2023-04-12 09:37:22 ET
- Eos Energy Enterprises ( NASDAQ: EOSE ) shares fell over 14% on Wednesday after the energy storage systems provider launched a $40M equity offering and a concurrent private placement.
- The firm entered into a definitive agreement for the purchase and sale of 16M shares at $2.50/share.
- In a concurrent private placement, it will offer unregistered warrants to purchase up to 16M shares of common stock. The warrants will have an exercise price of $3.14 per share, are not exercisable until six months from the date of issuance, and will expire five and one-half years from the date of issuance.
- Gross proceeds are expected to be approximately $40M; net proceeds will be used as working capital for general corporate purposes.
- The offering is expected to close on or about April 14, 2023.
For further details see:
Eos Energy stock slips on $40M equity offering