LiIon cells normally come off the charger around 4.2V and have a safe cutoff at 3.0V which is why the “nominal” voltage is normally quoted at 3.6V (sometimes 3.7V).
Obviously from fully charged, the voltage will drop over time when the light is in use. Usually, if there is control circuitry in the light, it will sense the voltage the battery pack is supplying and step down the light level when nearing some pre-set safety level. If you continued to use the light and run the cells right down then normally the control circuitry will cut the light at say 3.0V or if the cells have a protection circuit, that will cut-out (at the same 3.0V level) to prevent the cells being drained to the danger point which is usually around 2.7V.
When I say danger point I don’t mean flash-boom! but more likely internal damage to the cell shortening the life (assuming they could even be brought back from that point).
EDIT: Just to add, that’s why it’s not a good idea to use unprotected cells in a light which doesn’t have control circuitry. If your light comes with a sealed battery pack then there is a good chance that the manufacturer has ensured that there is protection in there somewhere to prevent over discharging (and over charging for that matter).
If you have a light which takes discrete individual cells then unless it’s specifically stated, it’s probably safer to use protected cells.