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EDISON, N.J. - Eos Energy Enterprises, Inc. (NASDAQ:EOSE) announced Thursday the pricing of a registered direct offering of 35,855,647 shares of common stock at $12.78 per share, expected to generate approximately $458.2 million in proceeds. The stock price, which matches the offering price, sits slightly above InvestingPro's Fair Value estimate, after delivering an impressive 460% return over the past year despite recent volatility.
The energy storage company also priced a concurrent private offering of $525 million in 1.75% convertible senior notes due 2031, with an option for initial purchasers to buy up to an additional $75 million in notes.
Both offerings are expected to close on November 24, 2025, subject to customary closing conditions, according to the company's press release statement.
Eos plans to use proceeds from these transactions to repurchase $200 million aggregate principal amount of its outstanding 6.75% convertible senior notes due 2030 for approximately $564.6 million, including accrued interest. The company has entered into privately negotiated repurchase agreements with a limited number of noteholders.
Any remaining funds will be allocated to general corporate purposes, the company stated.
Goldman Sachs & Co. LLC is serving as the sole placement agent for the stock offering, which is being conducted under an effective shelf registration statement.
The completion of the stock offering is contingent upon the completion of the notes offering, while the notes offering is not dependent on the stock offering.
Eos Energy Enterprises specializes in battery energy storage systems featuring its Znyth technology, which the company describes as an alternative to conventional lithium-ion technology for utility-scale and commercial applications.
In other recent news, Eos Energy Enterprises announced a significant financial move with plans to offer $500 million in convertible senior notes due 2031. This offering is targeted at qualified institutional buyers, with an option for initial purchasers to acquire an additional $75 million in notes. Alongside this, Eos Energy has successfully raised approximately $76.9 million from the exercise of 6.7 million public warrants, which expired recently. In a strategic development, Eos Energy has entered into a Joint Development Agreement with Bimergen Energy Corporation to advance battery energy storage projects. This collaboration aims to leverage Eos's zinc-based battery technology to enhance Bimergen's project pipeline. These recent developments highlight Eos Energy's efforts to strengthen its financial position and expand its technological collaborations.
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