Eos Energy Enterprises, Inc. (NASDAQ: EOSE) ("Eos" or the
“Company”), a leading provider of safe, scalable, efficient, and
sustainable zinc-based long duration energy storage
systems, today announced the pricing of an underwritten public
offering of (i) 34,482,759 shares of its common stock and (ii)
accompanying common warrants to purchase one share of common stock
for each share of common stock sold. The combined offering price to
the public of each share of common stock and accompanying one
common warrant is $1.45. The accompanying common warrants have an
exercise price of $1.60 per share, are exercisable
immediately, and will expire five years following the date of
issuance. All of the shares of common stock and accompanying common
warrants are being offered by Eos. Before deducting the
underwriting discounts and commissions and other offering expenses,
Eos expects to receive total gross proceeds of approximately $50
million. The offering is expected to close on or about December 19,
2023, subject to the satisfaction of customary closing conditions
TD Cowen and Stifel are acting as joint
bookrunning managers in the offering.
Eos intends to use the net proceeds from the
offering for general corporate purposes, including working capital
and capital expenditures.
The securities are being offered by Eos pursuant
to a registration statement on Form S-3 previously filed and
declared effective by the Securities and Exchange
Commission (“SEC”). The offering is being made only by means
of a prospectus, consisting of a prospectus supplement and an
accompanying prospectus. A preliminary prospectus supplement
relating to and describing the terms of the offering was filed on
December 14, 2023. A final prospectus supplement and accompanying
prospectus relating to this offering will be filed with the SEC.
Copies of the preliminary prospectus supplement and accompanying
base prospectus may also be obtained, when available, from: Cowen
and Company, LLC, 599 Lexington Avenue, New York, NY 10022, by
email at Prospectus_ECM@cowen.com or by telephone at (833)
297-2926; or Stifel, Nicolaus & Company, Incorporated,
Attention: Prospectus Department, One Montgomery Street, Suite
3700, San Francisco, CA 94104, by telephone at (415) 364-2720 or by
email at syndprospectus@stifel.com. Electronic copies of the
preliminary prospectus supplement and accompanying prospectus will
also be available on the website of the SEC
at http://www.sec.gov.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy the securities, nor
shall there be any sale of the securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of such state or other jurisdiction.
About Eos Energy Enterprises
Eos Energy Enterprises is a leading provider of
safe, scalable, and sustainable zinc-based battery storage systems.
With a mission to deliver energy storage solutions that are
efficient, reliable, and environmentally friendly, Eos is at the
forefront of revolutionizing the global energy storage landscape.
Eos’ pioneering technology offers a cost-effective and scalable
alternative to other stationary storage systems, enabling a clean
energy future with improved grid reliability and resilience.
Forward Looking Statements
Except for the historical information contained
herein, the matters set forth in this press release are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, but are not limited to,
statements regarding the completion and expected timing of the
closing of the underwritten offering, the final size of the
offering and the anticipated gross proceeds of the offering and the
use thereof, or other characterizations of future events or
circumstances, including any underlying assumptions. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intends," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements are based on our management’s beliefs,
as well as assumptions made by, and information currently available
to, them. Because such statements are based on expectations as to
future financial and operating results and are not statements of
fact, actual results may differ materially from those
projected.
Factors which may cause actual results to differ
materially from current expectations include, but are not limited
to: risks and uncertainties related to market and other conditions
and the satisfaction of customary closing conditions related to the
proposed public offering; the anticipated use of the proceeds of
the offering which could change as a result of market conditions or
for other reasons; changes adversely affecting the business in
which we are engaged; our ability to forecast trends accurately;
our ability to generate cash, service indebtedness and incur
additional indebtedness; our ability to raise financing in the
future; our customer’s ability to secure project financing; the
amount of final tax credits available to our customers or to Eos
Energy Enterprises, Inc. pursuant to the Inflation Reduction Act;
uncertainties around our ability to secure conditional commitment
in a timely manner or at all, or final approval of a loan from the
Department of Energy, the Loan Programs Office, or the timing of
funding and the final size of any loan if approved; the possibility
of a government shutdown while we remain in the due diligence phase
with the U.S. Department of Energy Loan Programs Office or while we
await notice of a decision regarding the issuance of a loan from
the Department Energy Loan Programs Office; our ability to develop
efficient manufacturing processes to scale and to forecast related
costs and efficiencies accurately; fluctuations in our revenue and
operating results; competition from existing or new competitors;
the failure to convert firm order backlog and pipeline to revenue;
risks associated with security breaches in our information
technology systems; risks related to legal proceedings or claims;
risks associated with evolving energy policies in the United States
and other countries and the potential costs of regulatory
compliance; risks associated with changes to U.S. trade
environment; risks resulting from the impact of global pandemics,
including the novel coronavirus, Covid-19; our ability to maintain
the listing of our shares of common stock on NASDAQ; our ability to
grow our business and manage growth profitably, maintain
relationships with customers and suppliers and retain our
management and key employees; risks related to adverse changes in
general economic conditions, including inflationary pressures and
increased interest rates; risk from supply chain disruptions and
other impacts of geopolitical conflict; changes in applicable laws
or regulations; and other risks and uncertainties. The
forward-looking statements contained in this press release are also
subject to additional risks, uncertainties, and factors, including
those more fully described in the Company’s most recent filings
with the Securities and Exchange Commission, including the
Company’s most recent Annual Report on Form 10-K and subsequent
reports on Forms 10-Q and 8-K, including those under the heading
“Risk Factors” therein, and other factors identified in Eos’s prior
and future SEC filings with the SEC, available at www.sec.gov.
Further information on potential risks that
could affect actual results will be included in the subsequent
periodic and current reports and other filings that the Company
makes with the Securities and Exchange Commission from time to
time. Moreover, the Company operates in a very competitive and
rapidly changing environment, and new risks and uncertainties may
emerge that could have an impact on the forward-looking statements
contained in this press release.
Forward-looking statements speak only as of the
date they are made. Readers are cautioned not to put undue reliance
on forward-looking statements, and, except as required by law, the
Company assumes no obligation and does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise.
Contacts Investors:
ir@eose.comMedia:
media@eose.com
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