ESS Tech

According to CEO Drew Buckley, ESS Tech agreed in a non-binding letter of intent with an unnamed private company in the energy sector that existing ESS shareholders would hold roughly 5–10% of the merged company. The transaction implies a combined enterprise value of about $515 million; the announced premium refers to ESS’s fully diluted market capitalization at the time the definitive agreement is signed. Final valuation, exchange ratio and ownership stakes are still to be determined and depend on due diligence and approvals from boards, shareholders and regulators; an agreement is sought by the end of September and a closing before year-end. ESS is currently trading around $0.33 and recently completed a direct placement of $3.2 million at $0.50 per share. » More on de.investing.com

ESS Tech completed a registered direct placement of 6.4 million common shares at $0.50 each and concurrently issued warrants to purchase up to 12.8 million common shares at a $0.50 exercise price, which will be exercisable for five years subject to shareholder approval. Gross proceeds are about $3.2 million before fees; net proceeds are intended for general corporate purposes and working capital, including approximately $1.5 million to repay a liability to YA II PN, Ltd. Roth Capital Partners served as exclusive placement agent, and the offering was registered on the basis of an effective S-3 prospectus. » More on de.investing.com

ESS Tech has agreed with institutional investors to a registered direct placement of 6.4 million common shares at $0.50 each and concurrently issued warrants for up to 12.8 million common shares with an exercise price of $0.50. The warrants will be exercisable following shareholder approval and have a five‑year term. The company expects gross proceeds of about $3.2 million and intends to use the net proceeds, together with existing cash, for general corporate purposes and working capital. Roth Capital Partners is serving as exclusive placement agent; the placement is being made pursuant to an effective S‑3 shelf registration. » More on de.investing.com