June 16, 2025

SISP Update

Notice regarding the stalking horse sale process (the “SISP”) in respect of the Applicants. Capitalized terms used below have the meaning given to them in the Sale and Investment Solicitation Process Order granted by the Ontario Superior Court of Justice (Commercial List) on May 22, 2025 (the “SISP Order”), including the SISP attached thereto, as applicable. The SISP Order can be accessed here.

• Pursuant to the SISP Order and in accordance with the milestones set forth in paragraph 7 of the SISP, the Applicants and the Financial Advisor, under the supervision of the Monitor, commenced the SISP on May 12, 2025.
• Following the Phase 1 Bid Deadline, the Applicants and the Financial Advisor, in consultation with the Monitor, reviewed the LOIs received in connection with the Applicants’ Business and/or Property.
• Pursuant to the SISP, the Applicants and the Financial Advisor, in consultation with the Monitor, selected a number of Qualified LOIs to continue to Phase 2, with each such bidder deemed to be a Phase 2 Qualified Bidder. The Qualified LOIs of these Phase 2 Qualified Bidders relate to one or more Spoke assets. The Stalking Horse Bidder is automatically a Phase 2 Qualified Bidder in accordance with the SISP.
• The Phase 2 Bid Deadline is June 27, 2025, at 5:00 p.m. (prevailing Eastern Time). Following this date, the Monitor will provide a further update on the SISP on this Case Website.

June 9, 2025

On June 9, 2025, the Court granted an Order (the “Priority Claims and Cure Amounts Procedure Order”), among other things, approving: (i) a procedure for the identification and resolution of priority claims against the Applicants, and (ii) a procedure for the determination of monetary defaults under certain contracts. Forms related to the Priority Claims Procedure can be accessed here, and forms related to the Cure Amounts Procedure can be accessed here.

May 23, 2025

On May 22, 2025, the Court issued an Amended and Restated Initial Order ("ARIO") and a Sale and Investment Solicitation Process Order (the “SISP Order”).

On May 23, 2025, the US Bankruptcy Court entered Orders recognizing the CCAA Proceedings as ‘foreign main proceedings’ and giving full force and effect to the CCAA Proceedings, the Initial Order, the ARIO and the SISP Order in the United States under Chapter 15 of the United States Bankruptcy Code.

May 14, 2025

On May 14, 2025, Li-Cycle Holdings Corp, Li-Cycle Corp., Li-Cycle Americas Corp., Li-Cycle U.S. Inc., Li-Cycle Inc., Li-Cycle North America Hub, Inc. (collectively, “Li-Cycle” or the “Applicants”) made an application to the Ontario Superior Court of Justice (Commercial List) (the “Court”) and were granted an order (the “Initial Order”), which, among other things, provides for a stay of proceedings pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”).

Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor (the “Monitor”) of the business and financial affairs of the Applicants.

Additionally, on May 14, 2025, following the granting of the Initial Order, the CRO, in its capacity as foreign representative, obtained an Order granting provisional relief from the United States Bankruptcy Court for the Southern District of New York (the “US Bankruptcy Court”).