UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
5E Advanced Materials, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
33830Q109
(CUSIP Number)
Mulyadi Tjandra
1 Kim Seng Promenade #10-01
East Tower, Great World City
Singapore 237994
+65 6737 3023
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 18, 2024
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement
on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e),
Rule 13d-1(f) or Rule 13d-1(g), check the following box. ¨
Note:
Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for
other parties to whom copies are to be sent.
* The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of
this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act
of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).
CUSIP
No. 33830Q109 |
13D |
Page
1 of 11 pages |
1 |
Names of Reporting Persons
Meridian Investments Corporation |
2 |
Check the Appropriate Box if a Member of a Group |
(a) ¨
(b) ¨
|
3 |
SEC Use Only
|
4 |
Source of Funds (See Instructions)
OO |
5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6 |
Citizenship or Place of Organization
Cayman Islands |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH |
7 |
Sole Voting Power
0 |
8 |
Shared Voting Power
16,565,405.25 |
9 |
Sole Dispositive Power
0 |
10 |
Shared Dispositive Power
16,565,405.25 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
16,565,405.25 |
12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares ¨ |
13 |
Percent of Class Represented by Amount in Row (11)
23.2% |
14 |
Type of Reporting Person
CO |
CUSIP
No. 33830Q109 |
13D |
Page 2
of 11 pages |
1 |
Names of Reporting Persons
Ascend Global Investment Fund SPC for and on behalf of Strategic
SP |
2 |
Check the Appropriate Box if a Member of a Group |
(a) ¨
(b) ¨ |
3 |
SEC Use Only
|
4 |
Source of Funds (See Instructions)
OO |
5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6 |
Citizenship or Place of Organization
Cayman Islands |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH |
7 |
Sole Voting Power
0 |
8 |
Shared Voting Power
38,496,664.5 |
9 |
Sole Dispositive Power
0 |
10 |
Shared Dispositive Power
38,496,664.5 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
38,496,664.5 |
12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares ¨ |
13 |
Percent of Class Represented by Amount in Row (11)
43.7% |
14 |
Type of Reporting Person
PN |
CUSIP
No. 33830Q109 |
13D |
Page 3
of 11 pages |
1 |
Names of Reporting Persons
Ascend Capital Advisors (S) Pte. Ltd. |
2 |
Check the Appropriate Box if a Member of a Group |
(a) ¨
(b) ¨ |
3 |
SEC Use Only
|
4 |
Source of Funds (See Instructions)
OO |
5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6 |
Citizenship or Place of Organization
Singapore |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH |
7 |
Sole Voting Power
0 |
8 |
Shared Voting Power
38,496,664.5 |
9 |
Sole Dispositive Power
0 |
10 |
Shared Dispositive Power
38,496,664.5 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
38,496,664.5 |
12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares ¨ |
13 |
Percent of Class Represented by Amount in Row (11)
43.7% |
14 |
Type of Reporting Person
CO |
CUSIP
No. 33830Q109 |
13D |
Page 4
of 11 pages |
1 |
Names of Reporting Persons
Ascend Financial Holdings Limited |
2 |
Check
the Appropriate Box if a Member of a Group |
(a) ¨
(b) ¨ |
3 |
SEC Use Only
|
4 |
Source of Funds (See Instructions)
OO |
5 |
Check
if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6 |
Citizenship or Place of Organization
British Virgin Islands |
NUMBER
OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH |
7 |
Sole Voting Power
0 |
8 |
Shared Voting Power
38,496,664.5 |
9 |
Sole Dispositive Power
0 |
10 |
Shared Dispositive Power
38,496,664.5 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
38,496,664.5 |
12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares ¨ |
13 |
Percent of Class Represented by Amount in Row (11)
43.7% |
14 |
Type of Reporting Person
CO |
CUSIP
No. 33830Q109 |
13D |
Page 5
of 11 pages |
1 |
Names of Reporting Persons
Halim Susanto |
2 |
Check the Appropriate Box if a Member of a Group |
(a) ¨
(b) ¨ |
3 |
SEC Use Only
|
4 |
Source of Funds (See Instructions)
OO |
5 |
Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6 |
Citizenship or Place of Organization
Singapore |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH |
7 |
Sole Voting Power
0 |
8 |
Shared Voting Power
38,496,664.5 |
9 |
Sole Dispositive Power
0 |
10 |
Shared Dispositive Power
38,496,664.5 |
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person
38,496,664.5 |
12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares ¨ |
13 |
Percent of Class Represented by Amount in Row (11)
43.7% |
14 |
Type of Reporting Person
IN |
CUSIP
No. 33830Q109 |
13D |
Page 6
of 11 pages |
Item
1. | Security
and Issuer. |
This statement on Schedule 13D (the “Schedule
13D”) relates to the shares of common stock, par value $0.01 per share (the “Common Stock”), of 5E Advanced Materials, Inc.,
a Delaware corporation (the “Issuer”), whose principal executive office is located at 9329 Mariposa Road, Suite 210,
Hesperia, CA 92344.
Item 2. | Identity and Background. |
The Schedule 13D is being filed by the following
persons (each a “Reporting Person” and, collectively, the “Reporting Persons”):
Meridian Investments Corporation (“Meridian”);
Ascend Global Investment Fund SPC for and on behalf of Strategic SP (“Ascend Global”);
Ascend Capital Advisors (S) Pte. Ltd. (“Ascend Capital”);
Ascend Financial Holdings Limited (“Ascend Financial”); and
Halim Susanto
Mr. Susanto is a citizen of Indonesia. Ascend
Financial is a British Virgin Islands-organized holding company, and Ascend Capital is a Singapore fund manager. Each of the other Reporting
Persons is organized under the laws of the Cayman Islands. The Reporting Persons are principally engaged in the business of investing
in securities, including of the Issuer. The business address of each of the Reporting Persons is 1 Kim Seng Promenade, #10-01 East Tower,
Great World City, Singapore 237994.
During the last five years, none of the Reporting
Persons (i) has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) were
a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or
is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal
or state securities laws or finding any violation with respect to such laws.
| Item
3. | Source
and Amount of Funds or Other Consideration. |
On January 18, 2024, Ascend Global purchased
4,878,049 shares of Common Stock (the “Subscription Shares”) from the Issuer for an aggregate purchase price of $5,000,000
(the “First Closing”). Such purchase was made pursuant to the subscription agreement, dated as of December 5, 2023,
by and among Ascend Global, BEP Special Situations IV LLC, a Delaware limited liability company (“BEP”) and the Issuer (the
“Subscription Agreement”). In consideration for Ascend Global’s purchase of the Subscription Shares, on January 18,
2024, the Issuer also issued an additional 487,805 shares of Common Stock to Ascend Global for no additional cash consideration.
In addition, on January 18, 2024, Ascend
Global and Meridian each purchased $15,890,325 aggregate principal amount of the Issuer’s 4.50% senior secured convertible notes
(the “Convertible Notes”) from BEP pursuant to the Amended and Restated Note Purchase Agreement (the “Amended and Restated
Note Purchase Agreement”), dated of January 18, 2024, by and among the Issuer, BEP, Ascend Global and Meridian. The aggregate
purchase price of the Convertible Notes was $32,591,056.58.
CUSIP
No. 33830Q109 |
13D |
Page 7
of 11 pages |
Ascend Global and Meridian obtained the funds
to purchase the Common Stock and Convertible Notes through capital contributions from their partners and shareholders, respectively,
including the other Reporting Persons.
| Item
4. | Purpose
of Transaction. |
Amended and Restated Note Purchase Agreement
As
described in Item 3, above, on January 18, 2024, Ascend Global and Meridian entered into the Amended and Restated Note Purchase
Agreement. The Convertible Notes, as amended and restated, bear interest at a rate of 4.50% per annum, payable semi-annually,
or 10.00% per annum if the Issuer elects to pay such interest through the delivery of additional Convertible Notes, and mature on August 15,
2028. The Convertible Notes held by Ascend Global and Meridian are convertible into 33,130,810.5 shares of Common Stock at a conversion
price of $1.5375 per share of Common Stock (including accrued interest paid-in-kind) in accordance with the terms of the Amended and
Restated Note Purchase Agreement.
Following certain corporate events that may occur
prior to the maturity date, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert
its Convertible Notes in connection with such a corporate event. In addition, the minimum cash covenant has been waived through June 28,
2024, with a reduction in such covenant thereafter from $10 million to $7.5 million.
Amended and Restated Investor Rights Agreement
On January 18, 2024, in connection with the
Amended and Restated Note Purchase Agreement, the Issuer entered into an Amended and Restated Investor and Registration Rights Agreement
(the “Amended and Restated IRRA”) by and among the Issuer, BEP, Ascend Global, Meridian, 5ECAP, LLC (“5ECAP,”
and together with BEP, Ascend Global and Meridian, collectively, the “Amended and Restated IRRA Counterparties”). Pursuant
to the Amended and Restated IRRA, the Issuer granted the Amended and Restated IRRA Counterparties registration rights for the shares
of Common Stock underlying the Convertible Notes as well as the shares of Common Stock issued in the First Closing and the shares of
Common Stock to be issued in the Second Closing on or around January 29, 2024. Additionally, the Issuer granted each of BEP and
Ascend Global (or such person as may be nominated by Ascend Global) a right, when BEP or Ascend Global, respectively, beneficially owns
(i) at least twenty-five percent (25%) of the outstanding principal amount of the Convertible Notes or (ii) at least ten percent
(10%) of the outstanding shares of Common Stock, to designate one (1) individual to the Issuer’s Board of Directors (the “Board”).
The Issuer also agreed to appoint a Chief Transformation Officer reasonably acceptable to each of BEP and Ascend Global who shall, among
other things, monitor operations and assist in project delivery for the Issuer.
CUSIP
No. 33830Q109 |
13D |
Page 8
of 11 pages |
The foregoing descriptions of the Amended and
Restated Note Purchase Agreement and the Amended and Restated IRRA do not purport to be complete and are qualified in their entirety
by the full text of such agreements, each of which is included as an exhibit to this Schedule 13D.
General
The Reporting Persons acquired
the securities described in this Schedule 13D for investment purposes and it intends to review its investments in the Issuer on a continuing
basis. Any actions the Reporting Persons might undertake will be dependent upon their review of numerous factors, including, but not
limited to: an ongoing evaluation of the Issuer’s business, financial condition, operations and prospects; price levels of the
Issuer’s securities; general market, industry and economic conditions; the relative attractiveness of alternative business and
investment opportunities; and other future developments.
Subject to the terms of the agreements described
above, the Reporting Persons may acquire additional securities of the Issuer, or retain or sell all or a portion of the securities then
held, in the open market or in privately negotiated transactions. In addition, the Reporting Persons may engage in discussions with management,
the Board, other securityholders of the Issuer, and other relevant parties or encourage, cause or seek to cause the Issuer or such persons
to consider or explore extraordinary corporate transactions, such as: security offerings and/or stock repurchases by the Issuer; sales
or acquisitions of assets or businesses; licenses, collaborations or other transfers of intellectual property; a merger, reorganization
or take-private transaction that could result in the de-listing or de-registration of the Common Stock; changes to the capitalization
or dividend policy of the Issuer; or other material changes to the Issuer’s business or corporate structure, including changes
in management or the composition of the Board.
To facilitate consideration of such matters, the
Reporting Persons may retain consultants and advisors and may enter into discussions with potential sources of capital and other third
parties. The Reporting Persons may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements.
The Reporting Persons will likely take some or all of the foregoing steps at preliminary stages in their consideration of various possible
courses of action before forming any intention to pursue any particular plan or direction.
Other than as described above, the Reporting Persons
do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)–(j) of
Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate different
plans or proposals with respect thereto at any time.
CUSIP
No. 33830Q109 |
13D |
Page 9
of 11 pages |
Item 5. | Interest
in Securities of the Issuer. |
(a) – (b)
The ownership information presented below represents
beneficial ownership of Class A Common Stock of the Issuer as of the date hereof, based upon 54,968,762 shares of Common Stock outstanding
immediately following the First Closing.
Reporting Person | |
Amount beneficially owned | | |
Percent of class: | | |
Sole power
to vote or to
direct the
vote: | | |
Shared power
to vote or to
direct the
vote: | | |
Sole power
to dispose
or to
direct the
disposition of: | | |
Shared power to dispose or to direct the disposition of: | |
Meridian Investments Corporation | |
| 16,565,405.25 | | |
| 23.2 | % | |
| 0 | | |
| 16,565,405.25 | | |
| 0 | | |
| 16,565,405.25 | |
Ascend Global
Investment Fund SPC for and on behalf of Strategic SP | |
| 38,496,664.5 | | |
| 43.7 | % | |
| 0 | | |
| 38,496,664.5 | | |
| 0 | | |
| 38,496,664.5 | |
Ascend Capital Advisors (S) Pte. Ltd. | |
| 38,496,664.5 | | |
| 43.7 | % | |
| 0 | | |
| 38,496,664.5 | | |
| 0 | | |
| 38,496,664.5 | |
Ascend Financial Holdings Limited | |
| 38,496,664.5 | | |
| 43.7 | % | |
| 0 | | |
| 38,496,664.5 | | |
| 0 | | |
| 38,496,664.5 | |
Halim Susanto | |
| 38,496,664.5 | | |
| 43.7 | % | |
| 0 | | |
| 38,496,664.5 | | |
| 0 | | |
| 38,496,664.5 | |
Meridian is the record holder of Convertible Notes
that are currently convertible into 16,565,405.25 shares of Common Stock, issuable upon conversion of the outstanding principal of and
paid-in-kind interest accrued on the Convertible Notes, and assuming all interest is paid-in-kind until the maturity date. In addition,
Ascend Global is the record holder of 5,365,854 shares of Common Stock and Convertible Notes that are currently convertible into 16,565,405.25
shares of Common Stock, issuable upon conversion of the outstanding principal of and paid-in-kind interest accrued on the Convertible
Notes, and assuming all interest is paid-in-kind until the maturity date. Ascend Global is the sole shareholder of Meridian, and as a
result may be deemed to share beneficial ownership of the securities held of record by Meridian.
Ascend Financial is the sole shareholder of Ascend
Capital, which is the sole partner of Ascend Global. As a result, each of the foregoing entities may be deemed to
share beneficial ownership of the securities beneficially owned by Ascend Global. By virtue of his control of Ascend Financial, Mr. Susanto
may also be deemed to share beneficial ownership of the securities beneficially owned by Ascend Global under Section 13(d) of
the Securities Exchange Act of 1934 (as amended) and the rules promulgated by the U.S. Securities and Exchange Commission thereunder.
Mr. Susanto disclaims beneficial ownership of the securities beneficially owned by Ascend Global.
| (c) | Except as described in Items 3 and 4, during the past 60 days, the Reporting
Persons have not effected any transactions in the Common Stock. |
CUSIP
No. 33830Q109 |
13D |
Page 10
of 11 pages |
| Item 6. | Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer. |
Item 4 above summarizes certain provisions of
the Amended and Restated Note Purchase Agreement and the Amended and Restated IRRA and is incorporated herein by reference. A copy of
each such agreement is attached as an exhibit to this Schedule 13D and is incorporated herein by reference.
Except as set forth herein, none of the Reporting
Persons, has any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities
of the Issuer, including but not limited to any contracts, arrangements, understandings or relationships concerning the transfer or voting
of such securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division
of profits or losses, or the giving or withholding of proxies.
| Item
7. | Materials
to be Filed as Exhibits |
CUSIP
No. 33830Q109 |
13D |
Page 11
of 11 pages |
SIGNATURES
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date:
January 29, 2024
|
Meridian
Investments Corporation |
|
|
|
|
By: |
/s/
Mulyadi Tjandra |
|
Name: |
Mulyadi Tjandra |
|
Title: |
Director |
|
|
|
|
Ascend
Global Investment Fund SPC for and on behalf of Strategic SP |
|
|
|
|
By: |
/s/ Mulyadi
Tjandra |
|
Name: |
Mulyadi Tjandra |
|
Title: |
Director |
|
|
|
|
Ascend
Capital Advisors (S) Pte. Ltd. |
|
|
|
|
By: |
/s/ Mulyadi
Tjandra |
|
Name: |
Mulyadi Tjandra |
|
Title: |
Director |
|
|
|
|
Ascend
Financial Holdings Limited |
|
|
|
|
By: EFS ASIA V LTD,
Director |
|
|
|
|
By: |
/s/ Reeja Prathiban |
|
Name: |
Reeja Prathiban |
|
Title: |
Authorized Signatory |
|
|
|
|
/s/ Halim Susanto |
|
Halim Susanto |
Exhibit 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) promulgated
under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree that they are jointly filing this statement on Schedule
13D. Each of them is responsible for the timely filing of such statement and any amendments thereto, and for the completeness and accuracy
of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the
information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is
inaccurate.
IN WITNESS WHEREOF, the undersigned hereby execute
this Joint Filing Agreement as of the 29th day of January, 2024.
|
Meridian Investments Corporation |
|
|
|
|
By: |
/s/ Mulyadi Tjandra |
|
Name: |
Mulyadi Tjandra |
|
Title: |
Director |
|
|
|
|
Ascend Global Investment Fund SPC for and on behalf of Strategic SP |
|
|
|
|
By: |
/s/ Mulyadi Tjandra |
|
Name: |
Mulyadi Tjandra |
|
Title: |
Director |
|
|
|
|
Ascend Capital Advisors (S) Pte. Ltd. |
|
|
|
|
By: |
/s/ Mulyadi Tjandra |
|
Name: |
Mulyadi Tjandra |
|
Title: |
Director |
|
|
|
|
Ascend Financial Holdings Limited |
|
|
|
|
By: EFS ASIA V LTD, Director |
|
|
|
|
By: |
/s/ Reeja Prathiban |
|
Name: |
Reeja Prathiban |
|
Title: |
Authorized Signatory |
|
|
|
|
/s/ Halim Susanto |
|
Halim Susanto |
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