5E Advanced Materials announces restructuring: equitization of $72M notes, $30M funding, potential Chapter 11

5E Advanced Materials, Inc.

All convertible notes exchanged for 312,490,076 shares of common stock; $5M new notes issued at $0.2920 conversion price.
Lenders to purchase $5M common stock at lower of $0.2920 or 5-day VWAP; receive 1-yr warrants for $20M at same price.
Board to be reduced to 4 members; Ascend and Bluescape each get right to nominate 2 directors post-transaction.
Transaction requires stockholder approval; if not obtained, pre-packaged Chapter 11 plan will be pursued.
Nasdaq granted extension to May 19, 2025 to regain minimum $10M stockholders' equity requirement.

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