On September 27, Tongwei announced the termination of the issuance of shares to specific targets in 2023. According to
the announcement, for the reasons for the termination of the issuance of shares to specific targets, Tongwei said that based on the changes in the current capital market environment, the value of the company was significantly underestimated, in order to safeguard the interests of all shareholders and achieve high-quality development, in a comprehensive consideration of the company's business development and financial situation, Tongwei said that the value of the company was significantly underestimated. On the premise of ensuring the normal progress of the company's 200000 tons of high-purity silicon project in Inner Mongolia and the high-purity silicon green energy project in Tongwei Hydropower Silicon Material in Yunnan, after full communication and careful analysis with relevant parties. The company intends to terminate the issuance of shares to specific targets.
It is reported that Tongwei intends to raise no more than 16 billion yuan (including this number) by issuing shares to specific targets in 2023. After deducting the issuance fee, the net fund raised is planned to be used for "200000 tons of high purity silicon project" and "Yunnan Tongwei Hydropower Silicon Material High Purity Silicon Green Energy Project (Phase II 200000 tons/year high purity silicon project)". After the termination of the issue of stocks
to specific targets, Tongwei said that the company would make rational use of its own funds, loans from financial institutions and other financing methods, and make overall financial arrangements to ensure the smooth implementation of the company's 200000 tons of high-purity silicon project in Inner Mongolia and the high-purity silicon green energy project in Tongwei Hydropower Silicon Material in Yunnan. And continue to promote the company's development plan for 2020-2023 and 2024-2026.
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