Evolution Metals & Technologies Fails to Pay $34.7 Million Redemption to Yorkville; Discloses Plan to Withdraw Proposed Public Offering
Key Highlights
- ➤EMAT failed to pay Yorkville $34.67 million redemption by the November 5 cure-period deadline
- ➤EMAT withdrew a proposed underwritten offering citing market conditions
- ➤Draft S-1 allocated approximately $34.7 million of proceeds to redeem Yorkville debentures
- ➤Default raises debenture interest rate to 18% annually
- ➤Yorkville intends to convert debentures into EMAT shares and may begin selling them
MOUNTAINSIDE, N.J., Nov. 09, 2026 (GLOBE NEWSWIRE) -- YA II PN, Ltd. (“Yorkville”), a fund managed by Yorkville Advisors Global, LP, today announced that Evolution Metals & Technologies Corp. (Nasdaq: EMAT) (“EMAT” or the “Company”) has failed to pay an aggregate redemption amount of $34,672,219.18 owed to Yorkville under two convertible debentures. On October 14, 2026, EMAT itself elected to redeem the debentures by delivering irrevocable optional redemption notices under Section 1(d) of each instrument. The notices covered the remaining $10.9 million of principal under the May 7, 2026 debenture and the full $22.0 million of principal under the September 17, 2026 debenture, plus 5% payment premiums and accrued interest. Payment was due on October 29, 2026, and EMAT has acknowledged that the five-trading-day cure period under the debentures expired on November 5, 2026. EMAT did not make payment.
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