Eos Energy Enterprises, Inc. (Eos), a leading energy storage system provider, has successfully met all four performance milestones set for October 31, 2024, as part of a strategic investment agreement with Cerberus Capital Management LP. This achievement allowed Eos to draw an additional $65 million from a Delayed Draw Term Loan, as per the terms of a Credit Agreement established on June 21, 2024. The loan includes a $210.5 million secured multi-draw facility and a $105 million revolving credit facility, contingent on the full funding of the former. The company had previously received $75 million and $30 million in June and August 2024, respectively. In accordance with the agreement, Eos issued additional shares in the form of Series B-3 Convertible Preferred Stock to Cerberus, increasing Cerberus's potential ownership...Show More

Eos Energy Enterprises, Inc. (Eos), a leading energy storage system provider, has successfully met all four performance milestones set for October 31, 2024, as part of a strategic investment agreement with Cerberus Capital Management LP. This achievement allowed Eos to draw an additional $65 million from a Delayed Draw Term Loan, as per the terms of a Credit Agreement established on June 21, 2024. The loan includes a $210.5 million secured multi-draw facility and a $105 million revolving credit facility, contingent on the full funding of the former. The company had previously received $75 million and $30 million in June and August 2024, respectively. In accordance with the agreement, Eos issued additional shares in the form of Series B-3 Convertible Preferred Stock to Cerberus, increasing Cerberus's potential ownership stake to 30.9% of Eos's common stock. The shares are subject to a beneficial ownership cap of 49.9%. The Credit Agreement also stipulates that if Eos meets all remaining milestones, Cerberus could aggregate up to 33.0% ownership, or 41.0% if milestones are not met. The Series B-3 Preferred Stock, issued unregistered under the Securities Act, grants Cerberus certain rights, including the appointment of board directors based on ownership percentage and preemptive rights in future equity offerings. Eos announced these developments in a press release on October 31, 2024.