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Energy Vault Announces Voluntary Extension of Lock-up Restrictions for Management and Senior Officers
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Rhea-AI Summary
Energy Vault Holdings, Inc. (NYSE: NRGV) announced a voluntary extension of lock-up agreements for senior officers, including Chairman and CEO Robert Piconi. This extension affects approximately 6.7 million shares, representing about 5% of outstanding shares, with 100% participation from eligible officers. The lock-up now extends until July 2025, with provisions for release based on stock performance. The board unanimously supports this move, highlighting management's confidence in the long-term growth strategy amid commitments to sustainability and decarbonization.
Positive
100% participation from eligible senior officers in the lock-up extension.
Demonstrates management's confidence in the long-term growth strategy.
Lock-up extension aligns interests with investors and stakeholders.
Negative
None.
The voluntary lock-up extension underscores the Company’s conviction in its long-term growth strategy and is in full alignment with investors and all stakeholders
The Board of Directors unanimously approved the amended voluntary share lock-up agreement and includes 100% participation from eligible senior officers
LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--
Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced that management and senior officers of the Company entered into new time and performance based Lock-up Agreements (“Lock-up Extension”) extending the lock-up deadlines as defined by the original lock-up agreements entered into on February 11, 2022 in connection with the closing of Energy Vault’s Business Combination. When the Business Combination closed, 50% or more of shares underlying equity awards granted to certain senior officers of the Company vested on an accelerated basis. The Lock-up Extension represents approximately 6.7 million shares held by senior officers and the Chairman and Chief Executive Officer, which in total represent approximately 5% of the outstanding shares of the Company.
100% of Energy Vault’s senior officers, whose shares previously vested on an accelerated basis, elected to participate in the voluntary Lock-up Extension which results in senior officer participants subjecting 50% of their accelerated shares (approximately 1.8 million shares) to additional transfer restrictions. In addition, Robert Piconi, Chairman and Chief Executive Officer of Energy Vault agreed to a Lock-up Extension, subjecting 100% of his accelerated shares (approximately 4.9 million in total) to additional transfer restrictions that will expire in July 2025.
Under the Lock-up Extension, these transfer restrictions will be released to the extent that the subject shares would have vested over time. Additionally, shares can be released in equal one-third increments if Energy Vault’s stock trades above designated price thresholds ($15.00, $17.50 and $20.00 per share), for 20 trading days within a 30 trading day period.
“Today’s announcement demonstrates the confidence the entire management team and I have in our long-term growth strategy while further tightening the alignment of the Company with all of our investors and stakeholders,” said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. “While we live in a world in which uncertainty abounds, one thing that we are completely certain about is the need to decarbonize our planet and at a speed much faster than previously thought to preserve a bright future for generations to come. This is our mission at Energy Vault and we remain focused on continuing to deliver on our commitments to our customers and shareholders.”
The Board of Directors unanimously approved the voluntary Lock-up Extension.
About Energy Vault
Energy Vault develops and deploys 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 gravity-based energy storage technology and energy storage management and integration platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing 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.
What is Energy Vault's recent announcement regarding lock-up agreements for NRGV?
Energy Vault announced a voluntary extension of lock-up agreements, affecting approximately 6.7 million shares, with a new deadline extending until July 2025.
How many shares are affected by the NRGV lock-up extension?
The lock-up extension involves approximately 6.7 million shares held by senior officers, including CEO Robert Piconi.
What was the purpose of the lock-up extension for NRGV?
The lock-up extension aims to demonstrate management's confidence in the company's long-term growth strategy and align interests with investors.
When will the lock-up restrictions for NRGV shares expire?
The lock-up restrictions will expire in July 2025.
What are the stock price thresholds for releasing NRGV shares from lock-up?
Shares can be released if NRGV trades above $15.00, $17.50, and $20.00 per share for 20 trading days within a 30 trading day period.
