By Chris Wack
Eos Energy Enterprises Inc. shares were up 12% to $19.35 Wednesday after the company said Koch Strategic Platforms, a subsidiary of Koch Investments Group, will make a $100 million investment in convertible senior notes to support its strategic growth initiatives.
Under the terms of the investment, a subsidiary of Koch Strategic Platforms will purchase $100 million in convertible senior notes. The notes will have an initial conversion price of $20 a share of Eos stock.
Eos will settle its conversion obligations through the delivery of shares of stock, cash, or a combination of cash and shares. The notes will mature in June 2026, unless earlier repurchased, redeemed or converted.
Eos manufactures long duration energy storage technology to address the variability of renewable energy sources by providing reliable power to applications across the energy supply chain, including utilities, and industrial and commercial sites.
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(END) Dow Jones Newswires
July 07, 2021 10:21 ET (14:21 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.