Case Studies

Pre-Close and Listing Day

Working alongside TOYO management and the deal team, AUM:

•      Developed the investor presentation used in PIPE marketing and merger roadshow meetings

•      Built TOYO's corporate website and Nasdaq-compliant IR website ahead of listing day

•      Coached management on US-investor messaging conventions and the disclosure rhythm of a Nasdaq-listed company

•      Helped the company adopt detailed, transparent quarterly reporting practices intended to set a standard ahead of peers

•      Developed the company's guidance policy and supported the disclosure framework for forward-looking statements

First-Year Pressure — and a Two-Step Strategic Pivot

Shortly after listing, US policy changes to solar tariffs rendered TOYO's existing 2 GW cell facility in Vietnam non-competitive as a supplier to the US market. The stock came under significant pressure during the company's first months as a public company.

AUM worked closely with management to communicate two strategic pivots that would re-establish TOYO's US-market positioning:

•      The construction of a 4 GW cell manufacturing facility in Ethiopia, designed to supply the US market under the revised tariff regime

•      The development of a 2 GW solar module manufacturing facility in Houston, Texas, anchoring TOYO's US-made production capability

Communicating a major operational pivot to a public-market shareholder base is one of the hardest things a newly public company can be asked to do. The story must be specific enough to be credible, forward-looking enough to be motivating, and disciplined enough to satisfy disclosure counsel. AUM partnered with management on the narrative architecture, the messaging cadence, and the supporting investor materials across earnings releases, conference appearances, and one-on-one institutional meetings.

Building the US Institutional Shareholder Base

Alongside the pivot story, AUM executed a sustained institutional outreach program designed to bring qualified US investors into a name they did not previously know:

Cleantech conference participation

ROTH Capital ·Jefferies · BofA Securities · UBS — invitations secured to flagship cleantech and energy-transition conferences, with one-on-one meetings used to qualify institutional interest.

Non-deal roadshow program

Meetings, dinners, and lunches hosted in coordination with Goldman Sachs, Mizuho Securities, and Citi — bringing TOYO management in front of long-only US institutional investors with a sector mandate.

Sector visibility

Invitations to a notable solar-sector webcast series and ongoing coverage secured across the major solar trade publications — building investor and customer-side recognition simultaneously.

AUM also provided ongoing presentation training and disclosure coaching, helping TOYO management operate at the cadence and discipline of a seasoned US-listed company rather than a recently public issuer.

Outcomes

As of May 2026, TOYO trades on Nasdaq at materially higher levels than the post-listing trough. Over the trailing twelve months, the share price has appreciated approximately 194%, with the stock recovering from a 52-week low near $2.58 to recent levels above $12. Average daily trading volume and float liquidity have expanded meaningfully alongside the price recovery and the broader institutional shareholder base.

On the operating side, FY2025 revenue reached approximately $427 million versus $177 million in FY2024 — growth of more than 140% — driven by ramp of the Ethiopia cell facility and progress on US module capacity. Sell-side coverage has been initiated, and the company is now regularly invited to flagship cleantech conferences and analyst events that were inaccessible to it at the time of listing.

The TOYO engagement is a representative example of AUM's senior-advisory model: a cross-border De-SPAC, hands-on first-year IR through a difficult macro environment, narrative leadership through major strategic pivots, and the methodical institutional shareholder-base construction work that determines whether a newly public company trades on fundamentals.

Services Provided

•      Pre-close investor presentation development and PIPE marketing support

•      Corporate website and Nasdaq-compliant IR website design and build

•      Listing-day communications and stakeholder rollout

•      Quarterly reporting framework and disclosure cadence

•      Guidance policy development

•      Presentation training and disclosure coaching for senior management

•      Strategic-pivot narrative architecture and supporting materials

•      US institutional non-deal roadshow program (Goldman Sachs, Mizuho, Citi)

•      Cleantech conference participation (ROTH Capital, Jefferies, BofA, UBS)

•      Sector trade media and webcast placement

•      Ongoing strategic IR counsel