SCHEDULE 13D/A: Koch Affiliates Cease to Be Major Shareholder in Li-Cycle Holdings Corp.

Koch, Inc. and its affiliated entities have filed an exit Schedule 13D, indicating they are no longer beneficial owners of more than 5% of Li-Cycle Holdings Corp.'s common shares as of December 31, 2024.

Summary

• This Amendment No. 2 to Schedule 13D reports that Koch, Inc. and its affiliated Reporting Persons have ceased to be beneficial owners of more than 5% of Li-Cycle Holdings Corp.'s Public Shares.
• The event requiring this filing occurred on December 31, 2024, when their beneficial ownership dropped below the 5% threshold.
• This filing serves as the final amendment to the Schedule 13D for these Reporting Persons and constitutes an exit filing.
• As of the filing date, the Reporting Persons collectively hold 1,323,387 Public Shares, representing approximately 4.17% of the outstanding Public Shares.
• This percentage is calculated based on 31,744,463 Public Shares deemed outstanding, which includes 30,427,796 Public Shares outstanding as of December 31, 2024, and 1,316,667 Public Shares issuable upon conversion of Convertible Notes.
• Wood River Capital, LLC holds 1,316,667 Public Shares issuable upon conversion of Convertible Notes, based on an outstanding principal amount of $133,760,217.
• Spring Creek Capital, LLC holds 6,720 Public Shares.
• No transactions in the Public Shares were effected by the Reporting Persons in the 60 days preceding the date of this Amendment No. 2.

Sentiment

Score: 5

Explanation: This is a neutral, factual regulatory filing reporting a change in beneficial ownership below a reporting threshold. While a major investor reducing their stake could be perceived negatively by the market, the document itself is purely informational and does not convey positive or negative sentiment from the company's operational or financial perspective.

Positives

• The filing provides clear disclosure regarding the change in beneficial ownership, reducing uncertainty about the stake held by Koch, Inc. and its affiliates.

Negatives

• The reduction in ownership by a significant investor like Koch, Inc. could be perceived negatively by the market, potentially signaling a strategic shift or reduced confidence in Li-Cycle's long-term prospects.

Risks

• Potential negative market perception and share price volatility due to a major investor reducing their stake below the 5% threshold.
• Uncertainty among investors regarding the underlying reasons for Koch, Inc.'s decision to reduce its ownership, which could lead to speculation about Li-Cycle's future performance or strategic direction.

Future Outlook

The document does not contain forward-looking statements or guidance from Li-Cycle Holdings Corp. It is a regulatory filing by an investor group regarding their ownership stake.

Industry Context

This filing is specific to a change in an investor's stake in Li-Cycle Holdings Corp., a company operating in the battery recycling sector. It does not provide broader industry trends or competitor analysis.

Stakeholder Impact

• Shareholders: May react to the news of a significant investor reducing their stake, potentially leading to short-term price volatility or re-evaluation of the company's investment appeal.
• Management: May need to address market concerns or questions regarding the reduction in Koch, Inc.'s stake and its implications.

Next Steps

• No further Schedule 13D amendments are expected from these Reporting Persons regarding Li-Cycle Holdings Corp. as this is an exit filing.

Key Dates

Keywords

Li-Cycle Holdings Corp., Koch Inc., Schedule 13D, Beneficial Ownership, Exit Filing, Convertible Notes, Shareholding, Investment, Battery Recycling