TOYO Co., Ltd. Announces Closing of $50 Million Registered Direct Offering

TOYO Co., Ltd., a prominent player in the solar manufacturing sector, has successfully completed a registered direct offering, raising approximately $50 million. The transaction, which closed on June 25, 2026, involved the sale of 4,545,456 ordinary shares and accompanying warrants at a combined purchase price of $11.00 per share. The warrants, which have an exercise price of $13.20 per share, are exercisable immediately and will expire five years from the issuance date.

The proceeds from this fundraising initiative are earmarked for the construction of a 1.5 GW heterojunction (HJT) solar cell manufacturing facility in the Houston metropolitan area of Texas. This strategic investment aligns with TOYO's goal of becoming a vertically integrated solar manufacturer, enhancing its capabilities across the solar power supply chain—from upstream production of wafers and silicon to downstream production of photovoltaic modules. The company’s commitment to high-quality production at competitive costs positions it favorably within the rapidly evolving solar market.

TOYO's decision to pursue this offering reflects the growing demand for renewable energy solutions, particularly in the context of global efforts to transition towards sustainable energy sources. The solar manufacturing sector has witnessed significant investment and innovation in recent years, driven by advancements in technology and increasing regulatory support for clean energy initiatives. TOYO's new facility is expected to contribute to the supply of high-efficiency solar cells, addressing the escalating demand for renewable energy solutions in both domestic and international markets.

Roth Capital Partners and H.C. Wainwright & Co. served as the exclusive co-placement agents for the offering, facilitating the transaction and ensuring compliance with regulatory requirements. The offering was conducted under a "shelf" registration statement filed with the Securities and Exchange Commission (SEC), which allows the company to streamline its capital-raising efforts in the future.

The successful fundraising by TOYO Co., Ltd. underscores the robust investor interest in the solar manufacturing sector, which is poised for continued growth as countries ramp up their renewable energy commitments. As the global energy landscape evolves, companies like TOYO are well-positioned to capitalize on emerging opportunities, particularly in the U.S. market, where incentives for clean energy production are becoming increasingly favorable. The establishment of the new manufacturing facility not only enhances TOYO's production capabilities but also reinforces its strategic vision of leading the transition to sustainable energy solutions.