New Risk • Jul 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$5.22, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 31x in the Semiconductor industry in the US. Total loss to shareholders of 51% over the past three years. Announcement • Jul 02
TOYO Co., Ltd. Announces CFO Changes TOYO Co., Ltd. announced the appointment of Yasunari Harada as Chief Financial Officer of the Company, effective July 1, 2026. Mr. Harada, a seasoned executive with over 30 years of senior leadership at leading investment banks, will play a central role in strengthening the Company's financial strategy, investor relations and capital markets engagement. Mr. Harada is replacing Taewoo "Raymond" Chung, who resigned as Chief Financial Officer, effective June 30, 2026. Mr. Harada's career spans some of the most respected institutions in global finance. He began at The Industrial Bank of Japan before holding senior roles as Vice President at Morgan Stanley Securities, Executive Director at BNP Paribas Securities, and Managing Director & Head of Financial Institutions at Société Générale Securities in Tokyo. He has served on the boards of financial institutions across Asia and Central Asia, including Kyrgyzkommertsbank, Solid Bank, and Khan Bank. Mr. Harada holds a bachelor of law degree from Kyushu University and is fluent in Japanese and English. Mr. Harada's appointment strengthens a leadership team already positioned for the next phase, bringing world-class financial discipline, cross-border capital markets access, and the credibility of a career built at globally recognized institutions.