GCL Technology completes first subscription tranche, details second and fund use

GCL Technology Holdings Limited has successfully completed its first tranche subscription, issuing 2,029,565,000 shares to Infini Global Master Fund at HK$1.15 per share across Tranche 1A and Tranche 1B on October 6 and 10, 2025, respectively. This completion increases the total number of issued shares to 30,510,383,973.

The company anticipates completing the second tranche subscription (Tranche 2A and 2B) on or around November 7 and November 19, 2025, respectively, issuing an additional 2,706,086,000 shares at the same price. The net proceeds of HK$5,392m will be allocated to structural adjustments in polysilicon production capacity (HK$1,800m), enhancement of R&D and production of silane gas and related materials (HK$905m), and optimization of the capital structure (HK$800m).

Additionally, HK$400m will be utilized for general working capital by the end of 2028, and HK$1,487m will be used for bank loan repayments by the end of 2026. The company expects to use HK$300m on R&D by the first half of 2026 and HK$400m on capital structure optimization by the first half of 2026.