ESS Tech, Inc. Announces Successful Update to Historical SPAC (Acon S2 Acquisition Corp.) Financials

Rhea-AI Summary

ESS Tech, Inc. (NYSE:GWH) has completed the restatement of legacy financial filings from Acon S2 Acquisition Corp. to comply with regulatory requirements. The restatement involved reclassifying Class A shares from equity to mezzanine equity, a matter preceding the merger with ACON. CFO Amir Moftakhar confirmed that this adjustment did not affect ESS's current operations or financial statements. The company specializes in long-duration batteries for commercial and utility-scale energy storage, emphasizing sustainable and cost-effective solutions for renewable energy infrastructure.

Positive

• Completion of legacy financial restatements ensures regulatory compliance.
• No impact on current operations or financial statements improves investor confidence.

Negative

• None.

Pre-Merger ACON STWO financials now updated for regulatory compliance

WILSONVILLE, Ore.--(BUSINESS WIRE)-- ESS Tech, Inc. (“ESS” or the “Company”) (NYSE:GWH), a U.S. manufacturer of long-duration batteries for utility-scale and commercial energy storage applications, announced today that it has successfully completed the restatement of the legacy financial filings from Acon S2 Acquisition Corp. (“ACON”) to ensure compliance with regulatory requirements.

“The restatements required addressing certain accounting standards, specifically the reclassification of Class A shares from equity to mezzanine equity, on legacy ACON financials. Because this issue pre-dated our merger closing with ACON, the restatement had no impact on ESS’ operating company, its current operations or financial statements,” said Amir Moftakhar, CFO of ESS. “I am pleased we were able to complete and file these so quickly and am thankful for the support of ACON’s auditors in resolving this so efficiently.”

About ESS Tech, Inc.

ESS (NYSE: GWH) designs, builds and deploys environmentally sustainable, low-cost, iron flow batteries for long-duration commercial and utility-scale energy storage applications requiring from 4 to 12 hours of flexible energy capacity. The Energy Warehouse™ and Energy Center™ use earth-abundant iron, salt, and water for the electrolyte, resulting in an environmentally benign, long-life energy storage solution for the world’s renewable energy infrastructure. Established in 2011, ESS enables project developers, utilities, and commercial and industrial facility owners to make the transition to more flexible non-lithium-ion storage that is better suited for the grid and the environment. For more information, visit www.essinc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211206005856/en/

Investors:

Erik Bylin

investors@essinc.com



Media:

Gene Hunt

Trevi Communications, Inc.

978-750-0333 x.101

gene@trevicomm.com

Source: ESS Tech, Inc.

FAQ

What is the recent financial update for ESS Tech, Inc.?

ESS Tech, Inc. has restated its legacy financial filings from ACON to comply with regulatory standards.

Did the restatement affect ESS's current operations?

No, the restatement had no impact on ESS's current operations or financial statements.

What accounting issue was addressed in the restatement?

The restatement involved reclassifying Class A shares from equity to mezzanine equity.

What is the significance of the completed financial restatements for investors?

The completion of financial restatements enhances transparency and regulatory compliance, which can boost investor confidence.