Eos Energy Enterprises, Inc. (EOSE), a battery manufacturing company, Thursday said it has commenced public offering of $75 million of shares, and also plans to offer $175 million of senior notes. Following the news, Eos shares were more than 16% down in pre-market.
The company intends to use the proceedings from the offerings to buy back its outstanding 5%/6% convertible Senior PIK Toggle Note due 2026; to prepay a portion of the outstanding amount under the credit agreement with CCM Denali Debt Holdings, LP; and for general corporate purposes.
Eos expects to grant the underwriters a 30-day option to purchase up to an additional $11.25 million of shares.
The company intends to privately offer $175 million of convertible senior notes due 2030, plus up to $26.25 million of notes that initial purchasers of the offering have the option to purchase from Eos.
Eos stock had closed at $5.99, up 1.78% on Wednesday. It has traded in the range of $0.66 - $7.36 in the last 1 year.
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