Water Street Capital Statement on REC Silicon
JACKSONVILLE, Fla., Aug. 29, 2025 /PRNewswire/ -- Water Street Capital, Inc. ("Water Street"), a long-term, value-oriented private investment firm, today issued the following statement:
"Water Street Capital set out with a sole mission: to maximize shareholder value for all holders of REC Silicon stock. By electing a new board of directors, we sought to prove that other potential acquirers existed for both the Moses Lake and Butte facilities and proper appreciation would be realized for the company, above the low-ball offer from Anchor AS ("Anchor").
"However, what the newly elected REC Board could not have known, as well as any other minority shareholder, is the extent to which Hanwha restricted the REC's ability to seek outside financing or to identify and fully explore alternative offers.
"As the board stated on July 7, 2025, 'Hanwha has not taken any steps to release the Board from these restrictions, but instead approached the Board and reserved the right to initiate legal action against each individual board member for failure to comply with its alleged duties.'
"We believe that this threat of legal action prevented the Board from fulfilling its duty to maximize shareholder value, and Water Street agrees with the Board that 'the Offer does not reflect the underlying value of the Company given the unlocked potential value of its assets and the future prospects for the alternative energy industry.'
"Water Street Capital deplores the treatment of all shareholders in this situation."
Media Contact
Jonathan Gasthalter
Gasthalter & Co.
(212) 257-4170
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