Li-Cycle Holdings Corp. (NYSE:LICY), a leader in hazardous waste management, announced today the appointment of Marcum Canada LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2024. The decision was made during the company's annual general and special meeting, which reconvened on Monday.
At the meeting, shareholders voted overwhelmingly in favor of the appointment, with 9,254,875 votes supporting and only 155,096 withheld. There were no broker non-votes recorded for this matter. The Board of Directors has also been authorized to determine the auditor’s remuneration.
This corporate governance event reflects the ongoing administrative functions of the company, which is incorporated in the Province of Ontario, Canada, and operates under the organization name 01 Energy & Transportation. Li-Cycle's business address is listed in Mississauga, Ontario, and the company is publicly traded on the New York Stock Exchange under the ticker symbol LICY.
In other recent news, Li-Cycle Holdings Corp. made significant headway in the second quarter of 2024. The company reported progress on a U.S. Department of Energy (DOE) loan, and is exploring additional financing options, while also advancing the Rochester Hub project and optimizing its Spoke network. Despite current soft metal prices, Li-Cycle remains confident in the economic viability of its projects and the long-term growth of the battery recycling industry.
The company is in the final stages of securing a DOE loan and is working on finalizing the financing documentation. The Rochester Hub project, which is under comprehensive review, has an estimated completion cost of $490 million. Li-Cycle is seeing strong demand for its recycling services and aims to increase throughput rates while reducing costs.
InvestingPro Insights
Li-Cycle Holdings Corp.'s recent appointment of a new auditor comes at a challenging time for the company, as revealed by recent financial data and analyst insights from InvestingPro. The company's market capitalization stands at a modest $50.85 million, reflecting investor caution. This caution appears warranted, given several InvestingPro Tips that highlight significant financial challenges.
One key InvestingPro Tip notes that Li-Cycle "operates with a significant debt burden" and "may have trouble making interest payments on debt." This financial strain is further evidenced by the company's negative gross profit margin of -236.71% for the last twelve months as of Q2 2024, indicating severe profitability issues.
Despite these challenges, there are some positive signals. Another InvestingPro Tip suggests that "analysts anticipate sales growth in the current year," which could provide some relief. Additionally, the company has shown a strong return over the last month, with a 48.68% price total return, potentially indicating some market optimism about its future prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 19 additional tips on Li-Cycle, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.