NEW YORK & EDISON, N.J.–(Small business WIRE)–B. Riley Principal Merger Corp. II (NYSE: BMRG, BMRG WS, BMRG.U) (“BMRG”), a unique intent acquisition firm sponsored by an affiliate of B. Riley Money, Inc. (Nasdaq: RILY) (“B. Riley Financial”), and Eos Energy Storage, LLC, a leading producer of safe and sound, responsible, lower-expense zinc battery storage devices, now announced the completion of their beforehand declared organization blend. The company combination has a projected professional forma market capitalization of around $500 million.
On completion of the business enterprise mix, the merged business was renamed Eos Vitality Enterprises, Inc. (“Eos” or the “Company”). Commencing November 17, 2020, the Company’s shares of prevalent inventory and warrants will get started buying and selling on The Nasdaq Capital Market underneath the new ticker symbols “EOSE” and “EOSEW”, respectively.
Eos’s govt administration workforce will keep on to be led by Joe Mastrangelo, who will serve as the Company’s Chief Govt Officer, and Sagar Kurada, who will provide as the Company’s Main Economical Officer. The Company’s board of administrators will be comprised of Joe Mastrangelo, Russell Stidolph, chairman of the board considering that 2018, Dan Shribman, B. Riley Financial’s Chief Investment decision Officer and BMRG’s previous Main Govt Officer, Alex Dimitrief, former President and Chief Executive Officer of Typical Electric’s Global Advancement Corporation, Dr. Krishna Singh, founder of Holtec Intercontinental, Marian “Mimi” Walters, Chief Industrial Officer for Foremost Edge Electric power Remedies, LLC and Audrey Zibelman, Main Executive Officer at the Australian Electrical power Industry Operator.
“This milestone is the fruits of much more than a ten years of dedication to addressing the world’s electrical power storage challenges,” said Mr. Mastrangelo. “We have a verified, risk-free and sustainable storage answer that is completely ready to support speed up and scale the clean up energy changeover. We are grateful to the B. Riley team for their partnership and guidance in excess of these final few months and we glimpse ahead to sharing our progress with our shareholders as we go on to execute on our progress strategy.”
“In Eos we found an suitable husband or wife to total this enterprise blend,” mentioned Mr. Shribman. “The marketplace opportunity for Eos is really promising. They are a mission-driven corporation targeted on accelerating clean vitality adoption, and importantly, they have the technological know-how to make this materialize. We would not have been capable to close this transaction so quickly without the need of the tireless operate of the entire Eos crew as perfectly as the ongoing aid of our money companions and shareholders. We’re proud to be a strategic husband or wife as Eos looks towards a vibrant potential forward.”
B. Riley Securities, Inc. served as funds marketplaces advisor to BMRG. White & Case LLP acted as BMRG’s authorized advisor. Guggenheim Partners served as capital markets advisor to Eos in link with the company blend. Evercore acted as money advisor to Eos. Morrison Cohen LLP acted as authorized advisor to Eos. KPMG served as the Company’s community company readiness advisor. Deloitte served as the Company’s auditor.
About Eos Electricity Enterprises, Inc.
Eos Electricity Enterprises, Inc. is accelerating the shift to clear vitality with positively ingenious options that completely transform how the entire world retailers electric power. Our breakthrough Znyth® aqueous zinc battery was designed to prevail over the constraints of common lithium-ion technology. Safe, scalable, effective, sustainable—and created in the U.S—it’s the core of our revolutionary techniques that currently deliver utility, industrial, and professional buyers with a proven, reliable electricity storage alternate. Eos was founded in 2008 and is headquartered in Edison, New Jersey.
About B. Riley Principal Merger Corp. II
BMRG was shaped for the function of effecting a merger, share exchange, asset acquisition, share invest in, reorganization or similar organization mixture with just one or much more businesses.
This press release consists of specific statements that may possibly constitute “ahead-searching statements” for functions of the federal securities legal guidelines. Forward-wanting statements incorporate, but are not constrained to, statements that refer to projections, forecasts or other characterizations of long run functions or circumstances, which includes any underlying assumptions. The words “foresee,” “feel,” “go on,” “could,” “estimate,” “hope,” “intends,” “may possibly,” “may,” “prepare,” “achievable,” “possible,” “forecast,” “venture,” “should,” “would” and comparable expressions may possibly identify forward-wanting statements, but the absence of these phrases does not imply that a assertion is not ahead-wanting. Ahead-looking statements may perhaps contain, for example, statements about: the gains of the business enterprise combination the foreseeable future fiscal performance of the Business the Company’s ideas for expansion and acquisitions and alterations in the Company’s method, foreseeable future operations, financial placement, approximated revenues, and losses, projected fees, potential customers, plans and objectives of administration. These ahead-looking statements are based mostly on data out there as of the date of this push launch, and current expectations, forecasts and assumptions, and entail a selection of judgments, risks and uncertainties. Accordingly, forward-hunting statements ought to not be relied upon as representing the parties’ views as of any subsequent date, and the Enterprise does not undertake any obligation to update ahead-searching statements to reflect occasions or instances immediately after the date they were created, no matter whether as a outcome of new facts, foreseeable future occasions or if not, apart from as may possibly be required underneath relevant securities rules. You should really not place undue reliance on these ahead-hunting statements. As a result of a amount of identified and not known hazards and uncertainties, true effects or efficiency could be materially different from all those expressed or implied by these ahead-hunting statements. Some things that could induce precise benefits to differ incorporate, but are not minimal to: (1) the end result of any legal proceedings that may possibly be instituted from the Organization relating to the business enterprise combination and similar transactions (2) the capability to preserve the listing of the Firm’s shares of common stock on NASDAQ following the business blend (3) the danger that the company mix or the acquisitions disrupt the Firm’s current options and operations as a end result of the consummation of the transactions explained herein (4) the means to recognize the anticipated added benefits of the proposed small business blend, which may possibly be affected by, amid other matters, competition, (5) the skill of the Company’s company to improve and manage progress profitably, retain relationships with customers and suppliers and retain its administration and important staff members (6) expenditures related to the organization mixture (7) modifications in applicable legislation or restrictions (8) the possibility that the Company may well be adversely affected by other economic, business enterprise, and/or competitive components and (9) other risks and uncertainties indicated from time to time in the Prospectus involved as aspect of Modification No. 1 to the Registration Assertion on Form S-1 submitted by BMRG with the Securities and Trade Fee (“SEC”) on November 13, 2020, Registration No. 333-333-249713, like these underneath the heading “Possibility Things” therein, and other variables discovered in BMRG’s prior SEC filings and the Company’s future filings with the SEC, offered at www.sec.gov.