PDAC Peridot Acquisition Corp

Secondary Offering of

95,579,362 Common Shares

This Prospectus Supplement No. 1 (this “Prospectus Supplement”) supplements the prospectus, dated September 26, 2022, of Li-Cycle Holdings Corp. (the “Company”) (as amended and supplemented by Prospectus Supplement No. 1, dated December 16, 2022, the “Prospectus”). This Prospectus Supplement should be read in conjunction with the Prospectus. If there is any inconsistency between the information in the Prospectus and this Prospectus Supplement, you should rely on the information in this Prospectus Supplement.

The Company is filing this Prospectus Supplement to reflect the transfer of an aggregate of 5,543,059 common shares of the Company, without par value (the “common shares”), by Principal Nominees Limited to Agulhas Nominees (Proprietary) Limited. The table appearing under the caption “Selling Shareholders” on page 49 of the Prospectus is hereby amended and supplemented by adding the shareholder identified in the table below in place of Principal Nominees Limited.

Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and is based upon information provided by the selling shareholder named below.

The footnote 8 on page 51 of the Prospectus to the table appearing under the caption “Selling Securityholders” is hereby amended and restated as follows:

References in the Prospectus to the “selling shareholders” shall hereafter refer to the selling shareholders named in the table of selling shareholders beginning on page 49 of the Prospectus, as amended by any amendments or supplements thereto, including this Prospectus Supplement.

Investing in our common shares involves a high degree of risk. Before buying any common shares, you should carefully read the discussion of material risks of investing in our common shares in the section entitled “Risk Factors” beginning on page 10 of the Prospectus and the other information included or incorporated by reference in the Prospectus and this Prospectus Supplement.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these common shares or passed on the adequacy or accuracy of the Prospectus or this Prospectus Supplement. Any representation to the contrary is a criminal offense.

The date of this Prospectus Supplement is December 16, 2022