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Eos Energy Enterprises Prices $75 Million Equity Offering to Fund Frontier Power Investment

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Eos Energy Enterprises (EOSE) priced a $75 million registered direct stock-and-warrant offering to Hudson Bay Capital Management to fund Eos's equity contribution to Frontier Power USA Parent.

The offering covers 13.7 million common shares and 6 million warrants, each exercisable at $5.481 a share, the company said Tuesday in a statement. Each share is being sold with 0.4388 of a warrant at the same aggregate price, with closing expected Wednesday.

Eos said it expects to use the net proceeds, along with funds from a proposed rights offering, to finance its equity contribution to Frontier Power USA Parent.

Hudson Bay also committed to invest $50 million directly into Frontier Power, subject to conditions.

Combined with previously announced commitments, including $100 million from Cerberus Capital Management and up to $150 million from Eos through its rights offering, Frontier Power's expected equity base now totals about $375 million assuming full subscription.

Price: $6.05, Change: $-0.04, Percent Change: -0.74%

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