Morningstar

Energy Vault Shares Sink After Pricing of Senior Convertible Notes Offering

Provided by Dow Jones Feb 12, 2026, 12:13:00 PM

By Freddy Sebastian

Shares of Energy Vault sank after its upsized senior convertible notes offering was priced.

The energy storage company's stock recently fell 17.5% to $3.35 in premarket trading Thursday.

The $140 million note offering, which is expected to settle on Feb. 27, was upsized from a previous amount of $125 million, Energy Vault said.

Energy Vault granted the initial note purchasers an option to purchase up to an additional $20 million of the notes.

The company said it expects to receive about $135.5 million in net proceeds and plans to use it to fund the cost of capped call transactions, the redemption of $35 million to $45 million in senior unsecured convertible debentures issued to YA II PN, and for general corporate purposes,

Write to Freddy Sebastian at freddy.sebastian@wsj.com

(END) Dow Jones Newswires

February 12, 2026 07:13 ET (12:13 GMT)

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