Eos Energy Enterprises, Inc. has successfully met the first performance milestone ahead of schedule under its credit and guaranty agreement with Cerberus Capital Management. The milestone, related to the company's automated line, materials cost, Z3 technology, and backlog/cash conversion, was confirmed on August 28, 2024, before the August 31 deadline. Following this achievement, Eos Energy requested and received a $30 million draw from its $210.5 million secured multi-draw facility on August 29, 2024. Consequently, the company issued new Series A-2 Preferred Stock to Cerberus, increasing Cerberus's applicable percentage of ownership to 24.8%. The company's proxy statement supplement, filed on September 3, 2024, details the terms of the preferred stock and the conditions under which it will convert into Series B-2 Preferred Stock, subject to stockholder approval...Show More

Eos Energy Enterprises, Inc. has successfully met the first performance milestone ahead of schedule under its credit and guaranty agreement with Cerberus Capital Management. The milestone, related to the company's automated line, materials cost, Z3 technology, and backlog/cash conversion, was confirmed on August 28, 2024, before the August 31 deadline. Following this achievement, Eos Energy requested and received a $30 million draw from its $210.5 million secured multi-draw facility on August 29, 2024. Consequently, the company issued new Series A-2 Preferred Stock to Cerberus, increasing Cerberus's applicable percentage of ownership to 24.8%. The company's proxy statement supplement, filed on September 3, 2024, details the terms of the preferred stock and the conditions under which it will convert into Series B-2 Preferred Stock, subject to stockholder approval. The supplement also outlines the potential for Cerberus to reach an applicable percentage of 33.0% or 45.0%, depending on the company's future performance and funding of the loan. The proxy statement and supplement are available to investors and contain important information regarding the issuance of more than 19.99% of Eos Energy's outstanding common stock to Cerberus.