NEW YORK, July 2, 2026, 17:04 (EDT)
- T1 Energy traded between $8.14 and $10.01, ending at $8.56, down 6.8%.
- The $11.50 warrants expire July 9. With shares at the quoted price, they’re well out of the money.
- The 2031 notes are in the money. At $8.56, shares trade 25.9% over the $6.80 conversion price.
- U.S. markets are closed Friday for the Independence Day holiday.
T1 Energy Inc. NYSE:TE shares slipped Thursday. The real story was traders talking about the gap between warrants expiring next week and convertible notes already in the money.
The Austin, Texas-based solar manufacturer traded at $8.56, off 6.8% from the prior close, with a session range from $8.14 to $10.01. That’s a 22.2% spread off the low—much wider than moves seen in the broad market or the solar ETF group. Quote data on T1, SPDR S&P 500 ETF Trust (NYSEARCA:SPY), iShares Russell 2000 ETF (NYSEARCA:IWM) and Invesco Solar ETF (NYSEARCA:TAN) available at .
| Security | Last | Day move | Intraday range vs low | Volume |
|---|---|---|---|---|
| T1 Energy NYSE:TE | $8.56 | fell 6.8% | traded 22.2% above the day’s low | 36.36 mln |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $744.78 | slipped 0.1% | 1.5% from the session low | 56.41 mln |
| iShares Russell 2000 ETF (NYSEARCA:IWM) | $297.58 | lost 0.6% | 2.4% above low | 20.82 mln |
| Invesco Solar ETF (NYSEARCA:TAN) | $56.32 | down 2.5% | 6.9% range off the low | 1.18 mln |
This is notable since an older overhang is priced above the stock. In a June 29 SEC filing, T1 said 14.8 million public warrants and 9.8 million private warrants expire July 9. Each warrant can buy one share at $11.50. The public warrants, which trade as “TE WS,” halt before the open on July 9. The common stock continues as TE.
The stock trades at $8.56, which is 25.6% under the warrant strike price. Shares would need to climb 34.3% to get there. There are 24.6 million warrants, good for 8.8% of T1’s 279.27 million shares out. If shares don’t reach $11.50 before expiry, those warrants won’t convert and no new shares from that batch are issued. Google Finance also lists 279.27 million shares out.
Pressure lower down the stack now. T1 finished a $184 million 4.00% convertible senior note sale due 2031 in April, including the $24 million underwriters option. After fees, T1 raised roughly $174.7 million, meant for the first phase of G2_Austin and other uses. The notes start with a conversion price near $6.80. T1 can pay for any conversions in cash, stock, or a mix.
| Capital line | Price line | Status at $8.56 | Share math |
|---|---|---|---|
| Warrants ending July 9 | $11.50 exercise | Shares are 25.6% below strike price | 24.6 million warrants out, equal to 8.8% of current shares |
| 2031 convertibles | $6.80 conversion | Shares are 25.9% over the conversion price | 27.0 million shares at the initial conversion ratio, if $184 million gets settled all in stock; that’s 9.7% of the current share count |
The notes attach another price trigger to the current quote. According to the prospectus, holders can only convert before Jan. 15, 2031 under certain situations, including a test after the June 30, 2026 quarter if the shares trade at 130% or more of the conversion price for 20 out of 30 trading days. That bar is $8.84. TE crossed above it during the day but then ended 3.2% under at $8.56.
T1’s investor relations site listed its most recent company announcement as June 18. That followed a June 17 bankability update and a KORE Power note on June 3. There was no new release in the last two days. Shares looked to be reacting to trading volumes and capital structure factors over new developments.
The operating case is still linked to Texas production. T1 on June 17 said Intertek CEA gave its 5GW G1_Dallas solar module plant an “A” bankability grade. CEO Dan Barcelo called it “meaningful independent confirmation.” The company said Phase 1 of G2_Austin should add 2.1GW in annual solar cell output, with production set for the fourth quarter. T1 Energy Inc.
T1 still needs capital. In May, T1 posted Q1 net income from continuing operations of $3.9 million, but showed a net loss to common stockholders of $21.4 million. Even after the note proceeds, management estimated Phase 1 would need around $225 million in financing. Barcelo said T1 is “hitting key construction milestones.” T1 Energy Inc.
The storage and data-center angle is now in play. T1 said June 3 it reached a definitive deal to buy KORE Power for around $32 million in enterprise value. T1 expects positive EBITDA from KORE in 2026, with $15 million to $20 million in EBITDA in 2027. KORE Power CEO Jay Bellows called it a “one-stop solution” for customers. T1 Energy Inc.
NYSE will be closed for Independence Day on Friday, July 3. When markets reopen Monday, traders are looking at the $8.84 note test and the $11.50 mark on the expiring warrants.
