12:25 PM EDT, 03/19/2024 (MT Newswires) -- (Updates share price in headline and first paragraph.)

Li-Cycle Holdings ( LICY ) shares were up 46% in recent Tuesday trading following the company's announcement of job cuts and plans to cut costs late Monday.

The lithium-ion battery resource recovery company said it was taking measures to "significantly reduce" its workforce and curtail nonoperational spending as part of its cash-preservation plan.

The company said it has also slowed operations at its Spoke network and was reassessing its strategy for North American Spokes, which may include more pauses or slowdowns.

Li-Cycle ( LICY ) said it expects to "further right-size and right-shape" the company.

Price: 1.69, Change: +0.59, Percent Change: +53.64