HELIOGEN INC - HLGN STOCK NEWS

Heliogen (NYSE: HLGN) announced its financial and operating results for the first quarter of 2023 will be released after market close on May 9, 2023. A conference call will follow on May 10, 2023, at 10:00 AM EDT, hosted by CEO Christie Obiaya and Interim CFO Kelly Rosser. Investors can access the call via a live webcast on Heliogen’s website or by phone. Heliogen focuses on AI-enabled concentrating solar energy, aiming to provide carbon-free energy solutions that support industrial operations. The company emphasizes sustainability through innovative technologies that transition to renewable energy while maintaining reliability and cost-effectiveness.

Heliogen, Inc. (NYSE: HLGN) has rejected an unsolicited proposal from Continuum Renewables, Inc. to acquire the company for $0.40 per share. The Board of Directors deemed the offer significantly undervalued Heliogen, as it placed the equity value well below the company's liquidity. Furthermore, the proposal was conditional upon CRI securing financing, which raised additional concerns. Heliogen's Board expressed confidence in its current management and strategic priorities, focusing on boosting sales, installing commercial projects, and enhancing financial stability. They believe that sticking to this plan will create long-term value for stockholders, positioning it favorably against CRI's opportunistic bid.

Heliogen (NYSE: HLGN) has adopted a limited duration stockholder rights plan in response to an unsolicited acquisition proposal from Continuum Renewables, which holds approximately 26% of Heliogen's shares. This Rights Plan is designed to protect shareholders by ensuring any potential acquirer provides a control premium, and grants the Board time to evaluate the proposal. Under this plan, shareholders will receive one right per share, exercisable only if an acquiring party accumulates 12.5% or more of the shares. The plan will expire on April 17, 2024, unless redeemed earlier. Heliogen aims to empower sustainable civilization through its advanced concentrating solar energy technology, focusing on decarbonizing industry.

Heliogen, Inc. (NYSE: HLGN) announced receiving an unsolicited, non-binding acquisition proposal from Continuum Renewables, Inc. (CRI) to buy all outstanding shares at $0.40 per share. The proposal is backed by Bill Gross, former CEO of Heliogen, and major investors hold around 26% of Heliogen's shares. The Board will evaluate this offer, ensuring that any actions align with shareholder interests. Following Mr. Gross's departure, Heliogen's new leadership aims to enhance sales and financial stability. Shareholders are advised not to take action at this time.

Heliogen specializes in AI-enabled solar energy technology, focusing on sustainable solutions for industrial operations. The future of this acquisition proposal remains uncertain, depending on various contingencies, including CRI's ability to secure financing.

Heliogen, a leader in AI-enabled solar energy technology, reported its fourth quarter and full year financial results for 2022. In Q4, Heliogen achieved $4.7 million in revenue but incurred a net loss of $35 million, largely due to operational growth and significant non-cash expenses. For the full year, total revenue was $13.8 million with a net loss of $142 million. Key highlights included advancements in green hydrogen projects, the successful deployment of autonomous cleaning vehicles, and a strategic plan initiated following a CEO transition. Heliogen opted not to provide financial guidance as it focuses on expanding its revenue backlog and reducing costs.