Eos Energy enters $210.5M term loan and $105M revolver; issues warrants and preferred to Cerberus

Eos Energy Enterprises, Inc.

Initial $75M draw funded; total facilities up to $315.5M; interest 15% per annum with default and milestone-linked increases.
Issued warrant to purchase 43.3M shares at $0.01/share and 59 shares of Series A-1 non-convertible preferred stock; stockholder approval required for conversion.
Additional draws require milestones: automated line, materials cost, Z3 tech, backlog/cash conversion; missed milestones trigger up to 4% dilution per event (max 16%).
Preferred holders get board appointment rights starting at 10% ownership; up to 4 directors at 40%; also a non-voting observer at lower thresholds.
Existing Atlas credit facility paid off and terminated on June 21, 2024.

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