Summary by Futu AI
On September 12, 2024, Eos Energy completed the conversion of its Series A Preferred Stock into new Series B Preferred Stock. The conversion involved 59 shares of Series A-1 converting to 31.94 shares of Series B-1, and 7 shares of Series A-2 converting to 28.81 shares of Series B-2 Preferred Stock, collectively convertible into approximately 60.75 million common shares.The Series B Preferred Stock holders will receive dividends equal to common stock dividends on an as-converted basis. They gain significant governance rights, including the ability to appoint up to four directors based on ownership thresholds ranging from 10% to 40% of capital stock. The stock includes anti-dilution protection and preemptive rights for future equity offerings.At a Special Meeting on September 10, stockholders approved the issuance of additional common shares under agreements with CCM Denali, including shares issuable upon conversion of Series B Preferred Stock and warrant exercises. The proposal passed with approximately 117.2 million votes in favor, representing 96.7% of votes cast.
