Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the
“Company”), a leading provider of safe, scalable, efficient, and
sustainable zinc-based long duration energy storage systems, today
announced the results of its Annual Stockholders’ Meeting, which
was conducted virtually.
“We are deeply grateful for the continued
support of our stockholders,” said Joe Mastrangelo, CEO of Eos. “We
are currently working to bring our first state-of-the-art
manufacturing line into production during the second quarter as
planned, a testament to the dedication and expertise of the
talented Eos team. Having all the proxy proposals approved allows
us to continue to execute the strategic plan outlined on December
12, 2023.”
The Company is pleased to report that
stockholders approved the election of Marian “Mimi” Walters and
Jeffrey McNeil as Class I directors of Eos Energy Enterprises,
Inc., each to serve for three years and until his/her successor has
been elected and qualified, or until his/her earlier death,
resignation or removal. Their combined experience and strategic
vision are critical as the Company scales its operations and
pursues its path toward profitability.
Mimi brings a wealth of experience and expertise
to Eos, having served as a respected voice in both the state and
federal government. Her strategic acumen and industry knowledge
provides valuable guidance and networks as Eos navigates
governmental policies and opportunities and seeks to expand its
presence in the California market.
Jeff's appointment underscores Eos' commitment
to operational excellence and strategic growth. With his leadership
and extensive operational background, the Company aims to
streamline and scale production processes, ensuring efficiency and
quality as Eos grows its operations through Project AMAZE.
Eos stockholders voted to ratify the selection
of Deloitte & Touche LLP as the Company’s independent
registered public accounting firm for the fiscal year ending
December 31, 2024, with 99.39% of the participating shares voting
in favor.
Eos stockholders voted to approve a non-binding
advisory resolution approving the compensation of the named
executive officers (more commonly known as “say on pay”) with
57.15% of the participating shares voting in favor. The Company
plans to implement changes to its long-term incentive plan to
better align its compensation of employees with the performance of
the Company.
Eos stockholders voted to approve an increase in
the authorized shares of common stock of the Company from
300,000,000 to 600,000,000 with 67.04% of all outstanding shares of
capital stock entitled to vote in favor. Of those stockholders who
voted, 89.30% were in favor of this proposal. The increase in
authorized shares allows the Company to have the necessary
resources in place to meet corporate needs and maintain financial
flexibility to support its strategic outlook plan and long-term
objectives.
Eos stockholders voted to approve an amendment
to the Company’s long-term incentive plan with 56.53% of the
participating shares voting in favor. The increase in shares
available for the Company’s incentive plan will support the
Company’s on-going efforts to attract and retain the employee
talent necessary for the Company to execute on its strategic
objectives.
“Our employees are the driving force behind our
continued advancement and the ability to recruit and retain top
talent is paramount to Eos' continued growth and competitiveness in
the market,” said Russ Stidolph, Chairman of Eos. “Every full-time
employee is an Eos stockholder and by having the ability to offer
shares in the Company, we are not only recognizing their individual
contributions, but also aligning their interests with those of our
broader stockholder community.”
The official voting results for each item voted
on by stockholders will be disclosed in a report to be filed with
the Securities and Exchange Commission.
Eos extends its sincere gratitude to its valued
stockholders for their active participation and decisive voting at
the Annual Stockholders’ Meeting held on May 1, 2024.
About Eos Energy EnterprisesEos Energy
Enterprises, Inc. is accelerating the shift to clean energy with
positively ingenious solutions that transform how the world stores
power. Our breakthrough Znyth™ aqueous zinc battery was designed to
overcome the limitations of conventional lithium-ion technology.
Safe, scalable, efficient, sustainable—and manufactured in the
U.S—it's the core of our innovative systems that today provide
utility, industrial, and commercial customers with a proven,
reliable energy storage alternative for 3 to 12-hour applications.
Eos was founded in 2008 and is headquartered in Edison, New Jersey.
For more information about Eos (NASDAQ: EOSE), visit eose.com.
ContactsInvestors: ir@eose.comMedia: media@eose.com
Forward-Looking Statements / Disclaimer
This press release includes certain statements
that may constitute "forward-looking statements" within the meaning
of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements refer to
projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intends," "may," "might," "plan," "possible," "potential,"
"predict," "project," "should," "would" and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. Factors
which may cause actual results to differ materially from current
expectations include, but are not limited to: changes adversely
affecting the business in which we are engaged; our ability to
forecast trends accurately; our ability to secure final approval of
a loan guarantee from the Department of Energy or the timing and
final amount of any loan; our ability to generate cash, service
indebtedness and incur additional indebtedness; our ability to
secure financing to continue expansion; our ability to secure
grants or other federal, state and local investment; our ability to
secure satisfactory intercreditor arrangements or modifications
with respect to our existing debt financings; our customer’s
ability to secure project financing; our ability to develop
efficient manufacturing processes to scale and to forecast related
costs and efficiencies accurately, and to secure labor;
fluctuations in our revenue and operating results; competition from
existing or new competitors; the failure to convert firm order
backlog and pipeline to revenue; the failure to sufficiently reduce
manufacturing costs; inefficient implementation of the Inflation
Reduction Act of 2022; the amount of final tax credits available to
our customers or to Eos pursuant to the Inflation Reduction Act;
risks associated with security breaches in our information
technology systems; the risk of a government shutdown as Eos
remains in due diligence on its loan application with the U.S.
Department of Energy Loan Programs Office or while we await
approval and funding of any loan guarantee; risks related to legal
proceedings or claims; risks associated with evolving energy
policies in the United States and other countries and the potential
costs of regulatory compliance; risks associated with changes in
federal, state, or local laws; risks associated with potential
costs of regulatory compliance; risks associated with changes to
U.S. trade policies; risks resulting from the impact of global
pandemics, including the novel coronavirus, Covid-19; our ability
to maintain the listing of our shares of common stock on NASDAQ;
our ability to grow our business and manage growth profitably,
maintain relationships with customers and suppliers and retain our
management and key employees; risks related to the adverse changes
in general economic conditions, including inflationary pressures
and increased interest rates; risk from supply chain disruptions
and other impacts of geopolitical conflict; changes in applicable
laws or regulations; the possibility that Eos may be adversely
affected by other economic, business, and/or competitive factors;
other factors beyond our control; risks related to adverse changes
in general economic conditions and other risks and uncertainties.
The forward-looking statements contained in this press release are
also subject to additional risks, uncertainties, and factors,
including those more fully described in Eos’s most recent filings
with the Securities and Exchange Commission, including Eos’s most
recent Annual Report on Form 10-K and subsequent reports on Forms
10-Q and 8-K. Further information on potential risks that could
affect actual results will be included in the subsequent periodic
and current reports and other filings that Eos makes with the
Securities and Exchange Commission from time to time. Moreover, Eos
operates in a very competitive and rapidly changing environment,
and new risks and uncertainties may emerge that could have an
impact on the forward-looking statements contained in this press
release. Forward-looking statements speak only as of the date they
are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and, except as required by law, Eos
assumes no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
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