TOYO Raises $50M in Direct Offering to Fund 1.5 GW HJT Plant
TOYO•TOYO•TOYO•TOYO•TOYO Co., Ltd. closed on June 25 a $50 million registered direct offering of 4,545,456 ordinary shares and warrants at $11.00 per unit. The warrants carry a $13.20 exercise price, expire in five years and will fund a 1.5 GW heterojunction solar cell plant in Houston plus general corporate uses.
On June 25, TOYO completed a registered direct offering of 4,545,456 ordinary shares and equal warrants at a combined purchase price of $11.00 per share and warrant, generating approximately $50 million in gross proceeds before fees.
The issued warrants are immediately exercisable at $13.20 per share and will expire five years from issuance, allowing holders to acquire up to 4,545,456 additional ordinary shares upon exercise.
TOYO plans to deploy net proceeds to build a 1.5 GW heterojunction solar cell manufacturing facility in the Houston metropolitan area and allocate remaining funds for general corporate purposes.
