On June 11, 2024, 5E Advanced Materials, Inc. closed the transaction. The company has issued notes in the principal amount of $6,000,000. The transaction included participation from new investors Meridian Investments, Inc. and Ascend Financial Holding Ltd. Ascend Global purchased $3,000,000 in aggregate principal amount of New Notes and following the closing, Ascend Global assigned $1,500,000 in aggregate principal amount of New Notes to Meridian.

The New Notes held by Ascend Global are initially convertible into an aggregate of approximately 1,951,220 shares of Common Stock at a conversion price of $1.5375 per share of Common Stock. Assuming the Issuer elects to pay interest on all of the New Notes in kind through the delivery of additional Convertible Notes, a total of up to 2,945,302 shares of Common Stock are initially issuable upon conversion of such New Notes held by Ascend Global at the current conversion rate of 650.4065 shares of Common Stock per $1,000 principal amount of Convertible Notes.