On October 31, 2024, Eos Energy Enterprises, Inc. achieved the second milestone required under its credit agreement, enabling it to draw an additional $65 million from its Delayed Draw Term Loan. This milestone was related to the company's automated production line, materials costs, Z3 technology performance, and backlog/cash conversion. The successful completion of the milestone led to the funding of the loan draw on November 1, 2024, by the lenders. In accordance with the terms of the credit and securities purchase agreements, Eos Energy issued 38.259864 shares of Series B-3 Non-Voting Convertible Preferred Stock to Cerberus Denali Equity, which are convertible into 38,259,864 shares of common stock, increasing the applicable percentage by 6.1%. The reporting entities, Cerberus Capital Management II, L.P., CCM Denali Equity Holdings...Show More

On October 31, 2024, Eos Energy Enterprises, Inc. achieved the second milestone required under its credit agreement, enabling it to draw an additional $65 million from its Delayed Draw Term Loan. This milestone was related to the company's automated production line, materials costs, Z3 technology performance, and backlog/cash conversion. The successful completion of the milestone led to the funding of the loan draw on November 1, 2024, by the lenders. In accordance with the terms of the credit and securities purchase agreements, Eos Energy issued 38.259864 shares of Series B-3 Non-Voting Convertible Preferred Stock to Cerberus Denali Equity, which are convertible into 38,259,864 shares of common stock, increasing the applicable percentage by 6.1%. The reporting entities, Cerberus Capital Management II, L.P., CCM Denali Equity Holdings, LP, and CCM Denali Equity Holdings GP, LLC, collectively hold an aggregate amount of 142,282,584 shares of Eos Energy's common stock, representing 39.5% of the class. The shares and warrants held by Cerberus Denali Equity are subject to a beneficial ownership cap of 49.9%. The Series B-3 Preferred Stock, along with other preferred stock issued under the agreements, grants Cerberus Denali Equity certain rights, including the appointment of directors to Eos Energy's board and participation in future equity offerings.