GlobeNewswire·Nov 9, 2026, 4:09 PM ET

Evolution Metals & Technologies Fails to Pay $34.7 Million Redemption to Yorkville; Discloses Plan to Withdraw Proposed Public Offering

Evolution Metals & Technologies Corp. (EMAT) failed to pay Yorkville an aggregate redemption amount of $34,672,219.18 owed under two convertible debentures.
EMAT elected to redeem the debentures on October 14, 2026, covering $10.9 million of principal from the May 7, 2026 instrument & $22.0 million from the September 17, 2026 instrument, plus premiums & interest.
Payment was due on October 29, 2026, & the five-trading-day cure period expired on November 5, 2026, without EMAT making the required payment.
On November 5, 2026, EMAT's CFO emailed Yorkville a draft Form S-1 for an unannounced public offering & requested an extension to pay until November 27, 2026, citing market conditions.
Yorkville received this material non-public information without requesting or consenting to it, but retains the right to disclose it publicly under its Securities Purchase Agreements.
The draft S-1 outlines a firm-commitment underwritten public offering of unspecified EMAT common stock shares, with an intended use of proceeds to redeem all convertible debentures held by Yorkville.
EMAT's failure to pay constitutes an Event of Default, causing the interest rate on the debentures to rise to 18% per annum.
Yorkville has the right to accelerate all outstanding amounts & to convert the debentures into EMAT common stock while the default continues.
Yorkville intends to exercise its conversion rights & may sell shares of EMAT common stock beginning on or after the date of this release.