On August 29, 2024, Eos Energy Enterprises, Inc. (Eos Energy) reported that it had met the first milestone required for an additional $30 million draw on its Delayed Draw Term Loan, as per the terms of the Credit Agreement. This milestone was achieved ahead of the scheduled date and was related to the company's automated production line, materials costs, Z3 technology performance, and backlog/cash conversion. Following this, the Lenders funded the full $30 million draw. In connection with this draw, Eos Energy issued Series A-2 Non-Voting Non-Convertible Preferred Stock to Cerberus Denali Equity, which increased the applicable percentage of common stock equivalent ownership by 4.9%, resulting in Cerberus Denali Equity's aggregate potential ownership reaching 24.8% of Eos Energy's common stock. The...Show More

On August 29, 2024, Eos Energy Enterprises, Inc. (Eos Energy) reported that it had met the first milestone required for an additional $30 million draw on its Delayed Draw Term Loan, as per the terms of the Credit Agreement. This milestone was achieved ahead of the scheduled date and was related to the company's automated production line, materials costs, Z3 technology performance, and backlog/cash conversion. Following this, the Lenders funded the full $30 million draw. In connection with this draw, Eos Energy issued Series A-2 Non-Voting Non-Convertible Preferred Stock to Cerberus Denali Equity, which increased the applicable percentage of common stock equivalent ownership by 4.9%, resulting in Cerberus Denali Equity's aggregate potential ownership reaching 24.8% of Eos Energy's common stock. The Series A-2 Preferred Stock, with a liquidation value equivalent to 28,806,463 shares of common stock, is non-voting and non-convertible unless stockholder approval is obtained. If all conditions are met, Cerberus Denali Equity could potentially own up to 45.0% of Eos Energy's common stock through preferred stock or warrants. The Series A-2 Preferred Stock also grants Cerberus Denali Equity certain rights, including the appointment of board directors based on ownership percentage and protective provisions limiting the issuer's actions without the consent of the preferred stockholders.