REC Silicon ASA - Fully underwritten rights issue approved by the Extraordinary General Meeting

Summary by AI ^BETAClose X

REC Silicon ASA's extraordinary general meeting has approved a fully underwritten rights issue of 4,078,000,000 new shares at NOK 0.2385 per share, aiming to raise gross proceeds of NOK 972.6 million. The meeting also approved a share capital reduction and the election of Jong Wook Park as chair of the board. The rights issue is directed towards eligible shareholders registered on March 16, 2026, with further details to be provided in a prospectus.

Disclaimer*

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT

Reference is made to the stock exchange announcement by REC Silicon ASA (the "Company") on 9 February 2026 and regarding the fully underwritten rights issue of 4,078,000,000 new shares (the "Offer Shares") in the Company at a subscription price of NOK 0.2385 per new share (the "Subscription Price") raising gross proceeds of NOK 972.6 million (the "Rights Issue"). Reference is further made to the notice of extraordinary general meeting ("EGM") of 19 February 2026 to approve the Rights Issue, as well as a proposal to decrease the share capital by reducing the nominal value of the shares.

The EGM has today approved all items as proposed by the board of directors, including the Rights Issue and the share capital reduction. The proposal to elect Mr Jong Wook Park was also approved, and the board hence consists of Jong Wook Park (chair), Renate Oberhoffer and Vivian Bertseka.

The minutes from the EGM are attached to this announcement.

The Rights Issue will be directed towards shareholders of the Company as of 12 March 2026, as registered in the VPS on 16 March 2026 (the "Record Date"), who are not resident in a jurisdiction where such offering would be unlawful or would (in jurisdictions other than Norway) require any prospectus, filing, registration or similar action (the "Eligible Shareholders"). Further information regarding the Rights Issue, including subscription procedures, will be set out in the prospectus for the Rights Issue which will be made available at ahead of the subscription period.