Energy Vault tumbles after unveiling $125 mln convertible bond offering

Energy Vault Holdings

11/02/2026 21:46

** Shares of energy storage solutions co Energy Vault Holdings NRGV.N down 14.3% post-market to $3.48 as it seeks capital raise

** Westlake Village, California-based firm announces private offering of $125 mln 5-yr convertible bonds (CB)

** Co plans to use net offering proceeds to redeem $35-$45 mln principal amount of convertible debentures issued to YA II PN, Ltd., remainder for general corporate purposes, including repayment of additional indebtedness and funding growth initiatives

** It also expects to use portion of proceeds to pay cost of capped calls, derivative transactions employed to help offset dilution

** Co has roughly $675 mln market cap

** It also announces preliminary Q4 rev of $150-$155 mln and GAAP gross profit between $28-$33 mln

** NRGV shares ended up 1.2% at $4.06 on Weds. Stock down 12% YTD but up 160% over the past 12 months

** 2 analysts rate the stock "buy", 1 rates "sell"; PTs are $2, $4 and $5.19, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))