Eos Energy Enterprises Raises $8M Via Equity Offering

Eos Energy Enterprises Inc EOSE has entered into a definitive agreement for the purchase and sale of an aggregate of 3.6 million of its shares at $2.221 per share.
The company has also agreed to issue unregistered warrants in a concurrent private placement to purchase up to an aggregate of 3.6 million shares.
The warrants will have an exercise price of $2.50 per share, become exercisable no later than July 15, 2023, and will expire five years from the initial exercisability date.
The closing of the offering is expected to occur on or about May 17, 2023.
The company expects gross proceeds to be about $8 million.
Eos Energy intends to use the net proceeds as working capital as it awaits a determination from the DOE's loan program office on its loan application.
Price Action: EOSE shares are trading lower by 5.53% at $2.30 on the last check Monday.