Wafer Works : Settlement of litigation with United Renewable Energy Co., Ltd.

About this update from Wafer Works Corp.

Close Today's Information Provided by: WAFER WORKS CORPORATION SEQ_NO 2 Date of announcement 2022/08/18 Time of announcement 18:35:53 Subject Settlement of litigation with United Renewable Energy Co., Ltd. Date of events 2022/08/18 To which item it meets paragraph 2 Statement 1.Parties to the legal matter:Wafer Works Corporation and United Renewable Energy Co., Ltd. 2.Name of the court or punishing agency of the legal matter: Taiwan High Court 3.Reference/Case number of relevant documents of the legal matter: 110 nian du zhong shang geng yi tzu No. 208 4.Date of occurrence of the event:2022/08/18 5.Details of occurrence (including the matter under dispute): The Company and United Renewable Energy Co., Ltd. have reached a settlement on the long term supply agreement of solar product. 6.Handling procedure: 1.The Company and United Renewable Energy Co., Ltd. terminate the litigation via mediation at Taiwan High Court on Aug. 18, 2022. 2.The Company and an upstream supplier signed a termination agreement of solar grade polysilicon on the same day (Aug. 18, 2022). The rights and obligations of the original contracts for both parties have since been released simultaneously. 7.Impact on the Company's finance and business and projected amount: The customer advance forfeited from United Renewable Energy Co., Ltd. offsets the prepayment paid to the upstream supplier. Therefore, the case brings no significant impact on the Company's financial standing and business operation. 8.Countermeasures and improvement status:None. 9.Any other matters that need to be specified:None.

View stock analysis, news, and events for Wafer Works Corp.