NRGV - Energy Vault stock rallies 15% in wake of share lock-up extension
Energy Vault ( NYSE: NRGV ) stock rallied 15% on Friday in the wake of an announcement earlier in the week that senior management had agreed to an extended lock-up agreement on certain shares.
Shares of the grid-scale energy storage solutions provider, which went public in February, opened at $6.71, climbing to a session high of $7.78 in early afternoon. The stock recently changed hands at $7.60, up 15%, at approximately 1:30 p.m. ET.
On Tuesday, Energy Vault announced that its eligible senior officers had agreed to a new lock-up extension agreement on shares connected to the company’s merger with SPAC Novus Capital Corp. II in February.
The extension covers approximately 6.7M shares, or around 5% of the company’s outstanding shares.
Energy Vault was added to the Russell 2000 index in late June.
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Energy Vault stock rallies 15% in wake of share lock-up extension