Eos Energy seeks to raise USD 8m from share offering

US zinc-based batteries manufacturer Eos Energy Enterprises Inc (NASDAQ:EOSE) is seeking to raise about USD 8 million (EUR 7.35m) from the sale of shares to secure funds while it awaits a loan application approval.

The energy storage firm will be selling just above 3.6 million shares of common stock at USD 2.221 apiece through a registered direct offering, a press release said on Monday.

Eos Energy has also agreed, via a concurrent private placement, to issue unregistered warrants to purchase up to 3.6 million shares of common stock, with each warrant exercisable at USD 2.50 per share.

Shares in the Edison, New Jersey-based firm closed 5.33% lower at USD 2.31 in New York on Monday. The company’s market capitalisation tops USD 267.6 million.

The net proceeds from the offering will be used as working capital as the company awaits a determination from the US Department of Energy's (DOE) loan programme office on its loan application.

TD Cowen served as the financial advisor to Eos for the offering.

(USD 1 = EUR 0.919)

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