Eos Energy Enterprises, Inc. (the "Company") has announced a limited waiver agreement with CCM Denali Equity Holdings, LP (the "Purchaser") on May 28, 2025. This agreement is in connection with the Securities Purchase Agreement dated June 21, 2024, in which the Company issued Series B Preferred Stock to the Purchaser.
As per the terms of the limited waiver agreement, the Purchaser has waived the Company's obligations and the Purchaser's rights with respect to the Offerings, including the issuance of shares of common stock in an underwritten public offering and convertible senior notes due 2030 in a private offering. Additionally, the Purchaser has agreed to extend the Lock-up Restriction under the Securities Purchase Agreement from June 21, 2025, to June 21, 2026, conditional upon the closing of the Offerings on or prior to July 26, 2025.
Furthermore, the Company requested a waiver from certain sections of the Securities Purchase Agreement and the Series B Certificates of Designation, which has been granted solely with respect to the Offerings.
Both the Company and the Purchaser have represented and warranted their requisite corporate power and authority to enter into and deliver the agreement.
The terms of the Securities Purchase Agreement and Series B Certificates of Designation, other than those expressly addressed in the limited waiver agreement, remain ratified and confirmed, and will continue to be in full force and effect.
Joe Mastrangelo, CEO of Eos Energy Enterprises, Inc., and Alexander D. Benjamin, Manager of CCM Denali Equity Holdings, LP, have executed the agreement on behalf of their respective entities. As a result of these announcements, the company's shares have moved 1.78% on the market, and are now trading at a price of $5.995. For the full picture, make sure to review Eos Energy Enterprises's 8-K report.
