T1 Energy slides after unveiling planned $260 million capital raise

Solar company T1 Energy's TE.N shares slide 10.6% to $5.50 in extended trading

TE announces proposed public offerings of $120 million of convertible bonds due 2030 and $140 million worth of shares

Santander and J.P. Morgan are joint bookrunning managers for the offerings

Proceeds will be used to become compliant with provisions of the One Big Beautiful Bill Act, debt repayment, and construction of infrastructure relating to its Austin facility, among other purposes

TE has 212.4 million outstanding shares for $1.3 billion market cap, per LSEG data

Last week, TE disclosed it has received grand jury subpoenas from the U.S. Department of Justice

All five brokerages covering the stock rate it "buy" or higher; median PT $7 - data compiled by LSEG

As of last close, TE stock up 138.4% YTD