SCHEDULE: Armistice Capital Discloses 9.99% Stake in Li-Cycle

Armistice Capital, LLC and Steven Boyd have jointly reported beneficial ownership of 4,569,327 shares, representing 9.99% of Li-Cycle Holdings Corp.'s common stock, as of March 31, 2026.

Summary

• Armistice Capital, LLC and Steven Boyd, collectively referred to as the Reporting Persons, have filed a Schedule 13G, indicating their beneficial ownership of Li-Cycle Holdings Corp. common stock.
• The filing reports a total of 4,569,327 shares beneficially owned, representing 9.99% of the class of securities.
• Armistice Capital, LLC acts as the investment manager for Armistice Capital Master Fund Ltd., the direct holder of the shares.
• Steven Boyd, as the managing member of Armistice Capital, LLC, may also be deemed to beneficially own these shares.
• The Master Fund disclaims beneficial ownership due to its Investment Management Agreement with Armistice Capital, which governs voting and investment power.
• The filing is an amendment to a previous filing, with the event requiring this statement occurring on March 31, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It reports a significant ownership stake but provides no operational or financial performance data, making it purely informational regarding investor holdings.

Positives

• Significant stake reported: Armistice Capital and Steven Boyd collectively hold 9.99% of Li-Cycle's common stock, indicating substantial investor interest.
• Clear reporting structure: The filing clearly delineates the roles of Armistice Capital, LLC, Steven Boyd, and the Master Fund in beneficial ownership.

Negatives

• No financial performance data: This filing is a Schedule 13G, which focuses on ownership and does not contain financial performance metrics or operational updates.
• Limited operational insight: The filing does not provide details on the reasons for acquiring the stake or future intentions beyond standard certifications.

Risks

• Potential for future influence: While the filing certifies that shares were not acquired to influence control, a 9.99% stake can still represent significant influence in certain corporate actions.
• Market perception: A large stake held by an investment manager could be interpreted by the market in various ways, potentially impacting stock price depending on the manager's known investment strategies.

Future Outlook

This filing does not contain forward-looking statements or guidance related to the company's financial performance or strategic direction. It solely pertains to ownership disclosure.

Management Comments

• Armistice Capital, LLC exercises voting and investment power over the securities of the Issuer held by the Master Fund.
• Mr. Boyd, as the managing member of Armistice Capital, may be deemed to beneficially own the securities of the Issuer held by the Master Fund.
• The Master Fund specifically disclaims beneficial ownership of the securities of the Issuer directly held by it by virtue of its inability to vote or dispose of such securities as a result of its Investment Management Agreement with Armistice Capital.
• Certifications state that securities were acquired and are held in the ordinary course of business and were not acquired or held for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

StockSavvy.ai notes that significant ownership filings like this Schedule 13G from institutional investors can signal conviction in a company's long-term prospects within the battery recycling and circular economy sector, an area experiencing rapid growth and technological advancement.

Stakeholder Impact

• Shareholders: The filing provides transparency on a significant ownership block, which can influence market perception and potentially future corporate actions.
• Management: The reporting of a 9.99% stake by an investment manager may prompt management to consider the investor's perspective in strategic decisions.
• Creditors: While not directly impacted, significant shifts in major shareholder positions can indirectly affect a company's perceived stability.

Next Steps

• The Reporting Persons will file amendments to this statement if any material changes occur in the information herein, such as changes in beneficial ownership.
• The Master Fund has the right to receive dividends from, or the proceeds from the sale of, the reported securities.

Key Dates

Keywords

Li-Cycle Holdings Corp., Schedule 13G, Armistice Capital, Steven Boyd, Beneficial Ownership, Common Stock, SEC Filing, Investment Management