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Water Street Capital Nominates Highly Qualified Slate of Independent Directors to REC Silicon Board
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: ) ("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 .
Water Street's director nominations follow the announcement of its intention to vote against a proposal from Hanwha Solutions Corporation ("Hanwha"), REC Silicon's largest shareholder, to purchase all shares of the Company at the historically low price of NOK 2.20 per share, currently undervaluing the company by more than 90%, without giving proper value to the growth potential of silane gas. Water Street has also called for a formal investigation into the circumstances around Hanwha's termination of its 10-year purchase agreement with REC Silicon and other matters.
"The incumbent REC Silicon Board, which is comprised of several Hanwha executives, has proven, in our view, that it is not representing the best interests of the Company and its shareholders. The recent share purchase proposal by Hanwha, if executed, significantly undervalues the intellectual property and assets of a company deeply respected across the silane-based materials industry globally and invalidates the efforts of hundreds of REC Silicon employees," said Gilchrist Berg , Founder and Principal at Water Street Capital. "Our director nominees possess decades of relevant industry experience and are committed to working on behalf of all REC Silicon shareholders, large and small."
Water Street's nominees include:
REC Silicon's virtual AGM will be held on 25 June 2025 at 13:00 CET . Shareholders can log in at and must identify themselves using the reference number and pin code from VPS accessible in investor services (Corporate Actions – General Meeting – ISIN), sent to them by post, or by contacting DNB Bank Verdipapirservice by phone (+47 23 26 80 20) or e-mail (genf@dnb.no). More information can be found at www.recsilicon.com.
Jonathan Gasthalter / Brandon Lin
Gasthalter & Co.
(212) 257-4170
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