Eos Energy Enterprises, Inc. Announces Proposed Offering of Common Stock

Core Viewpoint - Eos Energy Enterprises, Inc. has initiated a $75 million common stock offering to raise funds for various corporate purposes, including debt repayment and general corporate needs [1][2]. Group 1: Offering Details - The common stock offering is for $75 million, with an option for underwriters to purchase an additional $11.25 million [1]. - Eos plans to use the net proceeds to repurchase outstanding convertible senior notes, prepay a portion of its credit agreement, and for general corporate purposes [2]. - The offering is subject to market conditions and there is no assurance regarding its completion or terms [1][2]. Group 2: Convertible Senior Notes - Eos intends to offer $175 million in convertible senior notes due 2030, with an option for initial purchasers to buy an additional $26.25 million [3]. - The completion of the common stock offering is not contingent on the notes offering, and vice versa [3]. Group 3: Financial Implications - Prepaying $50 million of the credit agreement will reduce the PIK interest rate from 15% to 7% and waive financial covenants until 2027 [2]. - The company is conducting the offering under an effective shelf registration statement [5]. Group 4: Company Overview - Eos Energy Enterprises focuses on energy storage solutions, particularly its Znyth™ aqueous zinc battery, which aims to provide a sustainable alternative to lithium-ion technology [7]. - The company was founded in 2008 and is headquartered in Edison, New Jersey [7].