Water Street Capital Issues Open Letter to Shareholders of REC Silicon

Believes Hanwha's Plan to Purchase All Shares of REC Silicon Drastically Undervalues Company's Assets and Intellectual Property

Calls for Extraordinary General Meeting to Investigate Hanwha's Termination of its December 2024 Long-Term Purchase Agreement with REC Silicon

Intends to Nominate New Directors to REC Silicon Board at Upcoming Annual General Meeting to Preserve Company Independence and Value

JACKSONVILLE, Fla., May 23, 2025 /PRNewswire/ -- Water Street Capital, Inc. ("Water Street"), a long-term, value-oriented private investment firm which, together with its affiliates, collectively owns 8.26% of the outstanding common stock of REC Silicon ASA (OSL: RECSI.OL) ("REC Silicon" or the "Company"), today sent a letter to the Company's shareholders announcing its intention to vote against what it believes to be a significantly undervalued proposal from Hanwha Solutions Corporation ("Hanwha"), REC Silicon's largest shareholder, to purchase all shares of the Company.  

In its letter, Water Street stated its intention to call an Extraordinary General Meeting ("EGM") to investigate the circumstances that led to the termination of Hanwha's 10-year purchase contract with the Company in December 2024 to acquire all polysilicon from its Moses Lake facility. Further, Water Street announced its plan to nominate new directors to the Company's Board at its upcoming Annual General Meeting ("AGM").

The full text of the letter is attached.

Media Contact
Jonathan Gasthalter/Brandon Lin
Gasthalter & Co.
Tel: (212) 257-4170
jg@gasthalter.com

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