We advised Eos Energy Enterprises on the offering

Davis Polk advised Eos Energy Enterprises, Inc. in connection with an SEC-registered rights offering. Pursuant to the rights offering, the company distributed rights to acquire an aggregate of 27,367,171 units at a price per unit of $5.481. Each unit consisted of one share of the company’s common stock and 0.4388 of a warrant to purchase one share of the company’s common stock at an exercise price of $5.481 per whole share. The company received subscriptions for 6,885,218 units and aggregate gross proceeds from the rights offering of $37.7 million. The proceeds of the rights offering were used to fund Eos contribution into a joint venture with affiliates of Cerberus Capital Management and Hudson Bay Capital Management for the establishment of Frontier Power USA Parent LLC.

Eos is an American energy company and the leading innovator in designing, sourcing, manufacturing and providing zinc-based battery energy storage systems, sourced and manufactured in the United States. 

Frontier Power is a long-duration energy storage development and investment platform focused on accelerating the deployment of utility-scale battery infrastructure across the United States.

The Davis Polk capital markets team included partner Roshni Banker Cariello, counsel Steven Glendon and associates Yusuke Tsuzuki and Robert Safonte. The M&A team included partner Lee Hochbaum, counsel Kris D. Desrosiers and associate Eli Feuerman. The infrastructure finance team included partner Elena Maria Millerman and associate Julia Y. Chen. All members of the Davis Polk team are based in the New York office.

Copy link to share post