TOYO Co. launches $50M direct offering for Texas solar facility

TOYO Co., Ltd. (Nasdaq: TOYO, OTC: TOYWF), a solar manufacturing company, announced it has entered into definitive agreements for a registered direct offering of 4,545,456 ordinary shares and warrants to purchase up to an equal number of ordinary shares, at a combined purchase price of $11.00 per share and associated warrant.

The warrants carry an exercise price of $13.20 per share, are exercisable immediately upon issuance, and expire five years from that date. The offering is expected to close on or about June 25, 2026, subject to customary closing conditions.

Gross proceeds from the offering are expected to total approximately $50 million, before placement agent fees and other expenses. The company said it intends to use the net proceeds to fund construction of a previously announced 1.5 GW heterojunction (HJT) solar cell manufacturing facility in the Houston, Texas metropolitan area, as well as for general corporate purposes.

Roth Capital Partners and H.C. Wainwright & Co. are serving as exclusive co-placement agents for the offering.

The securities are being offered under a shelf registration statement filed with the Securities and Exchange Commission on October 20, 2025, which became effective on November 9, 2025.

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