Eos Energy Enterprises, Inc. (EOSE): debt financing — Eos Energy cuts SEPA commitment to $75M, issues $2M convertible note to Yorkville

On December 29, 2022, the Company issued and sold a convertible promissory note with an aggregate principal amount of $2.0 million (the “Promissory Note”) in a private placement to Yorkville under a supplemental agreement dated as of December 29, 2022 (the “Second Supplemental Agreement”) to the SEPA between the Company and Yorkville. The Company agreed to use the proceeds from the sale of the Promissory Note for working capital and other general corporate purposes or, if different, in a manner consistent with the application thereof described in the Company’s prospectus relating to the SEPA filed with the Securities and Exchange Commission on April 28, 2022 and included as a part of the Company’s Registration Statement on Form S-3 (File No. 333-263298). The Promissory Note has a maturity date of June 29, 2023 (the “Maturity Date”) and was issued with a 2% original issue discount. Interest shall accrue on the outstanding principal balance of the Promissory Note, beginning on the 29th d

On December 29, 2022, Eos Energy Enterprises, Inc. (the “Company”) and YA II PN, LTD (“Yorkville”) entered into Amendment No 3. (“Amendment No. 3”) to the Standby Equity Purchase Agreement dated as of April 28, 2022 (as amended, the “SEPA”), to (i) decrease the commitment amount under the SEPA from $125,000,000 to $75,000,000; and (ii) reinstitute the Exchange Cap (as defined in the SEPA), which amounts to 19.99% of the outstanding shares of common stock immediately prior to entering into Amendment No. 3 and applies to all subsequent issuances of common stock under the SEPA, together with any issuances of convertible promissory notes issued by the Company to Yorkville as a pre-advance loan pursuant to Section 2.05 of the SEPA.

On December 29, 2022, the Company issued and sold a convertible promissory note with an aggregate principal amount of $2.0 million (the “Promissory Note”) in a private placement to Yorkville under a supplemental agreement dated as of December 29, 2022 (the “Second Supplemental Agreement”) to the SEPA between the Company and Yorkville.