Eos Energy Enterprises, Inc. announced on June 21, 2024, its plans to issue Series A and Series B Preferred Stock along with Warrants under a Securities Purchase Agreement and Credit and Guaranty Agreement with CCM Denali Equity Holdings, LP. The Series A Preferred Stock, which is non-voting and non-convertible, will be issued first, with rights to dividends and liquidation proceeds on par with Common Stock. The issuance of Series B Preferred Stock, which is convertible into Common Stock and comes with voting rights, is contingent upon shareholder approval. Holders of Series B Preferred Stock will also have the right to appoint board directors and a board observer, depending on their ownership percentage. The Warrants issued will be exercisable for ten...Show More

Eos Energy Enterprises, Inc. announced on June 21, 2024, its plans to issue Series A and Series B Preferred Stock along with Warrants under a Securities Purchase Agreement and Credit and Guaranty Agreement with CCM Denali Equity Holdings, LP. The Series A Preferred Stock, which is non-voting and non-convertible, will be issued first, with rights to dividends and liquidation proceeds on par with Common Stock. The issuance of Series B Preferred Stock, which is convertible into Common Stock and comes with voting rights, is contingent upon shareholder approval. Holders of Series B Preferred Stock will also have the right to appoint board directors and a board observer, depending on their ownership percentage. The Warrants issued will be exercisable for ten years to purchase Common Stock. Both Series A and Series B Preferred Stock come with anti-dilution adjustments, registration rights for resale, and a one-year lock-up restriction post-issuance. The agreement also outlines conditions precedent for both the Purchaser and the Company, along with miscellaneous provisions regarding fees, expenses, and dispute resolution.