Board Confirms Hanwha's NOK 2.20 Offer Significantly Undervalues REC Silicon's Assets and Intellectual Property

Water Street Condemns Behavior of Hanwha Which is Preventing REC Silicon from Pursuing Alternative Financing and Strategic Options

JACKSONVILLE, Fla., July 8, 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 issued the following statement in response to the July 7, 2025 update from the Company's Board of Directors (the "Board"):

Board Confirms Hanwha's NOK 2.20 Offer Significantly Undervalues REC Silicon's Assets and Intellectual Property

Water Street Condemns Behavior of Hanwha Which is Preventing REC Silicon from Pursuing Alternative Financing and Strategic Options

JACKSONVILLE, Fla., July 8, 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 issued the following statement in response to the July 7, 2025 update from the Company's Board of Directors (the "Board"):

JACKSONVILLE, Fla., June 25, 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") as the Company's second largest shareholder, today commented on the results of the Company's Annual General Meeting, which included the appointment of John Adams, Karina Fossmark, Jane Power, Jens Ulltveit-Moe, and Mike Kerschen to the Company's reconstituted Board of Directors. Additionally, REC Silicon has launched an investigation into 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.

JACKSONVILLE, Fla., June 25, 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") as the Company's second largest shareholder, today commented on the results of the Company's Annual General Meeting, which included the appointment of John Adams, Karina Fossmark, Jane Power, Jens Ulltveit-Moe, and Mike Kerschen to the Company's reconstituted Board of Directors. Additionally, REC Silicon has launched an investigation into 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.

Believes Urgent Change is Needed to Preserve Company Independence and Enhance Shareholder Value

Water Street's Nominees Bring Decades of Relevant Industry, Management, and Legal Experience 

Believes Hanwha's Plan to Purchase All Shares of REC Silicon Drastically Undervalues REC Silicon's Assets and Intellectual Property By More Than 90%

Urges Shareholders to Support Water Street's Director Nominees at Upcoming Annual General Meeting

JACKSONVILLE, Fla., June 11, 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 announced its highly qualified slate of director candidates that it has nominated for election to REC Silicon's Board of Directors at the Company's Annual General Meeting ("AGM") on 25 June 2025.

Believes Urgent Change is Needed to Preserve Company Independence and Enhance Shareholder Value

Water Street's Nominees Bring Decades of Relevant Industry, Management, and Legal Experience 

Believes Hanwha's Plan to Purchase All Shares of REC Silicon Drastically Undervalues REC Silicon's Assets and Intellectual Property By More Than 90%

Urges Shareholders to Support Water Street's Director Nominees at Upcoming Annual General Meeting

JACKSONVILLE, Fla., June 11, 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 announced its highly qualified slate of director candidates that it has nominated for election to REC Silicon's Board of Directors at the Company's Annual General Meeting ("AGM") on 25 June 2025.

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.  

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.