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Eos Energy Achieves Performance Milestones, Allowing it to Tap $30 Million From Term Loan Facility; Shares Rise
2024-08-29 21:53
09:53 AM EDT, 08/29/2024 (MT Newswires) -- Eos Energy Enterprises (EOSE) climbed by more than 10% in early trading Thursday after the energy storage company said it achieved all four of the first performance milestones needed for it to draw an additional $30 million from a delayed draw term loan facility with an affiliate of Cerberus Capital Management.
The achieved milestones related to the company's automated production line, materials cost-out and improvements in its Z3 technology performance as well as certain backlog and cash conversion objectives, Eos said.
The company has two remaining tranches available, $65 million and $40.5 million, which may be drawn after the Oct. 31 and Jan. 31 testing dates, the company said.
Eos also said it has scheduled a special shareholders meeting for Sept. 10 to vote on changes to the company's bylaws that would allow it to issue stock to Cerberus above the company's current 19.99% limit for individual investors.
Price: 2.3500, Change: +0.16, Percent Change: +7.31
