Energy Vault Reminds Investors of Redemption of Public Warrants
July 27 2022 - 8:00AM
Business Wire
- Approximately 1.9 million public warrants remain unexercised as
of July 25, 2022
- Deadline for cashless redemption of public warrants is 5:00
p.m. ET on August 1, 2022
Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy
Vault” or the “Company”), a leader in sustainable, grid-scale
energy storage solutions, today announced that as of July 25, 2022,
approximately 7.0 million of the total approximately 9.6 million
outstanding public warrants (“Public Warrants”) to purchase shares
of Energy Vault’s Class A common stock (the “Common Stock”) that
were issued under the Warrant Agreement, dated as of February 3,
2021 (the “Warrant Agreement”), by and between the Company (f/k/a
Novus Capital Corp. II) and Continental Stock Transfer & Trust
Company, as warrant agent (the “Warrant Agent”), had been exercised
since the Company’s announcement on July 1, 2022 of the cashless
redemption of the Public Warrants.
The Public Warrants were originally issued in connection with
the Company’s initial public offering in February 2021 (the “IPO”).
As previously announced on July 1, 2022, the Company provided
notice to the holders of Public Warrants that such Public Warrants
will be redeemed on August 1, 2022 (the “Redemption Date”) for a
Redemption Price of $0.10 per Public Warrant, in accordance with
their terms. Holders of the Public Warrants have until 5:00 p.m.
Eastern Time on August 1, 2022 to exercise their Public Warrants
and receive Common Stock (i) in exchange for a payment in cash of
the $11.50 per warrant exercise price, or (ii) on a “cashless”
basis in which case the exercising holder will receive a number of
shares of Common Stock determined under the Warrant Agreement based
on the redemption date and the redemption fair market value, as
determined in accordance with the Warrant Agreement. Warrants to
purchase Common Stock that were issued under the Warrant Agreement
in a private placement simultaneously with the IPO, and are still
held by the initial holders thereof or their permitted transferees,
are not subject to this redemption.
As a courtesy, Energy Vault would like to remind any remaining
holders of Public Warrants that if any of the remaining
approximately 1.9 million Public Warrants are not exercised prior
to 5:00 p.m. Eastern Time on August 1, 2022, such unexercised
Public Warrants will be void and no longer exercisable, and the
holders will have no rights with respect to those Public Warrants,
except to receive the Redemption Price of $0.10 per Public
Warrant.
If you hold Public Warrants, you may need to take action before
August 1, 2022. Please see our warrant redemption FAQ
document for further information.
None of Energy Vault, its board of directors, officers or
employees has made or is making any representation or
recommendation to any holder of the Public Warrants as to whether
to exercise or refrain from exercising any Public Warrants.
The shares of common stock underlying the Public Warrants have
been registered by the Company under the Securities Act of 1933, as
amended, and are covered by a registration statement filed on Form
S-1, as amended, with, and declared effective by, the Securities
and Exchange Commission (Registration No. 333-262720). Exercise of
Public Warrants should be directed through the broker of the
warrant holder. In addition to the broker, questions may also be
directed to Morrow Sodali at (800) 662-5200 (for individuals) /
(203) 658-9400 (for banks and brokerages) or at
nrgv@info.morrowsodali.com. Or contact Continental Stock Transfer
& Trust Company, One State Street, 30th Floor, New York, New
York 10004, Attention: Compliance Department, Telephone Number
(212) 509-4000.
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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