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No TOYO Co., Ltd $TOYO insider has reported an open-market purchase since reporting began in March, even as the stock fell 77.5% from its June peak. $TOYO replaced its CEO, Chairman, and CFO in 2026 and added a strategy chief: → Takahiko Onozuka (Chairman and CEO since March 18, 2026): Spent 28 years at the Export-Import Bank of Japan, which became the Japan Bank for International Cooperation (JBIC), then nearly 13 years at Sumitomo Corporation (a Japanese trading conglomerate), where the 20-F lists him as “an assistant to the general manager.” He ran the Global Decarbonization Promoting Office at Abalance (the Japanese group that controls $TOYO) from September 2025, six months before taking over $TOYO. → Yasunari Harada (CFO and Director since July 1, 2026): Has 30+ years in finance, then served as President of HS Holding, a Japanese holding company, from December 2021 to June 2026. → Rhone Resch (Chief Strategy Officer since March 29, 2026): Ran the Solar Energy Industries Association (SEIA) from 2004 to 2016 and Cygnus Solar, a heterojunction (HJT) cell maker, from 2021 to 2024. He works for $TOYO part-time. Harada also controls NOTAM, a Japanese company that bought into $TOYO through a private placement tied to $TOYO’s SPAC deal and now holds 1,058,918 $TOYO shares, 2.5% of the company, so the new CFO arrived as one of $TOYO’s larger shareholders. Three senior executives left between September 2025 and June 2026: 1) Junsei Ryu (Chairman and CEO): Retired on March 18, 2026, days after giving up his representative role at Abalance, staying on as a board advisor for 12 months. 2) Liang “Simon” Shi (President): The former CEO of the SPAC that took $TOYO public, appointed President in October 2024, resigned in September 2025 “but continues with Abalance group.” 3) Taewoo “Raymond” Chung (CFO and Director): CFO since March 2024 and an Abalance finance executive since January 2024, resigned on June 30, 2026, with no disagreement cited. $TOYO’s directors and officers only had to start reporting their trades on March 18, 2026, under the Holding Foreign Insiders Accountable Act. Since then, no $TOYO insider has reported an open-market purchase or sale. Ryu, no longer an officer or director, doesn’t file Form 4s at all, so changes to his stake would only show up in Schedule 13D or 13G filings. Among outside holders, N.A. Global, a Japanese investor, sold 451,571 shares between February and June 2026, including 377,320 from May 20 to June 24, around the June 4 peak. So there’s no insider buying to lean on, and the only selling reported in 2026 came from an outside holder, mostly during the May-June run.

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Initiation Report

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TSOH Weekly Roundup (10/30/2026)

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CCOI · long

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Notes and Updates

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