---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-065459"
form_type: "8-K"
ticker: null
cik: "0001828811"
company_name: "Li-Cycle Holdings Corp."
filed_at: "2024-03-12T23:59:59+00:00"
generated_at: "2026-06-04T23:17:36.750161+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Li-Cycle enters $75M convertible note with Glencore; conversion price $0.53/share

## Summary
- $75M senior secured convertible note from Glencore; matures 5 years; interest SOFR+5% (cash) or SOFR+6% (PIK).
- Conversion price $0.53/share; Glencore could reach ~47.8% ownership on full conversion (including existing note).
- Glencore gets two additional board nominees (total 3); nominees must be independent under Canadian/US rules.
- Rights Agreement amended to exempt Glencore from 'Acquiring Person' definition for the transaction and related transfers.
- NYSE granted financial viability exception; Audit Committee approved reliance on that exception.

## SEC filing metadata
- accession: 0001193125-24-065459
- form_type: 8-K
- cik: 0001828811
- company_name: Li-Cycle Holdings Corp.
- filed_at: 2024-03-12T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.03, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828811/000119312524065459/0001193125-24-065459-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828811/000119312524065459/d764215d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-065459
- JSON: https://secwatch.observer/filing/0001193125-24-065459.json
- Plain text: https://secwatch.observer/filing/0001193125-24-065459.txt

## Key facts
- Debt Financings
  Li-Cycle Holdings Corp. incurred convertible notes of $75,000,000 with Glencore Ltd. and Glencore Canada Corporation at secured overnight financing rate plus five percent (5%) per annum if interest is maturing fifth anniversary of the closing.
  - Instrument: convertible notes
  - Principal: $75,000,000
  - Counterparty: Glencore Ltd. and Glencore Canada Corporation
  - Rate: secured overnight financing rate plus five percent (5%) per annum if interest is
  - Maturity: fifth anniversary of the closing
  - Event: incurrence
  source text: On March 11, 2024, Li-Cycle Holdings Corp. (the “ Company ”) entered into a Note Purchase Agreement (the “ Note Purchase Agreement ”) with Glencore Ltd. (“ Glencore Intermediate ”), and Glencore Canada Corporation (“ Glencore ”, and together with Glencore Intermediate, the “ Glencore Parties ”), pursuant to which the Company agreed to issue and sell to Glencore a senior secured convertible note (the “ Senior Secured Convertible Note ”) in an aggregate principal amount of $75,000,000
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828811/000119312524065459/0001193125-24-065459-index.htm
- Material Agreements
  Li-Cycle Holdings Corp. entered into Note Purchase Agreement with Glencore Ltd. and Glencore Canada Corporation valued at $75,000,000 (effective 2024-03-11).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Glencore Ltd. and Glencore Canada Corporation
  - Value: $75,000,000
  - Effective: 2024-03-11
  source text: On March 11, 2024, Li-Cycle Holdings Corp. (the “ Company ”) entered into a Note Purchase Agreement (the “ Note Purchase Agreement ”) with Glencore Ltd. (“ Glencore Intermediate ”), and Glencore Canada Corporation (“ Glencore ”, and together with Glencore Intermediate, the “ Glencore Parties ”), pursuant to which the Company agreed to issue and sell to Glencore a senior secured convertible note (the “ Senior Secured Convertible Note ”) in an aggregate principal amount of $75,000,000
  evidence_url: https://www.sec.gov/Archives/edgar/data/1828811/000119312524065459/0001193125-24-065459-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.