T1 Energy Inc. (TE) announced the pricing of its underwritten public offerings, which include $140.0 million aggregate principal amount of 5.25% convertible senior notes due 2030 and 28.28 million shares of common stock at a public offering price of $4.95 per share. The convertible notes offering was upsized from the earlier announced $120.0 million aggregate principal amount.
The company estimates net proceeds of approximately $264.3 million from the offerings, after deducting underwriting discounts, commissions, and estimated expenses. In addition, underwriters have been granted a 30-day option to purchase up to an additional 4.24 million shares of common stock and up to an additional $21.0 million aggregate principal amount of convertible notes to cover over-allotments.
The common stock offering is expected to close on December 15, 2025, and the convertible notes offering on December 16, 2025, subject to customary closing conditions. The closing of each offering is independent and not conditioned upon the other.
The convertible notes will be senior unsecured obligations of T1 Energy, with interest payable semi-annually on June 1 and December 1, beginning June 1, 2026. The notes will mature on December 1, 2030, unless earlier repurchased, redeemed, or converted.
T1 Energy intends to use the net proceeds from both offerings to advance compliance with foreign entities of concern (FEOC) provisions of the One Big Beautiful Bill Act by December 31, 2025, including repayment of certain indebtedness. Additional uses include working capital, construction, and infrastructure development for the first 2.1 GW phase of the G2_Austin facility, as well as general corporate purposes.
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