By Elias Schisgall
Shares of T1 Energy rose after the company said it would sell $160 million worth of convertible notes through an underwritten public offering to fund its solar cell project in Austin.
Shares were up 5.7% to $5.14 as of midday Wednesday. The stock has fallen 25% this year.
T1 Energy said late Tuesday that it expects to net $151.6 million from the offering, which it will use to fund the first phase of construction of its G2_Austin solar cell fab, which is expected to have 2.1 gigawatts of capacity. It is also seeking a larger financing solution with a significant debt component to fund the rest of the project.
The notes are 4% convertible senior notes due 2031. The underwriters have a 30-day option to buy an additional $24 million worth of notes to cover over-allotments.
On Tuesday morning, T1 Energy first announced the offering, initially planning to sell $125 million worth of notes. Shares slid pre-market on Tuesday following the announcement.
The offering is expected to close on Friday.
Write to Elias Schisgall at elias.schisgall@wsj.com
(END) Dow Jones Newswires
April 15, 2026 11:44 ET (15:44 GMT)
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