TOYO closes $50M share offering to fund Texas solar facility

TOYO Co., Ltd. (Nasdaq: TOYO) closed a registered direct offering on June 25, 2026, raising approximately $50 million in gross proceeds before placement agent fees and other expenses, according to a company statement.

The offering consisted of 4,545,456 ordinary shares and warrants to purchase up to an equal number of ordinary shares, priced at a combined $11.00 per share and associated warrant. The warrants carry an exercise price of $13.20 per share, are immediately exercisable, and expire five years from issuance.

The company said it intends to use the net proceeds to build a 1.5 gigawatt heterojunction solar cell manufacturing facility in the Houston, Texas metropolitan area, along with general corporate purposes.

Roth Capital Partners and H.C. Wainwright & Co. served as exclusive co-placement agents for the offering. Robinson & Cole LLP acted as legal counsel for the company, while Pryor Cashman LLP represented the placement agents.

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

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