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.

Instead, on November 5, 2026, EMAT’s Chief Financial Officer emailed Yorkville a draft registration statement on Form S-1 for an unannounced public offering. In that email, EMAT stated that it had decided to withdraw the proposed offering, which had been marketed to prospective investors, citing market conditions, and requested an extension until November 27, 2026 to pay the redemption amount.

Yorkville did not request or consent to receiving this material non-public information. Under Section 4(f)(ii) of each of its Securities Purchase Agreements with EMAT, dated May 7, 2026 and September 17, 2026, Yorkville is permitted to disclose such information publicly. The draft S-1 that EMAT provided describes the following:

  • The offering. A firm-commitment underwritten public offering of an unspecified number of shares of EMAT common stock. The draft states that the offering price would be negotiated with the underwriter and may be at a discount to the then-current market price.
  • Use of proceeds. EMAT states it intends to use approximately $34.7 million of the net proceeds to redeem all of the convertible debentures it has issued to Yorkville. The remaining proceeds would fund capital expenditures for expansion in the Republic of Korea, feedstock and raw-material procurement, working capital, infrastructure, and general corporate purposes.

A copy of the November 5, 2026 email and the draft S-1, including the highlighted Use of Proceeds section, is attached.

EMAT’s failure to pay the redemption amount when due and within the cure period is an Event of Default under each debenture. Under the debentures, the interest rate rises to 18% per annum upon an Event of Default. Yorkville has the right to accelerate all amounts outstanding and to convert the debentures into EMAT common stock while the default continues. EMAT’s subsidiaries have guaranteed the Company’s obligations. Yorkville intends to exercise its conversion rights and may sell shares of EMAT common stock beginning on or after the date of this release. Yorkville reserves all of its rights and remedies.

PDFs accompanying this announcement are available at:

http://ml.globenewswire.com/Resource/Download/e9df500a-8e7f-44aa-8ef2-d8ee4bf0446d
http://ml.globenewswire.com/Resource/Download/e69de8ec-d2f2-40ec-ab78-c75add7419dc
http://ml.globenewswire.com/Resource/Download/514aefed-a5d3-49b4-b40b-65a237e64f56
http://ml.globenewswire.com/Resource/Download/40815309-b334-40e4-9b6f-b728c3f8a739


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Yorkville Advisors Global, LP