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Water Street Capital, owning 8.26% of REC Silicon (RNWEY), has announced its opposition to Hanwha Solutions Corporation's proposal to acquire all shares of REC Silicon. Water Street believes the offer significantly undervalues the company's assets and intellectual property. The investment firm plans to call an Extraordinary General Meeting (EGM) to investigate Hanwha's termination of its December 2024 10-year purchase agreement for polysilicon from REC Silicon's Moses Lake facility. Additionally, Water Street intends to nominate new directors at the upcoming Annual General Meeting to maintain the company's independence and protect shareholder value.
