Toyo Co., Ltd. has completed a significant corporate reorganization involving entities under common control. On February 27, 2024, the company finalized the restructuring, which included the issuance of 41,000,000 ordinary shares at a par value of $0.0001 each to existing shareholders on a pro rata basis. This move is part of a broader reorganization strategy that included the creation of holding companies, TOYO and SinCo, for TOYO Solar. The restructuring, accounted for as a reorganization of entities under common control, aims to streamline operations and enhance corporate governance, reflecting a consolidated approach across its subsidiaries. The company has retroactively adjusted its financial statements to reflect this new structure from the beginning of the reporting period.