Energy Vault tumbles on increased $140 mln convertible bonds sale

Energy Vault Holdings

12/02/2026 13:10

** Energy storage solutions firm Energy Vault NRGV.N shares tumble 16.5% before the bell to over two-month low of $3.39 following above-target raise

** Westlake Village, California-based firm late Weds announced pricing private offering of $140 mln 5.25% 5-yr convertible bonds

** Offering size boosted from $125 mln; initial conversion price of $5.18 represents 27.5% premium over stock's last close

** Co expects 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

** It also expects to use proceeds to pay for entering capped call transactions; initial cap price set at $8.12, double stock's last close

** Co, which has roughly $680 mln market cap, late Weds announced preliminary Q4 rev of $150-$155 mln and GAAP gross profit between $28-$33 mln

** Through Weds, NRGV shares down 12% YTD; they closed at $1.55 a year ago

** 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))