T1 Energy shares jumped approximately 14% in early Thursday trading, reaching $4.26. The move follows the energy solutions provider's announcement of a $120 million convertible bond issuance through a private placement.

The bonds carry an annual interest rate of 4.75% and mature on August 1, 2031. Under specific conditions, bondholders can convert their holdings into T1 Energy stock at an initial conversion price of roughly $4.46 per share, representing a 20% premium over the previous closing price.

The company expects the offering to close by July 31. Proceeds will be allocated to fund equipment and construction costs for the first phase of its G2 Austin solar cell factory, alongside general corporate needs. T1 Energy noted that this convertible note issuance is part of a broader financing plan, including debt financing, designed to provide bridge funding for completing the initial project phase.