ESS Tech raises $3.2M in registered direct offering; 6.4M shares at $0.50 plus warrants

ESS Tech, Inc.

Sold 6.4M shares at $0.50/share; gross proceeds ~$3.2M, net ~$2.5M after fees.
Issued 12.8M warrants at $0.50 exercise price; exercisable only after stockholder approval, 5-year term.
Proceeds: repay $1.5M promissory note with YA II PN, Ltd., plus general corporate use.
Roth Capital Partners placement agent; 7% cash fee plus 320k share warrant; 90-day lock-up for officers/directors.
Company to seek stockholder approval for warrant issuance and reverse stock split within 60 days.

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