Management Acquires SolarWindow Majority Ownership

SolarWindow Technologies, Inc. announced that it has received notification that Light Quantum Energy Holdings (LQE), a company owned and controlled by SolarWindow president and director John Rhee and his immediate family, has acquired 62% of the issued and outstanding shares of SolarWindow Technologies, Inc. (nearly 72% on a fully diluted basis) from former controlling stockholder Kalen Capital Corporation and its subsidiaries, in a privately negotiated deal.

Details of the Dec. 8, 2021 share purchase and sale agreement are provided in the company’s 8-K filed with the US Securities and Exchange Commission, available at SEC.gov and at www.SolarWindow.com, and include deferred payment provisions, operating covenants, a repur-chase option for the seller in the event of default of payment by the buyer, and other terms and conditions.

“Today, we launch a fresh and exciting new stage of the company’s growth and reaffirm our pledge to a sustainable future. This transaction cements our belief in SolarWindow, its leadership team, and game-changing LiquidElectricity technology at a time when worldwide market demand for renewables is stronger than ever,” said Rhee, who also serves as director and shareholder of LQE, the new majority stockholder of SolarWindow.

“I’m grateful to all those who have worked diligently to make this transaction possible,” continued Rhee. “I believe that SolarWindow products and technologies have an exciting future ahead, and wish to thank our former controlling stockholder for supporting SolarWindow development in the years past.”

The company’s former controlling stockholder, Kalen Capital, the family office of Harmel S. Rayat, was the selling stockholder in the transaction. Rayat founded, funded and has supported So-larWindow operations and development of its technologies with more than $30 million in equity investment. In October 2020, Rayat stepped down from his position on the SolarWindow Board of Directors.

Since then, the company has further strengthened its new management and expanded SolarWindow operations to South Korea, culminating with the management-led transaction announced today un-der the leadership of Mr. John Rhee.

Along with his immediate family, Rhee is a controlling shareholder of Light Quantum Energy Holdings and director. He served on the Investment Committee of the Barbara Bush Foundation, and served as CFO of the Nobel Sustainability Trust. Previously, Rhee was executive director at SoftBank Investment and Venture Fund, served as a senior advisor to the Government of South Korea, and is a global sustainability investor-advocate with a history of philanthropy.

Rhee was attorney with Davis Polk and Wardwell in New York, a leading corporate law firm specializing in capital markets, and earlier, clerked for the White House Legal Counsel’s Office.