Eos Energy Enterprises, Inc 10-K/A, filed Mar 7, 2024
Eos Energy Enterprises, Inc. (EOSE)
10-K/A
2024-03-07
For: 2023-12-31
View Original
Added on
April 10, 2026
About this 10-K/A
Eos Energy Enterprises, Inc filed this 10-K/A on March 7, 2024, covering the fiscal year ended December 31, 2023.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Amendment No. 1)
| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the fiscal year ended: December 31 , 2023
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (732 ) 225-8400
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer a smaller reporting company or an emerging growth company. See the definitions of the “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
☒ | Smaller reporting company | ||||||||||
| Emerging growth company | |||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☐ No ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The aggregate market value of the voting stock held by non-affiliates of the registrant as of the last business day of the registrant’s most recently completed second fiscal quarter, June 30, 2023, was approximately $522.2 million based upon the closing sale price of our common stock of $4.34 on that date. As of February 27, 2024, there were 202,645,716 shares of the registrant’s common stock issued and outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
None.
EXPLANATORY NOTE
On March 4, 2024, Eos Energy Enterprises, Inc. (the “Company”) filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2023 (the “Original Form 10-K”).
This Amendment No. 1 to Form 10-K (“Amendment”) of the Company is being filed solely to amend Item 15(a)(3) and Exhibit 23.1 to include an updated consent of Deloitte & Touche LLP, the Company’s independent registered public accounting firm, to include references to certain registration statements of the Company which were inadvertently omitted from the original consent filed.
This Amendment should be read in conjunction with the Original Form 10-K and includes only the portions of the Company’s Annual Report on Form 10-K being supplemented or amended by this Form 10-K/A. Other than as described in this explanatory note, this Amendment does not change any of the financial or other information set forth in the Original Form 10-K or the exhibits thereto. This Amendment does not reflect events that may have occurred subsequent to the filing of the Original Form 10-K.
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(3) Exhibits. Filed as part of this Annual Report are the following exhibits:
| Incorporated by Reference | ||||||||||||||||||||||||||||||||
| Exhibit Number | Description of Document | Schedule/Form | File Number | Exhibit | Filing date | |||||||||||||||||||||||||||
| 2.1 | Form 8-K | File No. 001-39291 | 2.1 | September 8, 2020 | ||||||||||||||||||||||||||||
| 3.1 | Form 10-K | File No. 001-39291 | 3.1 | February 28, 2023 | ||||||||||||||||||||||||||||
| 3.2 | Form 8-K | File No. 001-39291 | 3.2 | May 19, 2022 | ||||||||||||||||||||||||||||
| 4.1 | Form 8-K | File No. 001-39291 | 4.1 | November 20, 2020 | ||||||||||||||||||||||||||||
| 4.2 | Form 8-K | File No. 001-39291 | 4.2 | November 20, 2020 | ||||||||||||||||||||||||||||
| 4.3 | Form 8-K | File No. 001-39291 | 4.1 | July 7, 2021 | ||||||||||||||||||||||||||||
| 4.4 | Form 8-K | File No. 001-39291 | 4.1 | May 22, 2020 | ||||||||||||||||||||||||||||
| 4.5 | Form 10-K | File No. 001-39291 | 4.5 | February 25, 2022 | ||||||||||||||||||||||||||||
| Incorporated by Reference | ||||||||||||||||||||||||||||||||
| Exhibit Number | Description of Document | Schedule/Form | File Number | Exhibit | Filing date | |||||||||||||||||||||||||||
| 4.6 | Form 8-K | File No. 001-39291 | 10.1 | April 13, 2022 | ||||||||||||||||||||||||||||
| 4.7 | Form 8-K | File No. 001-39291 | 4.1 | June 13, 2022 | ||||||||||||||||||||||||||||
| 4.8 | Form 8-K | File No. 001-39291 | 4.1 | December 29, 2022 | ||||||||||||||||||||||||||||
| 4.9 | Form 8-K | File No. 001-39291 | 4.1 | January 19, 2023 | ||||||||||||||||||||||||||||
| 4.10 | Form 8-K | File No. 001-39291 | 4.1 | February 02, 2023 | ||||||||||||||||||||||||||||
| 4.11 | Form 8-K | File No. 001-39291 | 4.1 | March 17, 2023 | ||||||||||||||||||||||||||||
| 4.12 | Form 8-K | File No. 001-39291 | 4.1 | April 11, 2023 | ||||||||||||||||||||||||||||
| 4.13 | Form 8-K | File No. 001-39291 | 4.1 | April 14, 2023 | ||||||||||||||||||||||||||||
| 4.14 | Form 8-K | File No. 001-39291 | 4.1 | May 17, 2023 | ||||||||||||||||||||||||||||
| 4.15 | Form 8-K | File No. 001-39291 | 4.1 | May 25, 2023 | ||||||||||||||||||||||||||||
| Incorporated by Reference | ||||||||||||||||||||||||||||||||
| Exhibit Number | Description of Document | Schedule/Form | File Number | Exhibit | Filing date | |||||||||||||||||||||||||||
| 4.16 | Form 8-K | File No. 001-39291 | 4.2 | May 25, 2023 | ||||||||||||||||||||||||||||
| 4.17 | Form 8-K | File No. 001-39291 | 4.1 | December 15, 2023 | ||||||||||||||||||||||||||||
| 10.1 | Form 8-K | File No. 001-39291 | 10.8 | November 20, 2020 | ||||||||||||||||||||||||||||
| 10.2 | Form 8-K | File No. 001-39291 | 10.10 | November 20, 2020 | ||||||||||||||||||||||||||||
| 10.3 | Form 8-K | File No. 001-39291 | 10.13 | November 20, 2020 | ||||||||||||||||||||||||||||
| 10.4 | Form 8-K | File No. 001-39291 | 99.1 | March 2, 2021 | ||||||||||||||||||||||||||||
| 10.5 | Form 8-K | File No. 001-39291 | 10.1 | March 12, 2021 | ||||||||||||||||||||||||||||
| 10.6 | Form 8-K | File No. 001-39291 | 10.1 | March 31, 2021 | ||||||||||||||||||||||||||||
| 10.7 | Form 8-K | File No. 001-39291 | 10.1 | April 14, 2021 | ||||||||||||||||||||||||||||
| 10.8 | Form 8-K | File No. 001-39291 | 10.2 | April 14, 2021 | ||||||||||||||||||||||||||||
| 10.9 | Form 8-K | File No. 001-39291 | 4.01 | May 10, 2021 | ||||||||||||||||||||||||||||
| 10.10 | Form 8-K | File No. 001-39291 | 4.02 | May 10, 2021 | ||||||||||||||||||||||||||||
| Incorporated by Reference | ||||||||||||||||||||||||||||||||
| Exhibit Number | Description of Document | Schedule/Form | File Number | Exhibit | Filing date | |||||||||||||||||||||||||||
| 10.11 | Form 8-K | File No. 001-39291 | 10.1 | July 7, 2021 | ||||||||||||||||||||||||||||
| 10.12 | Form 8-K | File No. 001-39291 | 10.1 | October 5, 2021 | ||||||||||||||||||||||||||||
| 10.13 | Form 8-K | File No. 001-39291 | 10.2 | October 5, 2021 | ||||||||||||||||||||||||||||
| 10.14 | Form 8-K | File No. 001-39291 | 10.01 | December 14, 2021 | ||||||||||||||||||||||||||||
| 10.15 | Form 8-K | File No. 001-39291 | 10.02 | December 14, 2021 | ||||||||||||||||||||||||||||
| 10.16 | Form 8-K | File No. 001-39291 | 10.1 | February 14, 2022 | ||||||||||||||||||||||||||||
| 10.17 | Form 8-K | File No. 001-39291 | 10.1 | April 28, 2022 | ||||||||||||||||||||||||||||
| 10.18 | Form 10-Q | File No. 001-39291 | 10.3 | May 9, 2022 | ||||||||||||||||||||||||||||
| 10.19 | Form 8-K | File No. 001-39291 | 10.1 | June 13, 2022 | ||||||||||||||||||||||||||||
| 10.20 | Form 8-K | File No. 001-39291 | 10.2 | June 13, 2022 | ||||||||||||||||||||||||||||
| Incorporated by Reference | ||||||||||||||||||||||||||||||||
| Exhibit Number | Description of Document | Schedule/Form | File Number | Exhibit | Filing date | |||||||||||||||||||||||||||
| 10.21 | Form 8-K | File No. 001-39291 | 10.1 | August 1, 2022 | ||||||||||||||||||||||||||||
| 10.22 | Form 8-K | File No. 001-39291 | 10.2 | August 1, 2022 | ||||||||||||||||||||||||||||
| 10.23 | Form 8-K | File No. 001-39291 | 10.1 | August 5, 2022 | ||||||||||||||||||||||||||||
| 10.24 | Form 8-K | File No. 001-39291 | 10.2 | August 5, 2022 | ||||||||||||||||||||||||||||
| 10.25 | Form 8-K | File No. 001-39291 | 10.1 | September 9, 2022 | ||||||||||||||||||||||||||||
| 10.27 | Form 8-K | File No. 001-39291 | 10.1 | December 8, 2022 | ||||||||||||||||||||||||||||
| 10.30 | Form 8-K | File No. 001-39291 | 10.1 | January 20, 203 | ||||||||||||||||||||||||||||
| 10.31 | Form 8-K | File No. 001-39291 | 10.2 | January 20, 203 | ||||||||||||||||||||||||||||
| Incorporated by Reference | ||||||||||||||||||||||||||||||||
| Exhibit Number | Description of Document | Schedule/Form | File Number | Exhibit | Filing date | |||||||||||||||||||||||||||
| 10.32 | Form 8-K | File No. 001-39291 | 10.1 | January 19, 2023 | ||||||||||||||||||||||||||||
| 10.33 | Form 8-K | File No. 001-39291 | 10.2 | January 19, 2023 | ||||||||||||||||||||||||||||
10.38 | Form 8-K | File No. 001-39291 | 10.1 | April 14, 2023 | ||||||||||||||||||||||||||||
10.39 | Form 8-K | File No. 001-39291 | 10.1 | May 17, 2023 | ||||||||||||||||||||||||||||
| 10.40 | Form 8-K | File No. 001-39291 | 10.1 | August 23, 2023 | ||||||||||||||||||||||||||||
| 10.41 | Form 8-K | File No. 001-39291 | 10.2 | August 23, 2023 | ||||||||||||||||||||||||||||
| 10.42 | Form 8-K | File No. 001-39291 | 10.1 | August 28, 2023 | ||||||||||||||||||||||||||||
| 10.43** | ||||||||||||||||||||||||||||||||
| 10.44** | ||||||||||||||||||||||||||||||||
21.1 | Form 10-K | File No. 001-39291 | 21.1 | February 28, 2023 | ||||||||||||||||||||||||||||
| 23.1* | ||||||||||||||||||||||||||||||||
| Incorporated by Reference | ||||||||||||||||||||||||||||||||
| Exhibit Number | Description of Document | Schedule/Form | File Number | Exhibit | Filing date | |||||||||||||||||||||||||||
| 24.1** | ||||||||||||||||||||||||||||||||
| 31.1* | ||||||||||||||||||||||||||||||||
| 31.2* | ||||||||||||||||||||||||||||||||
| 32.1**+ | ||||||||||||||||||||||||||||||||
| 32.2**+ | ||||||||||||||||||||||||||||||||
| 97** | ||||||||||||||||||||||||||||||||
| 101.SCH** | XBRL Taxonomy Extension Schema Document | |||||||||||||||||||||||||||||||
| 101.CAL** | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||||||||||||||||||||
| 101.LAB** | XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||||||||||||||||||||
| 101.PRE** | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||||||||||||||||||||
| 101.DEF** | XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||||||||||||||||||||
| 104* | Inline XBRL for the cover page of this Annual Report on Form 10-K, included in the Exhibit 101 Inline XBRL Document Set | |||||||||||||||||||||||||||||||
| Incorporated by Reference | ||||||||||||||||||||||||||||||||
| Exhibit Number | Description of Document | Schedule/Form | File Number | Exhibit | Filing date | |||||||||||||||||||||||||||
| † | Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request. | |||||||||||||||||||||||||||||||
| * | Filed herewith. | |||||||||||||||||||||||||||||||
| ** | Previously filed. | |||||||||||||||||||||||||||||||
| + | The certifications furnished in Exhibit 32.1 and Exhibit 32.2 hereto are deemed to accompany this Annual Report on Form 10-K and will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference. | |||||||||||||||||||||||||||||||
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Edison, State of New Jersey, on March 7, 2024.
| EOS ENERGY ENTERPRISES, INC. | ||||||||
By: /s/ Nathan Kroeker | ||||||||
Chief Financial Officer | ||||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:
| Name | Position | Date | ||||||
| /s/ Joseph Mastrangelo | Chief Executive Officer and Director | March 7, 2024 | ||||||
| Joseph Mastrangelo | (Principal Executive Officer) | |||||||
| /s/ Nathan Kroeker | Chief Financial Officer | March 7, 2024 | ||||||
| Nathan Kroeker | (Principal Financial Officer) | |||||||
| /s/ Sumeet Puri | Chief Accounting Officer | March 7, 2024 | ||||||
Sumeet Puri | (Principal Accounting Officer) | |||||||
| * | Director | March 7, 2024 | ||||||
| Jeffrey Bornstein | ||||||||
| * | Director | March 7, 2024 | ||||||
| Alex Dimitrief | ||||||||
| * | Director | March 7, 2024 | ||||||
| Claude Demby | ||||||||
| * | Director | March 7, 2024 | ||||||
Jeffrey McNeil | ||||||||
| * | Director | March 7, 2024 | ||||||
| Russell Stidolph | ||||||||
| * | Director | March 7, 2024 | ||||||
| Marian "Mimi" Walters | ||||||||
| * | Director | March 7, 2024 | ||||||
| Audrey Zibelman | ||||||||
| *By: | /s/ Joseph Mastrangelo | ||||
| Joseph Mastrangelo Attorney-in-Fact | |||||
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement Nos. 333-275863, 333-272754, and 333-263298 on Form S-3 and Registration Statement Nos. 333-272848, 333-265708, and 333-256766 on Form S-8 of our report dated March 4, 2024, relating to the financial statements of Eos Energy Enterprises, Inc. appearing in this Annual Report on Form 10-K for the year ended December 31, 2023.
/s/ Deloitte & Touche LLP
New York, NY
March 4, 2024
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Joseph Mastrangelo, certify that:
1. I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K (the “Amendment”) of Eos Energy Enterprises, Inc.; and
2. Based on my knowledge, this Amendment does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Amendment.
| Date | March 7, 2024 | /s/ Joseph Mastrangelo | |||||||||
| Joseph Mastrangelo | |||||||||||
| Chief Executive Officer | |||||||||||
| (Principal Executive Officer) | |||||||||||
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO
RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Nathan Kroeker, certify that:
1. I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K (the “Amendment”) of Eos Energy Enterprises, Inc.; and
2. Based on my knowledge, this Amendment does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Amendment.
| Date | March 7, 2024 | /s/ Nathan Kroeker | |||||||||
| Nathan Kroeker | |||||||||||
| Chief Financial Officer | |||||||||||
| (Principal Financial Officer) | |||||||||||