Lithium Plus "HusenTech BW Early Redemption Planned... End of Partnership"

[Asia Economy Reporter Jang Hyowon] Lithium Plus announced on the 20th that Husentec exercised the put option (early redemption right) on the company's bonds with warrants (BW), stating that the early redemption request date is next month 21st and that the redemption will proceed as scheduled.

The requested amount includes KRW 14.95 billion and reflects the guaranteed interest rate and previously paid coupon rates. Lithium Plus plans to redeem by methods such as depositing the put option payment in escrow.

A Lithium Plus official said, "We sought a cooperative relationship with Husentec, but uncertainties such as the trading suspension acted as obstacles," and added, "We will communicate smoothly with Husentec’s existing shareholders."

Husentec faced delisting reasons due to audit opinion refusal and executive embezzlement and breach of trust, resulting in trading suspension in early February this year. Lithium Plus explained that with this BW early redemption, the financial and business relationships between the two companies are expected to be fully resolved.

Lithium Plus completed the building usage approval on the 13th after completing a battery-grade lithium hydroxide plant with 99.99% purity. Including seven 50-ton (t) reactors and four 40-ton reactors, the company is conducting the final procedures for mass production, such as cleaning from raw material input ports to finished product production processes. Visits from production engineers of global companies are scheduled for the end of this month, with the first lithium production planned for mid-next month.

The company stated, "As lithium prices are hitting record highs day by day, the future growth potential of the business is explosive," and added, "We expect successful domestic first lithium hydroxide production through collaboration with financially stable companies."

Meanwhile, Lithium Plus’s technology holding company Lithium Insight announced last month that it will invest in convertible bonds (CB) issued by Korea SE. It also disclosed that it will inject funds into WI through a third-party allotment paid-in capital increase.