Eos Energy achieves second milestone, draws $65M from Cerberus credit facility

Eos Energy Enterprises, Inc.

Achieved all four second performance milestones on Oct 31, 2024, enabling $65M draw from $210.5M Delayed Draw Term Loan.
Issued 38.259864 shares of Series B-3 Preferred Stock to Cerberus, convertible into 38,259,864 common shares.
Total convertible/exercisable shares issued to Cerberus now 142,282,584, representing 30.9% fully diluted ownership.
If all draws funded and milestones met, Cerberus could own up to 33.0% (or 41.0% if milestones missed) fully diluted.
Series B-3 Preferred Stock has redemption after Nov 2029, anti-dilution, preemptive rights, and board appointment rights.

item 2.03 item 3.02 item 3.03 item 5.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Eos Energy Enterprises, Inc.: Filed Certificate of Designation for Series B-3 Non-Voting Convertible Preferred Stock, establishing terms, rights, and preferences of the new series (effective 2024-11-01).

Change: charter amendment
Effective: 2024-11-01

Exact text from the filing

On November 1, 2024, the Company filed with the Secretary of State of the State of Delaware the Certificate of Designation of Series B-3 Non-Voting Convertible Preferred Stock of the Company attached hereto as Exhibit 3.1 (the “Series B-3 Certificate of Designation”).

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102 governance changes filed in the last 30 days. Browse all governance changes →

Eos Energy Enterprises, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-094161

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