04:26 AM EST, 01/15/2025 (MT Newswires) -- Li-Cycle Holdings ( LICY ) said late Tuesday it has launched an underwritten public offering in the US to sell units consisting of common shares and warrants to buy common shares.

The company expects to grant Aegis Capital a 45-day option to buy an additional up to 15% of the common shares and up to 15% of the warrants sold in the offering to cover over-allotments.

The company said it plans to use the net proceeds for working capital and general corporate purposes.

Li-Cycle's ( LICY ) shares dropped more than 11% in premarket activity on Wednesday.