Liontown (ASX:LTR) has received a formal conversion notice from LG Energy Solution to exchange its entire US$250 million convertible note, including accrued interest, for approximately 239 million ordinary shares.
Once completed within the next five business days, the transaction will grant the South Korean battery giant a roughly 8% equity stake in the lithium miner.
The conversion was executed at an adjusted price of $1.62 per share, a figure revised from the original $1.80 following Liontown’s capital raising activities in August 2025.
The move cleanses Liontown’s balance sheet by eliminating the convertible note and its associated interest burdens.
Following the conversion, the company’s remaining debt is limited to a $300 million Ford facility and a $15 million state government loan.