Combined Company Renamed “Eos Energy
Enterprises, Inc.”
Common Stock and Warrants to Trade on The
Nasdaq Capital Market under the Ticker Symbols "EOSE" and “EOSEW”,
respectively, Commencing on November 17, 2020
B. Riley Principal Merger Corp. II (NYSE: BMRG, BMRG WS, BMRG.U)
(“BMRG”), a special purpose acquisition company sponsored by an
affiliate of B. Riley Financial, Inc. (Nasdaq: RILY) (“B. Riley
Financial”), and Eos Energy Storage, LLC, a leading manufacturer of
safe, reliable, low-cost zinc battery storage systems, today
announced the completion of their previously announced business
combination. The business combination has a projected pro forma
market capitalization of approximately $500 million.
Upon completion of the business combination, the combined
company was renamed Eos Energy Enterprises, Inc. ("Eos" or the
"Company"). Beginning November 17, 2020, the Company's shares of
common stock and warrants will begin trading on The Nasdaq Capital
Market under the new ticker symbols "EOSE" and “EOSEW”,
respectively.
Eos's executive management team will continue to be led by Joe
Mastrangelo, who will serve as the Company's Chief Executive
Officer, and Sagar Kurada, who will serve as the Company’s Chief
Financial Officer. The Company's board of directors will be
comprised of Joe Mastrangelo, Russell Stidolph, chairman of the
board since 2018, Dan Shribman, B. Riley Financial’s Chief
Investment Officer and BMRG’s former Chief Executive Officer, Alex
Dimitrief, former President and Chief Executive Officer of General
Electric’s Global Growth Organization, Dr. Krishna Singh, founder
of Holtec International, Marian “Mimi” Walters, Chief Commercial
Officer for Leading Edge Power Solutions, LLC and Audrey Zibelman,
Chief Executive Officer at the Australian Energy Market
Operator.
“This milestone is the culmination of more than a decade of
commitment to addressing the world’s energy storage challenges,”
said Mr. Mastrangelo. “We have a proven, safe and sustainable
storage solution that’s ready to help accelerate and scale the
clean energy transition. We are grateful to the B. Riley team for
their partnership and support over these last few months and we
look forward to sharing our progress with our shareholders as we
continue to execute on our growth strategy.”
"In Eos we found an ideal partner to complete this business
combination," said Mr. Shribman. "The market opportunity for Eos is
extremely promising. They are a mission-driven organization focused
on accelerating clean energy adoption, and importantly, they have
the technology to make this happen. We wouldn’t have been able to
close this transaction so quickly without the tireless work of the
entire Eos team as well as the continued support of our financial
partners and shareholders. We’re proud to be a strategic partner as
Eos looks toward a bright future ahead.”
B. Riley Securities, Inc. served as capital markets advisor to
BMRG. White & Case LLP acted as BMRG’s legal advisor.
Guggenheim Partners served as capital markets advisor to Eos in
connection with the business combination. Evercore acted as
financial advisor to Eos. Morrison Cohen LLP acted as legal advisor
to Eos. KPMG served as the Company’s public company readiness
advisor. Deloitte served as the Company’s auditor.
About Eos Energy Enterprises, Inc.
Eos 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. Eos was founded
in 2008 and is headquartered in Edison, New Jersey.
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.
Forward-Looking Statements
This press release includes certain statements that may
constitute "forward-looking statements" for purposes of the federal
securities laws. Forward-looking statements include, but are not
limited to, statements that 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. Forward-looking
statements may include, for example, statements about: the benefits
of the business combination; the future financial performance of
the Company; the Company's plans for expansion and acquisitions;
and changes in the Company's strategy, future operations, financial
position, estimated revenues, and losses, projected costs,
prospects, plans and objectives of management. These
forward-looking statements are based on information available as of
the date of this press release, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and
uncertainties. Accordingly, forward-looking statements should not
be relied upon as representing the parties' views as of any
subsequent date, and the Company does not undertake any obligation
to update forward-looking statements to reflect events or
circumstances after the date they were made, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws. You should not place
undue reliance on these forward-looking statements. As a result of
a number of known and unknown risks and uncertainties, actual
results or performance may be materially different from those
expressed or implied by these forward-looking statements. Some
factors that could cause actual results to differ include, but are
not limited to: (1) the outcome of any legal proceedings that may
be instituted against the Company relating to the business
combination and related transactions; (2) the ability to maintain
the listing of the Company's shares of common stock on NASDAQ
following the business combination; (3) the risk that the business
combination or the acquisitions disrupt the Company's current plans
and operations as a result of the consummation of the transactions
described herein; (4) the ability to recognize the anticipated
benefits of the proposed business combination, which may be
affected by, among other things, competition, (5) the ability of
the Company's business to grow and manage growth profitably,
maintain relationships with customers and suppliers and retain its
management and key employees; (6) costs related to the business
combination; (7) changes in applicable laws or regulations; (8) the
possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors; and (9) other risks
and uncertainties indicated from time to time in the Prospectus
included as part of Amendment No. 1 to the Registration Statement
on Form S-1 filed by BMRG with the Securities and Exchange
Commission (“SEC”) on November 13, 2020, Registration No.
333-333-249713, including those under the heading "Risk Factors"
therein, and other factors identified in BMRG’s prior SEC filings
and the Company’s future filings with the SEC, available at
www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20201116006055/en/
For Eos Energy Enterprises, Inc.
Investors Ed Yuen ir@eosenergystorage.com
Media James McCusker media@eosenergystorage.com
For B. Riley: Investors Brad Edwards ir@brileyfin.com
Media Andrew Jennings press@brileyfin.com
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