article content

Article content

Operations at the Germany Spoke are currently continuing.

Article content

About Li-Cycle Holdings Corp.

Article content

Li-Cycle (OTCQX: LICYF) 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. For more information, visit https://li-cycle.com/.

Article content

Forward-Looking Statements

Article content

Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21 of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws. Forward-looking statements may generally be identified by the use of words such as “believe”, “may”, “will”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “could”, “plan”, “potential”, “future”, “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. Forward-looking statements in this press release include but are not limited to statements about: the efforts to seek buyers for Li-Cycle’s business or its assets; the transition of Mr. Kochhar into an advisory role with the Company; the curtailing of Li-Cycle’s operations to optimize liquidity and support the Company’s sale process; the furloughing of employees at the Arizona and Alabama Spokes, and the reduction in Li-Cycle’s workforce; and the continuation of operations at the Germany Spoke. These statements are based on various assumptions, whether or not identified in this communication, including but not limited to assumptions regarding Li-Cycle’s funds and sources of liquidity; the timing and scope of any significant modifications or terminations to Li-Cycle’s operations; the purchase value of Li-Cycle’s projects, facilities and other assets; the timing, scope and cost of any dissolution, liquidation or insolvency; the timing and scope of any efforts to curtail or suspend operations at the Arizona and Alabama Spokes, or reduce Li-Cycle’s workforce; the timing, scope and cost of Li-Cycle’s continuing projects and facilities; general economic conditions; currency exchange and interest rates; compensation costs; and inflation. There can be no assurance that such estimates or assumptions will prove to be correct and, as a result, actual results or events may differ materially from expectations expressed in or implied by the forward-looking statements.