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Eos Energy Enterprises (NASDAQ:EOSE) -21.6% pre-market Thursday after saying it launched a public offering of $75M of common shares, with an underwriters option to purchase up to $11.25M of additional shares.
Eos (NASDAQ:EOSE) also will make a separate private offering of $175M aggregate principal amount of convertible senior notes due 2030, with an option to purchase up to an additional $26.25M of convertible senior notes.
The company said it plans to use the proceeds from the stock and note offerings to repurchase its outstanding 5%/6% convertible senior PIK toggle note due 2026 in privately negotiated transactions, prepay part of the amount due under its credit agreement with CCM Denali Debt Holdings, and for general corporate purposes.