Eos Energy Enterprises, Inc. (EOSE): debt financing — Eos Energy issues $15M convertible note to Yorkville, amends SEPA Exchange Cap

Eos Energy Enterprises, Inc.

Issued $15M convertible promissory note to YA II PN, LTD with 2% OID, 5% interest (15% on default), maturity Aug 31, 2023.
Conversion price is lower of $2.8093 or 90% of 7-day VWAP, floor $0.53; note may be offset by SEPA advances.
Amendment No. 5 to SEPA removes Exchange Cap (19.99% of shares) for sales ≥$2.47/share or upon shareholder approval.
Proceeds for working capital and general corporate purposes; note issued under Section 4(a)(2) exemption.
Company represents shareholder approval not required for up to 1.35M shares issuable upon conversion or Investor Notices.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Eos Energy Enterprises, Inc. incurred senior notes of $15.0 million with YA II PN, LTD at 5.0% maturing August 31, 2023.

Instrument: senior notes
Principal: $15.0 million
Counterparty: YA II PN, LTD
Rate: 5.0%
Maturity: August 31, 2023
Event: incurrence

Exact text from the filing

the Company issued and sold a convertible promissory note with an aggregate principal amount of $15.0 million (the “Promissory Note”) in a private placement to Yorkville

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Eos Energy Enterprises, Inc. entered into Promissory Note with YA II PN, LTD valued at $15.0 million (effective 2023-04-10).

Action: entry
Agreement: notes offering
Counterparty: YA II PN, LTD
Value: $15.0 million
Effective: 2023-04-10

Exact text from the filing

On April 10, 2023, the Company issued and sold a convertible promissory note with an aggregate principal amount of $15.0 million (the “Promissory Note”) in a private placement to Yorkville under a supplemental agreement dated as of April 10, 2023 (the “Fourth Supplemental Agreement”) to the SEPA between the Company and Yorkville.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Eos Energy Enterprises, Inc. amended Amendment No. 5 with YA II PN, LTD (effective 2023-04-10).

Action: amendment
Agreement: equity purchase
Counterparty: YA II PN, LTD
Effective: 2023-04-10

Exact text from the filing

On April 10, 2023, Eos Energy Enterprises, Inc. (the “Company”) and YA II PN, LTD (“Yorkville”) entered into Amendment No. 5 (“Amendment No. 5”) to the Standby Equity Purchase Agreement dated as of April 28, 2022 (as amended, the “SEPA”)

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Eos Energy Enterprises, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-028698

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