Water Street Capital, Inc.: Water Street Capital Comments on Results of REC Silicon Annual General Meeting

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.

Water Street Capital issued the following statement:

"Water Street Capital would like to thank the thousands of investors who joined us in our efforts to ensure that the top priority of REC Silicon's Board of Directors remains maximizing the value of the company.

The recent threats by the Company's largest shareholder, Hanwha Solutions Corporation ("Hanwha"), to reassess its funding of the Company's operations should it lose control of the Board are unfortunate. Going forward, we hope that Hanwha will work with us constructively for the benefit of all shareholders.

Water Street Capital's objectives are 100% aligned with our fellow shareholders. We do not believe that shareholders were given proper information regarding the value of the company and its assets when asked to vote in favor of the drastically undervalued NOK2.20 offer from Anchor AS.

REC Silicon's new Board of Directors will be solely focused on maximizing value for all Company shareholders going forward.

'Life shrinks or expands in proportion to one's courage.' - Anais Nin"

Signed,
Gilchrist Berg
Founder and Principal, Water Street Capital

Media Contact
Jonathan Gasthalter/Brandon Lin
Gasthalter & Co.
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