NEW YORK, July 7, 2026, 13:03 (EDT)
- T1 Energy Inc. NYSE:TE dropped $1.44 to $7.21 as of 12:48 p.m. EDT, off 16.6% from Monday’s finish; Invesco Solar ETF (NYSEARCA:TAN) slipped 4.8%.
- Roughly 24.6 million T1 warrants will expire July 9, exercisable at $11.50, but the stock trades 37.3% under that price.
- Six Form 4s filed July 6 reveal 146,850 new RSUs for directors, valued at $1.06 million using midday prices.
T1 Energy Inc. NYSE:TE dropped hard in midday New York trading on Tuesday. The move comes two days ahead of public warrants expiring from the NYSE. U.S. markets were running normal hours; per the NYSE’s 2026 holiday calendar, Independence Day closure was July 3.
Shares started the day at $8.38, climbed to $8.71 early on, and hit a low of $7.165. Market data showed volume at 25.4 million shares on the latest tick.
| Instrument | Price | Intraday move | What it shows |
|---|---|---|---|
| T1 Energy Inc. NYSE:TE | $7.21 | -16.6% | Name drops on its own pressure |
| Invesco Solar ETF (NYSEARCA:TAN) | $54.76 | -4.8% | Sector under pressure too |
| SPDR S&P 500 ETF Trust NYSEARCA:SPY | $748.93 | -0.3% | Market mostly flat |
Warrant math is front and center for T1 holders. In a June 29 filing, T1 said its public and private warrants will expire July 9 at 5 p.m. New York time. The company had 14.8 million public and 9.8 million private warrants outstanding as of March 31, all exercisable for one common share at $11.50 each, according to the filing.
The common stock traded at $7.21, putting it $4.29 under the exercise price. A full cash exercise would add 24.6 million new shares and bring in around $282.9 million in gross cash for the company before fees. But for the warrants to be economic before they expire, the stock would need a sharp move up.
| Warrant item | Figure |
|---|---|
| Public warrants on March 31 | 14.8 million |
| Private warrants on March 31 | 9.8 million |
| Combined warrants | 24.6 million |
| Warrant exercise price | $11.50 |
| Common stock last price | $7.21 |
| Stock vs strike price | 37.3% under strike |
| Max possible cash in on exercise | $282.9 million |
T1 dropped six Form 4s on July 6, covering RSU awards for directors. Five members took 22,695 RSUs apiece, while Robert O. Hammond got a bigger grant at 33,375 RSUs. Grants went out July 2 at $0. Vesting comes on the earlier of a year after grant or the 2027 annual meeting, per the filings.
| Director | RSUs filed July 6 |
|---|---|
| Jessica Wirth Strine | 22,695 |
| Balazs Peter Matrai | 22,695 |
| David J. Manners | 22,695 |
| Daniel Steingart | 22,695 |
| W. Richard Anderson | 22,695 |
| Robert O. Hammond | 33,375 |
| Total | 146,850 |
At Monday’s close of $8.65, the director RSUs were valued at around $1.27 million. At $7.21, those awards came to about $1.06 million, down roughly $211,000.
T1 is still all about capex, which makes this an issue. In May, T1 put the estimated remaining funding need for the first 2.1-GW stage of its G2_Austin solar cell plant at $225 million, after selling convertible notes in April. The company is still aiming for initial cell output at G2_Austin in Q4 2026.
CEO Dan Barcelo said at the time the company was “focused on hitting key construction milestones” and working toward “a comprehensive financing package for G2_Austin in the second quarter.” T1 posted first-quarter adjusted EBITDA of $9.1 million and a net loss to common stockholders of $21.4 million. GlobeNewswire
T1 has also reported some operating milestones. On June 17, the company said its G1_Dallas solar module plant, a 5-GW facility, got an “A” grade in a bankability review from Intertek CEA. Barcelo called the grade “a meaningful independent confirmation” of the company’s Texas buildout. T1 Energy Inc.
T1 said in its warrant filing that public warrants will stop trading as “TE WS” before the market opens July 9. The company’s common stock will keep trading on the NYSE as “TE.”
