Li-Cycle, a commercial leader in lithium-ion battery resource recovery, and Peridot Acquisition today announced their entry into a definitive business combination agreement. Upon closing, the combined company will be renamed Li-Cycle Holdings and will list on the NYSE under LICY.
Li-Cycle is expected to receive approximately $615 million in gross proceeds on the deal, while 100 percent of Li-Cycle’s existing shares will roll into the combined company. The pro forma equity value of the combined company is approximately $1.67 billion with the transaction expected to close in the second quarter.
The transaction includes a fully committed, upsized $315 million PIPE from investors that include Neuberger Berman Funds, Franklin Templeton and Mubadala Capital, as well as Peridot sponsor Carnelian Energy Capital, existing Li-Cycle investor Moore Strategic Ventures and global marketing and strategic off-take partner Traxys. Read more.