Energy Vault Completes $140M Convertible Senior Notes Offering with Capped Call

summarizeSummary

Energy Vault completed its $140 million private offering of 5.250% convertible senior notes due 2031, securing substantial capital with favorable terms including a conversion premium and capped call protection.

check_boxKey Events

• Offering Completion

  Energy Vault completed its private offering of $140.0 million aggregate principal amount of 5.250% Convertible Senior Notes due 2031 on February 17, 2026.

• Conversion Terms

  The notes have an initial conversion rate of 193.1807 shares per $1,000 principal amount, equivalent to an initial conversion price of approximately $5.1765 per share. This represents a 27.5% premium over the stock price of $4.06 on February 11, 2026.

• Capped Call Transactions

  The company entered into privately negotiated capped call transactions on February 11, 2026, covering the shares underlying the notes. These transactions are designed to reduce potential dilution and/or offset cash payments upon conversion, with a cap price of $8.12 per share, a 100% premium over the stock price of $4.06 on February 11, 2026.

• Strategic Capital Raise

  This capital raise follows the company's announcement of strong preliminary Q4 and full-year 2025 financial results and a strategic framework agreement, providing significant funding for general corporate purposes and working capital.

auto_awesomeAnalysis

Energy Vault Holdings, Inc. has successfully completed its previously announced private offering of $140 million in 5.250% convertible senior notes due 2031. This significant capital raise, representing a substantial portion of the company's market capitalization, provides crucial funding for general corporate purposes and working capital. The offering was initially priced at a conversion premium of 27.5% over the stock price on February 11, 2026, demonstrating investor confidence at the time of pricing. The concurrent capped call transactions further mitigate potential dilution from future conversions, offering protection up to a 100% premium over the stock price on February 11, 2026. This completion follows recent positive news, including strong preliminary Q4 and full-year 2025 financial results and a strategic partnership, indicating the company is capitalizing on favorable market conditions to strengthen its balance sheet and support future growth initiatives.