Li-Cycle Holdings Files for Bankruptcy Protection Amid Financial Tensions

Published 6 hours agoLICY

Li-Cycle Holdings Files for Bankruptcy Protection Amid Financial Tensions

Li-Cycle Holdings Corp., a Canadian company specializing in battery recycling, has filed for bankruptcy protection in Canada. This move comes as the company grapples with substantial financial difficulties that have prompted this significant legal action.

Earlier, Li-Cycle undertook several operational changes to mitigate its financial struggles. In April 2024, the company laid off about 17% of its global workforce in an effort to streamline its operations, as reported by hcamag.com. Meanwhile, the company is also embroiled in a shareholder class action lawsuit with Canadian investors seeking certification of their claims against Li-Cycle, according to newswire.ca.

Despite these challenges, Li-Cycle received a $75 million investment from Glencore in March 2024 to bolster its financial resilience. However, their market presence took a hit when Li-Cycle's shares were delisted from the New York Stock Exchange in February 2025 for failing to meet listing standards, subsequently moving to the OTCQX Best Market under the ticker 'LICYF.'

Share this article

Twitter Facebook LinkedIn

Recent Articles

Tencent's Q1 Revenue Exceeds Expectations Amid Gaming Revival

Tencent's Q1 Revenue Exceeds Expectations Amid Gaming Revival

29 minutes agoNTES

Tencent Holdings, the leading video game company in China, has reported impressive first-quarter results, showcasing a substantial recovery in its core online gaming sector. The company achieved a total revenue of 180 billion yuan ($24.97 billion) for the quarter, which is a 13% increase year-on-year and outperformed analyst predictions set at 174.6 billion yuan, as reported by Reuters. The gaming segment saw notable progress, with domestic revenue climbing by 3% to 34.5 billion yuan. This growth was largely fueled by successful games such as 'Fight of the Golden Spatula,' 'CrossFire Mobile,' and 'Arena Breakout,' according to Technode. International gaming revenue also increased by 3% to 13.6 billion yuan, aided by the popularity of games like 'Brawl Stars' and 'PUBG Mobile.' However, net profit for the quarter was slightly below forecasts, reaching 47.8 billion yuan compared to an expected 52.2 billion yuan. Tencent's strong performance is further backed by its strategic investments in artificial intelligence. This includes significant spending on AI development, utilizing its proprietary models like Hunyuan and T1 to enhance advertising effectiveness. Additionally, the company has raised its marketing services revenue by 22% to 17.7 billion yuan and increased its fintech and business services revenue by 16% to 27.6 billion yuan, demonstrating robust growth across diverse business segments.

India Okays Foxconn-HCL Semiconductor Plant with $435 Million Investment

India Okays Foxconn-HCL Semiconductor Plant with $435 Million Investment

1 hours agoAAPL

India's cabinet has greenlit a major semiconductor manufacturing plant, a joint venture between HCL Group and Taiwan's Foxconn, with a hefty investment of ₹37.06 billion (around $435 million). This significant development aims to bolster India's semiconductor sector, a critical area in the global electronics supply chain. Situated near the Jewar airport in Uttar Pradesh, the plant promises an impressive production capacity of 20,000 wafers each month and is expected to churn out 36 million display driver chips annually. According to Reuters, the facility is projected to commence commercial production by 2027, marking a key milestone in India's quest to become a world leader in high-tech manufacturing. This plant is part of India's broader strategy under the India Semiconductor Mission, seeking to position the nation as a pivotal electronics manufacturing hub. The initiative follows the dissolution of previous ventures, such as the $19.5 billion Foxconn-Vedanta project and the stalled $10 billion Adani-Tower Semiconductor initiative due to various challenges. Meanwhile, India's semiconductor ambitions continue with other developments, including Tata Group's $11 billion facility and Micron's $2.7 billion chip packaging plant.

Cisco Reports Revenue Decline Amid Growth in Security Segment

Cisco Reports Revenue Decline Amid Growth in Security Segment

1 hours agoCSCO

Cisco's recent financial results reveal a mixed bag of outcomes for the tech giant. For the fourth quarter of fiscal year 2024, the company reported a total revenue of $13.6 billion, marking a 10% decrease compared to the same period last year. This decline came amid significant changes across its product segments, as reported by Cisco's investor site. A closer look at Cisco's product revenue highlights shifts within its core areas. The networking segment saw its product revenue drop by 28%, attributed mainly to decreased sales in campus and data center switching, as well as wireless products. However, on a brighter note, the security segment experienced an impressive 81% increase in product revenue. This surge was primarily fueled by Cisco's acquisition of Splunk, which contributed about $960 million in the fourth quarter alone. CRN.com noted that even without Splunk's contributions, security product revenue still grew by 6%. Additionally, Cisco's observability category saw product revenue rise by 41%, with Splunk also playing a key role in this growth. The acquisition of Splunk has been a strategic move for Cisco, bolstering its presence in both security and observability. This strategy not only boosted revenues but also helped achieve a gross margin of 67.5% in Q4 FY 2024, the highest in two decades. Looking forward, Cisco anticipates revenue for Q1 FY 2025 to fall between $13.65 billion and $13.85 billion, with non-GAAP earnings per share expected to range from $0.86 to $0.88. These strategic efforts underscore Cisco's focus on robust segments, paving the way for sustained success in these critical areas.

Trump Administration Opens Doors for AI Chip Exports to Gulf Economies

Trump Administration Opens Doors for AI Chip Exports to Gulf Economies

2 hours agoNVDA

The Trump administration has taken a strategic step by reversing previous export restrictions on AI chips imposed during the Biden era. This move aims to enhance technological and economic ties between the U.S. and Gulf countries, particularly Saudi Arabia and the UAE. The policy shift is seen as a crucial aspect of the administration's recent initiatives to support Gulf states in their technological advancements, AP News reports. In a significant development, Nvidia has agreed to supply hundreds of thousands of AI chips to Saudi Arabia as part of major AI deals announced during President Trump's visit to the Middle East. Additionally, AMD has entered a substantial $10 billion partnership with the Saudi-backed AI company Humain to build a 500-megawatt AI computing infrastructure. Reuters highlighted these developments as pivotal for bolstering Saudi Arabia's AI capabilities. Meanwhile, the U.S. is on the verge of finalizing an agreement with the UAE which would permit the import of 500,000 Nvidia AI chips annually starting 2025. Saudi Arabia has shown a strong interest in strengthening its investment in American technology, pledging $600 billion, including significant investments in military and technology sectors. However, this expanded cooperation has faced criticism, as some experts express concerns over potential national security implications. They warn that such exports might undermine the U.S.'s leadership in AI and inadvertently support regimes with authoritarian leanings, according to Time Magazine.