Eos Energy Enterprises, Inc. has successfully met all four performance milestones ahead of the scheduled date, as per the terms of their Credit Agreement. This achievement, confirmed on August 28, 2024, allowed the company to draw an additional $30 million from their Delayed Draw Term Loan on August 29, 2024. The milestones were related to the company's automated line, materials cost, Z3 technology, and backlog/cash conversion. In connection with this draw, Eos Energy issued new Series A-2 Preferred Stock to Cerberus, increasing their applicable percentage by 4.9%. This issuance represents a liquidation value equivalent to 28,806,463 shares of common stock. If Eos Energy obtains stockholder approval, the Series A-2 Preferred Stock will be convertible into Series B-2 Preferred Stock, which in turn is convertible into common...Show More

Eos Energy Enterprises, Inc. has successfully met all four performance milestones ahead of the scheduled date, as per the terms of their Credit Agreement. This achievement, confirmed on August 28, 2024, allowed the company to draw an additional $30 million from their Delayed Draw Term Loan on August 29, 2024. The milestones were related to the company's automated line, materials cost, Z3 technology, and backlog/cash conversion. In connection with this draw, Eos Energy issued new Series A-2 Preferred Stock to Cerberus, increasing their applicable percentage by 4.9%. This issuance represents a liquidation value equivalent to 28,806,463 shares of common stock. If Eos Energy obtains stockholder approval, the Series A-2 Preferred Stock will be convertible into Series B-2 Preferred Stock, which in turn is convertible into common stock. The company also announced an extension from the U.S. Department of Energy for a conditional commitment letter for a loan up to $398.6 million through the Clean Energy Financing Program, now expiring on December 31, 2024. The loan is subject to certain conditions and due diligence. Eos Energy continues to work towards meeting these requirements, although there is no guarantee of securing the loan.