Toyo Co (TOYO) Registration Filing summary

Company overview and business model

• Early-stage company focused on integrated solar solutions, spanning wafer, silicon, solar cell, and PV module production for global markets, with a strategic emphasis on the U.S. and collaborations in Southeast Asia and Africa.

• Operates solar cell plants in Vietnam and Ethiopia, each with 2GW capacity, and has begun trial production of solar modules in Texas, targeting 6.5GW annual capacity by 2029.

• Leverages relationships with established industry players Fuji Solar, WWB, Abalance, and VSUN for operational expertise, market access, and brand recognition.

• Recently acquired the VSUN brand to accelerate U.S. market entry and enhance global presence.

• Completed a complex business combination in July 2024, consolidating operations and aligning with strategic partners.

Financial performance and metrics

• As of October 2025, aggregate market value of outstanding ordinary shares held by non-affiliates is approximately $33.22 million, based on a share price of $7.97 and 4,167,508 shares.

• Confirmed orders cover full 4GW Ethiopian facility capacity through the first half of 2026; supply agreements with over 34 third-party solar cell customers as of June 30, 2025.

Use of proceeds and capital allocation

• Net proceeds from securities sales will fund project development, business growth, working capital, and general corporate purposes, with management retaining broad discretion over allocation.

• If proceeds are used to repay indebtedness, details will be disclosed in the relevant prospectus supplement.