TOYO Raises $50M Through 4.5M Share and $13.20 Warrants Offering for 1.5GW Plant
TOYO•TOYO has agreed to sell 4,545,456 ordinary shares and warrants at $11 each, raising approximately $50 million. The warrants are exercisable at $13.20 per share and net proceeds will finance a 1.5 GW HJT solar cell facility in Houston and general corporate needs.
1. Offering Details
TOYO Co., Ltd. agreed to issue and sell 4,545,456 ordinary shares and accompanying warrants at $11 per share and warrant, targeting gross proceeds of about $50 million. The offering is set to close on or about June 25, 2026, subject to customary closing conditions, with Roth Capital Partners and H.C. Wainwright & Co. serving as co-placement agents.
2. Warrant Terms
Each warrant grants the right to purchase one ordinary share at an exercise price of $13.20, is exercisable immediately upon issuance, and will expire five years after issuance.
3. Use of Proceeds
TOYO intends to deploy net proceeds to build its previously announced 1.5 GW heterojunction solar cell manufacturing facility in the Houston metropolitan area, as well as for general corporate purposes.
