Li Auto Inc. Announces Put Right Notification for 0.25% Convertible Senior Notes due 2028

Li Auto (Nasdaq: LI) notified holders of its 0.25% Convertible Senior Notes due 2028 of a holder put right exercisable for repurchase on May 1, 2026.

Rhea-AI Summary

Li Auto (Nasdaq: LI) notified holders of its 0.25% Convertible Senior Notes due 2028 of a holder put right exercisable for repurchase on May 1, 2026. The Put Right window opens March 27, 2026 and expires 5:00 p.m. NYT on April 29, 2026.

Repurchase price equals 100% of principal plus accrued interest through April 30, 2026. As of March 26, 2026, $862,500,000 aggregate principal was outstanding; that amount would be the maximum cash purchase price if all Notes are surrendered.

Positive

• Repurchase price set at 100% of principal
• Clear repurchase timeline: Put Right May 1, 2026 repurchase date
• Outstanding principal quantified at $862,500,000

Negative

• Maximum cash obligation of $862,500,000 if all Notes repurchased
• Put Right window ends April 29, 2026, limiting holder decision time

Argus Mar 27 session

-0.68% close to close 0.6x rel. volume Open Argus

Details

News Market Reaction – LI

On Mar 27, the day this news came out, LI closed 0.68% below the previous close.

Data tracked by StockTitan Argus for the Mar 27 session.

Key Figures

Coupon rate: 0.25% Maturity year: 2028 Put right date: May 1, 2026 +5 more

Coupon rate

0.25%

Convertible Senior Notes due 2028

Maturity year

2028

0.25% Convertible Senior Notes

Put right date

May 1, 2026

2026 Repurchase Date under Indenture

Put right expiry time

5:00 p.m. New York City time, April 29, 2026

Deadline to exercise Put Right

Minimum tender size

US$1,000 principal amount

Principal amount or integral multiples thereof

Repurchase price

100% of principal plus accrued interest

Price for Notes tendered under Put Right

Notes outstanding

US$862,500,000

Aggregate principal outstanding as of March 26, 2026

Maximum repurchase amount

US$862,500,000

If all outstanding Notes are surrendered

Historical Context

5 past events · Latest: Mar 24

5 events

1. Mar 24

   Share repurchase plan

   24h Move

   +3.6%

   Announced US$1.0 billion share repurchase program authorization.

2. Mar 12

   Earnings results

   24h Move

   -2.5%

   Reported Q4 and 2025 results with revenue growth but softer deliveries.

3. Feb 28

   Delivery update

   24h Move

   -0.1%

   Outlined February deliveries and nationwide charging network expansion.

4. Feb 27

   Earnings date notice

   24h Move

   -1.7%

   Announced timing and details for Q4 and full-year 2025 results call.

5. Jan 31

   Delivery update

   24h Move

   -0.5%

   Reported January deliveries plus OTA upgrades and network statistics.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible senior notes, indenture, cusip, tender offer statement, +4 more

8 terms

convertible senior notes financial

"0.25% Convertible Senior Notes due 2028 (CUSIP No. 50202M AB8) (the “Notes”)"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

indenture regulatory

"pursuant to the Indenture dated as of April 12, 2021 (the “Indenture”) relating to the Notes"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

cusip financial

"0.25% Convertible Senior Notes due 2028 (CUSIP No. 50202M AB8) (the “Notes”)"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

View in glossary

tender offer statement regulatory

"the Company will file a Tender Offer Statement on Schedule TO today"

A tender offer statement is the formal document that explains the details of a public proposal to buy shareholders’ stock at a specific price and under set conditions. It lists who is making the offer, the price and timing, how the purchase will be funded, and any conditions or risks, so shareholders can decide whether to sell. Think of it as a clear flyer for a buyout that tells investors what’s being offered and why it matters to their holdings.

schedule to regulatory

"the Company will file a Tender Offer Statement on Schedule TO today"

A phrase indicating that a company plans or intends to hold an event, publish information, or take an action at a specified future time, but that the timing is not guaranteed and may change. For investors it signals an expected milestone—like an earnings call, product launch, or filing—so think of it as a calendar note rather than a firm promise; timing shifts can affect trading, expectations, and planning.

View in glossary

depository trust company financial

"documents ... will be available through the Depository Trust Company and the paying agent"

A central securities depository that holds stocks, bonds and other securities in electronic form and handles the transfer and finalizing of trades between brokerages. For investors it acts like a secure electronic vault and central bookkeeping hub that speeds transactions, reduces the chance of lost or duplicated certificates, and determines whether holdings are eligible for trading, dividends and other corporate actions through your broker.

paying agent financial

"Deutsche Bank Trust Company Americas, as trustee and paying agent"

A paying agent is a bank or company that helps deliver payments, like interest or dividends, to investors. It’s like a trusted middleman who makes sure everyone gets their money on time, so investors don’t have to handle the details themselves.

interest payment date financial

"The 2026 Repurchase Date is an interest payment date under the terms of the Indenture"

The interest payment date is the scheduled day when a borrower pays the agreed interest on a bond, loan, or other debt instrument to investors who hold that debt. It matters because it determines when investors receive income, affects cash-flow planning and yield calculations, and signals whether payments are being made on time—missing a payment can reduce income and raise concerns about credit risk, much like a missed paycheck raises red flags for an employee.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

BEIJING, China, March 27, 2026 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China’s new energy vehicle market, today announced that it is notifying holders of its 0.25% Convertible Senior Notes due 2028 (CUSIP No. 50202M AB8) (the “Notes”) that pursuant to the Indenture dated as of April 12, 2021 (the “Indenture”) relating to the Notes by and between the Company and Deutsche Bank Trust Company Americas, as trustee and paying agent, each holder has the right, at the option of such holder, to require the Company to purchase all of such holder’s Notes or any portion of the principal thereof that is equal to US$1,000 principal amount (or an integral multiple thereof) for cash on May 1, 2026 (the “Put Right”). The Put Right expires at 5:00 p.m., New York City time, on Wednesday, April 29, 2026.

As required by rules of the United States Securities and Exchange Commission (the “SEC”), the Company will file a Tender Offer Statement on Schedule TO today. In addition, documents specifying the terms, conditions, and procedures for exercising the Put Right will be available through the Depository Trust Company and the paying agent, which is Deutsche Bank Trust Company Americas. None of the Company, its board of directors, or its executive management has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising the Put Right.

The Put Right entitles each holder of the Notes to require the Company to repurchase all or a portion of such holder’s Notes in principal amounts equal to US$1,000 or an integral multiple thereof. The repurchase price for such Notes will be equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, May 1, 2026, which is the date specified for repurchase in the Indenture (the “2026 Repurchase Date”), subject to the terms and conditions of the Indenture and the Notes. The 2026 Repurchase Date is an interest payment date under the terms of the Indenture and the Notes. Accordingly, on May 1, 2026, being the interest payment date, the Company will pay accrued and unpaid interest on all of the Notes through April 30, 2026, to all holders who were holders of record as of 5:00 p.m., New York City time, on Wednesday, April 15, 2026, regardless of whether the Put Right is exercised with respect to such Notes. On the 2026 Repurchase Date, there will be no accrued and unpaid interest on the Notes. As of March 26, 2026, there was US$862,500,000 in aggregate principal amount of the Notes outstanding. If all outstanding Notes are surrendered for repurchase through exercise of the Put Right, the aggregate cash purchase price will be US$862,500,000.

The opportunity for holders of the Notes to exercise the Put Right commences today, March 27, 2026, and will terminate at 5:00 p.m., New York City time, on Wednesday, April 29, 2026. In order to exercise the Put Right, a holder must follow the transmittal procedures set forth in the Company’s Put Right Notice to holders (the “Put Right Notice”), which is available through the Depository Trust Company and Deutsche Bank Trust Company Americas. Holders may withdraw any previously tendered Notes pursuant to the terms of the Put Right at any time prior to 5:00 p.m., New York City time, on Wednesday, April 29, 2026, which is the second business day immediately preceding the 2026 Repurchase Date, or as otherwise provided by applicable law.

This press release is for information only and is not an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell the Notes or any other securities of the Company. The offer to purchase the Notes will be only pursuant to, and the Notes may be tendered only in accordance with, the Company’s Put Right Notice dated March 27, 2026 and related documents. Holders of Notes may request the Company’s Put Right Notice from the paying agent, Deutsche Bank Trust Company Americas.

By Mail or Overnight Courier:		For Information or Confirmation by Telephone:
Deutsche Bank Trust Company Americas c/o DB Services Americas, Inc 5022 Gate Parkway Suite 200 MS JCK01-218 Jacksonville, FL 32256 United States of America		+1 (800) 735-7777
		For Information or Confirmation by Email:
		db.reorg@db.com

HOLDERS OF NOTES AND OTHER INTERESTED PARTIES ARE URGED TO READ THE COMPANY’S SCHEDULE TO, PUT RIGHT NOTICE, AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT LI AUTO INC. AND THE PUT RIGHT.

Materials filed with the SEC will be available electronically without charge at the SEC’s website, https://www.sec.gov. Documents filed with the SEC may also be obtained without charge at the Company’s website, https://ir.lixiang.com.

About Li Auto Inc.

Li Auto Inc. is a leader in China’s new energy vehicle market. The Company designs, develops, manufactures, and sells premium smart electric vehicles. Its mission is: Be Proactive, Change the World (主动积极,改变世界). Through innovations in product, technology, and business model, the Company provides families with safe, convenient, and comfortable products and services. Li Auto is a pioneer in successfully commercializing extended-range electric vehicles in China. While firmly advancing along this technological route, it builds platforms for battery electric vehicles in parallel. The Company leverages technology to create value for users. It concentrates its in-house development efforts on proprietary range extension systems, innovative electric vehicle technologies, and smart vehicle solutions. The Company started volume production in November 2019. Its current model lineup includes a high-tech flagship family MPV, four Li L series extended-range electric SUVs, and two Li i series battery electric SUVs. The Company will continue to expand its product lineup to target a broader user base.

For more information, please visit: https://ir.lixiang.com.

For investor and media inquiries, please contact:

Li Auto Inc.
Investor Relations
Email: ir@lixiang.com

Christensen Advisory
Roger Hu
Tel: +86-10-5900-1548
Email: Li@christensencomms.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the key dates for Li Auto's (LI) 0.25% convertible notes put right in 2026?

The Put Right window opens March 27, 2026 and expires 5:00 p.m. NYT on April 29, 2026. According to the company, the repurchase date is May 1, 2026.

How much will Li Auto (LI) pay per note if holders exercise the Put Right on May 1, 2026?

Holders will receive 100% of principal plus accrued interest through April 30, 2026. According to the company, accrued interest is payable because May 1 is an interest payment date.

What is the total outstanding principal of Li Auto's (LI) 0.25% notes subject to the Put Right?

As of March 26, 2026, aggregate principal outstanding was $862,500,000. According to the company, that is the maximum aggregate cash purchase price if all Notes are surrendered.

How can holders of Li Auto (LI) notes exercise or withdraw the Put Right in 2026?

Holders must follow transmittal procedures in the company’s Put Right Notice available through DTC and the paying agent. According to the company, withdrawals are allowed until 5:00 p.m. NYT on April 29, 2026.

Where can investors obtain Li Auto (LI) Put Right Notice and related documents?

The Put Right Notice is available through the Depository Trust Company and Deutsche Bank Trust Company Americas. According to the company, filing materials will also be available at the SEC website.

Will Li Auto (LI) pay interest on the notes on the May 1, 2026 repurchase date?

Yes. The company will pay accrued interest through April 30, 2026 to holders of record on April 15, 2026. According to the company, no accrued interest will remain after May 1, 2026.