NEW YORK, Nov. 10, 2020 /PRNewswire/ -- B. Riley Principal
Merger Corp. II (NYSE: BMRG, BMRG WS, BMRG.U) (the "Company"), a
special purpose acquisition company sponsored by an affiliate of B.
Riley Financial, Inc. (Nasdaq: RILY) ("B. Riley Financial"), today
announced that 37% of the 17,500,000 total public shares of the
Company's Class A common stock were submitted for redemption in
connection with the Company's special meeting of its stockholders
(the "special meeting"), scheduled to occur at 10:00 AM, Eastern time, on November 12, 2020, in connection with the
Company's proposed business combination (the "business
combination") with Eos Energy Storage LLC ("Eos"), a leading
manufacturer of safe, reliable, low-cost zinc battery storage
systems. The deadline for submitting shares for redemption was
November 10, 2020 at 10:00 AM, Eastern time.
After taking into account the number of shares that were
submitted for redemption and the completion of the proposed private
placement, the Company expects to have over $150 million in cash available to it at the
closing of the business combination.
The business combination is expected to close on or about
November 16, 2020, subject to its
approval by the Company's stockholders at the special meeting and
the satisfaction of other closing conditions. Upon the closing of
the business combination, the Company will be renamed "Eos Energy
Enterprises, Inc." and the Company will delist its units, shares of
common stock and warrants from the New York Stock Exchange. The
post-business combination company's common stock and warrants are
expected to begin trading on November 17,
2020 on Nasdaq under ticker symbol "EOSE" and "EOSEW",
respectively.
About Eos Energy Storage LLC
At Eos, we are on a
mission to accelerate clean energy by deploying stationary storage
solutions that can help deliver the reliable and cost-competitive
power that the market expects in a safe and environmentally
sustainable way. Eos has been pursuing this opportunity since 2008
when it was founded. Eos has more than 10 years of experience in
battery storage testing, development, deployment, and operation.
The Eos Aurora® system integrates Eos' aqueous, Znyth® technology
to provide a safe, scalable, and sustainable alternative to
lithium-ion. https://eosenergystorage.com
About B. Riley Principal Merger Corp. II
BMRG was
formed for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses.
Additional Information about the Business
Combination
In connection with the business combination,
BMRG has filed a definitive proxy statement with the United States
Securities and Exchange Commission ("SEC"). BMRG stockholders and
other interested persons are advised to read the definitive proxy
statement, in connection with BMRG's solicitation of proxies for
the meeting of stockholders to be held to approve, among other
things, the proposed business combination, because the proxy
statement will contain important information about BMRG, Eos and
the proposed business combination. The definitive proxy statement
has been mailed to BMRG stockholders as of the record date
established for voting on the proposed business combination.
Stockholders can obtain copies of the proxy statement, without
charge at the SEC's website at www.sec.gov. Copies of the
documents filed with the SEC by BMRG when and if available, can be
obtained free of charge by directing a written request to B. Riley
Principal Merger Corp. II, 299 Park Avenue, 21st Floor,
New York, New York 10171 or by
telephone at (212) 457-3300.
Participants in the Solicitation
The Company and its
directors and executive officers may be considered participants in
the solicitation of proxies with respect to the Business
Combination described herein under the rules of the SEC.
Information about those directors and executive officers and a
description of their interests in the Company is contained in the
Business Combination Proxy Statement. These documents can be
obtained free of charge from the sources indicated above.
Forward Looking Statements
Certain statements made in
this press release are "forward looking statements" within the
meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release, the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," "should," "future," "propose" and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company's control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include: the inability of the Company to
complete the contemplated Business Combination with Eos; matters
discovered by Eos or the Company as they complete their respective
due diligence investigation of the other; the risk that the
approval of the stockholders of the Company for the Business
Combination is not obtained; the inability to recognize the
anticipated benefits of the proposed Business Combination, which
may be affected by, among other things, the amount of funds
available in the Company's trust account following any redemptions
by the Company stockholders; the ability to meet Nasdaq's listing
standards following the consummation of the transactions
contemplated by the proposed Business Combination; costs related to
the proposed Business Combination; and those factors discussed in
the Business Combination Proxy Statement under the heading "Risk
Factors," and other documents of the Company filed, or to be filed,
with the SEC. The Company does not undertake any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
Non-Solicitation
The disclosure herein is not a proxy
statement or solicitation of a proxy, consent or authorization with
respect to any securities or in respect of the proposed Business
Combination and shall not constitute an offer to sell or a
solicitation of an offer to buy the securities of the Company, nor
shall there be any sale of any such securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a definitive
document.
Contacts:
|
|
|
|
For Eos Energy
Storage LLC:
|
|
Investors
|
Media
|
Ed Yuen
|
James
McCucker
|
ir@eosenergystorage.com
|
media@eosenergystorage.com
|
|
|
For B.
Riley:
|
|
Investors
|
Media
|
Brad
Edwards
|
Andrew
Jennings
|
ir@brileyfin.com
|
press@brileyfin.com
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/b-riley-principal-merger-corp-ii-announces-results-of-stockholder-redemptions-301170444.html
SOURCE B. Riley Principal Merger Corp. II