T1 Energy Inc. (TE) on Tuesday announced a proposed underwritten public offering of $125 million aggregate principal amount of convertible senior notes due 2031.
The company intends to grant underwriters a 30-day option to purchase up to an additional $18.75 million of notes to cover over-allotments.
The company said the proceeds from the offering are expected to be used for construction and development of infrastructure and production line equipment for Phase 1 of the G2_Austin solar cell facility.
The proceeds are also expected to be used for general corporate purposes.
The company is also targeting a larger financing solution, including a significant debt component, to fund the remaining capital expenditures for Phase 1 of the project.
In the pre-market trading, T1 is currently trading 8.84% lesser at $4.65 on the New York Stock Exchange.
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