Energy Vault Announces Completion of Redemption of Warrants
August 02 2022 - 9:38AM
Business Wire
Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy
Vault” or the “Company”), a leader in sustainable, grid-scale
energy storage solutions, today announced the completion of the
redemption of all outstanding public warrants (other than Private
Placement Warrants held by the Sponsor or its Permitted Transferees
through and including the Redemption Date) (as defined in the
Warrant Agreement) (the “Public Warrants”) to purchase shares of
the Company’s common stock, par value $0.0001 per share (the
“Common Stock”), that were issued under the Warrant Agreement,
dated as of February 3, 2021 by and between the Company (f/k/a
Novus Capital Corp. II) and Continental Stock Transfer & Trust
Company, as warrant agent (the “Warrant Agent”), for a redemption
price of $0.10 per Warrant (the “Redemption Price”), that remained
outstanding at 5:00 p.m. New York City time on August 1, 2022 (the
“Redemption Date”).
On July 1, 2022, the Company issued a press release stating
that, pursuant to the terms of the Warrant Agreement, on the
Redemption Date, it would redeem all of the outstanding Public
Warrants at the Redemption Price. Of the 9,583,333 million Public
Warrants that were outstanding as of the closing of the Business
Combination, 682,948 Public Warrants were exercised for cash at an
exercise price of $11.50 per share of Common Stock and 8,602,400
Public Warrants were exercised on a cashless basis in exchange for
an aggregate of 2,172,854 shares of Common Stock, in each case in
accordance with the terms of the Warrant Agreement, representing
approximately 96.7% of the outstanding Public Warrants. Following
the Redemption Date, the Company had no Public Warrants
outstanding. The Company’s 5,166,666 Private Placement Warrants
held by the Sponsor or its Permitted Transferees through and
including the Redemption Date remain outstanding and are not
affected by the redemption of the Public Warrants.
In connection with the redemption, the Public Warrants ceased
trading on the New York Stock Exchange and were delisted, with the
trading suspension announced after close of market on August 1,
2022. The Common Stock continues to trade on the New York Stock
Exchange under the symbol “NRGV”.
Additional information can be found on Energy Vault’s Investor
Relations website: https://investors.energyvault.com/
About Energy Vault
Energy Vault develops and deploys turnkey sustainable energy
storage solutions designed to transform the world’s approach to
utility-scale energy storage in realizing decarbonization while
maintaining grid resiliency. The company’s proprietary energy
management system and optimization software suite is technology
agnostic in its ability to orchestrate various generation and
energy storage resources to help utilities, independent power
producers and large industrial energy users to significantly reduce
their levelized cost of energy while maintaining power quality and
grid reliability. Energy Vault’s EVx™ gravity energy storage system
utilizes eco-friendly materials with the ability to integrate waste
materials for beneficial re-use. Energy Vault is facilitating the
shift to a circular economy while accelerating the clean energy
transition for its customers. For additional information, please
visit: www.energyvault.com
No Offer or Solicitation
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any offer of any
of the Company’s securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
Forward Looking Statements
This press release contains forward-looking statements that
involve risks, uncertainties, and assumptions including statements
regarding our future expansion, deployments, capabilities and
capital resources. There are a significant number of factors that
could cause actual results to differ materially from the statements
made in this press release, including: risks related to the rollout
of Energy Vault’s business and the timing of expected business
milestones, developments and changes in the general market, the
continuing impact of COVID-19, political, economic, and business
conditions, our limited operating history as a public company,
whether MOUs and other strategic investments will result in future
revenues, sufficiency of cash to support the company’s expansion
plans, the fact that the company has no committed revenue for
future periods and risks affecting our partnerships and customers.
Additional risks and uncertainties that could affect our financial
results are included under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our Form 10-Q filed with the Securities
and Exchange Commission (the “SEC”) on May 16, 2022, which is
available on our website at investors.energyvault.com and on the
SEC's website at www.sec.gov. Additional information will also be
set forth in other filings that we make with the SEC from time to
time. All forward-looking statements in this press release are
based on information available to us as of the date hereof, and we
do not assume any obligation to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made, except as
required by applicable law.
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Investors energyvaultIR@icrinc.com
Media media@energyvault.com
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