The Japanese firm entered into agreements to sell 4.55 million shares alongside warrants to purchase an equal number of additional shares. Priced at a combined $11.00 per unit, the offering includes warrants exercisable at $13.20 that expire in five years. The transaction, managed by Roth Capital Partners and H.C. Wainwright, is slated to close on or about Thursday.

This capital raise supports Toyo's expansion into the U.S. market through a planned 1.5 gigawatt solar cell plant. With a total projected investment of $357 million, the company has already initiated procurement and facility design. Completion of the site and the start of pilot production are targeted within 20 months.