Energy Vault Reminds Investors of Redemption of Public Warrants

  • 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

LUGANO, Switzerland & WESTLAKE VILLAGE, CA, July 27, 2022–(BUSINESS WIRE)–Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault” or the “Company”), a leader in sustainable grid-scale energy storage solutions, today announced today that, effective July 25, 2022, approximately 7.0 million of the total of approximately 9.6 million public warrants outstanding (“Public Warrants”) to purchase Class A common stock of Energy Vault (the “Common Shares”) which were issued pursuant to the Warrant Agreement, dated 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 Announcement by the Company 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 has notified holders of public warrants that these 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 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 cash payment of the price exercise of $11.50 per warrant, or (ii) on a “cashless” basis, in which case the exercising holder will receive a specified number of common shares under the warrant agreement in based on the date of redemption and the fair market value of redemption, as determined pursuant to the warrant agreement. Common stock warrants that were issued under the private placement warrant agreement concurrently with the IPO, and that are still held by their original holders or transferees authorised, are not subject to this redemption.

As a courtesy, Energy Vault would like to remind all remaining public warrant holders that if any of the approximately 1.9 million remaining public warrants are not exercised by 5:00 p.m. on August 1, 2022, such unexercised Public Warrants will be void and non-exercisable, and holders will have no rights in respect of such Public Warrants except to receive the redemption price of $0.10 per public warrant.

If you hold public office, you may need to act before August 1, 2022. Please see our Warrant Redemption FAQ Document for more information.

None of Energy Vault, its board of directors, officers or employees has made or makes any representation or recommendation to any holder of Public Warrants as to whether to exercise or refrain from exercising public warrants.

The common shares 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, filed with, and declared effective by, the Securities and Exchange Commission (registration number 333-262720). The exercise of public warrants must be directed through the warrant holder’s broker. In addition to the broker, questions can also be directed to Morrow Sodali at (800) 662-5200 (for individuals) / (203) 658-9400 (for banks and brokerages) or [email protected] .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 is available on the Energy Vault Investor Relations website: https://investors.energyvault.com/

About the Energy Vault

Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the global approach to utility-scale energy storage by achieving decarbonization while maintaining grid resilience. The company’s proprietary energy management system and optimization software suite are technology agnostic in their ability to orchestrate various energy generation and storage resources to help utilities, power producers independent and large industrial energy users to significantly reduce their levelized cost of energy while maintaining the quality of electricity and the network. reliability. Energy Vault’s EVx™ gravity energy storage system uses environmentally friendly materials with the ability to integrate waste for beneficial reuse. Energy Vault is facilitating the transition to a circular economy while accelerating the transition to clean energy for its customers. For more information, please visit: www.energyvault.com

No offer or solicitation

This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no offer of any of the securities of the Company in any jurisdiction in which such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of 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 number of important factors that could cause actual results to differ materially from the statements made in this press release, including: risks associated with the deployment of Energy Vault’s business and the timing of expected business milestones, developments and changes in the general market, the continued impact of COVID-19, political, economic and business conditions, our limited operating history as a public company, whether memorandums of understanding and other strategic investments will by future revenues, the sufficiency of cash to support business 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 headings “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 investor.energyvault.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other documents filed with the SEC from time to time.All forward-looking statements contained in this press release are based on information available to us as of the date hereof, and we do not assume no 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, unless the applicable law requires it.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220727005266/en/

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