Business
B. Riley Principal Merger Corp. II Announces Results of Stockholder Redemptions
Stockholders Redeem 37% of Total Public Shares Outstanding Business Combination Expected to Close November 16th, Subject to Stockholder Vote and Satisfaction
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"Stockholders Redeem 37% of Total Public Shares Outstanding\n Business Combination Expected to Close November 16th, Subject to Stockholder Vote and Satisfaction of Closing Conditions\n\n\nNEW YORK, Nov. 10, 2020 /PRNewswire/ -- B. Riley Principal Merger Corp. II (NYSE: BMRG, BMRG WS, BMRG.U) (the \"Company\"), a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, Inc. (Nasdaq: RILY) (\"B. Riley Financial\"), today announced that 37% of the 17,500,000 total public shares of the Company's Class A common stock were submitted for redemption in connection with the Company's special meeting of its stockholders (the \"special meeting\"), scheduled to occur at 10:00 AM, Eastern time, on November 12, 2020, in connection with the Company's proposed business combination (the \"business combination\") with Eos Energy Storage LLC (\"Eos\"), a leading manufacturer of safe, reliable, low-cost zinc battery storage systems. The deadline for submitting shares for redemption was November 10, 2020 at 10:00 AM, Eastern time.\nAfter taking into account the number of shares that were submitted for redemption and the completion of the proposed private placement, the Company expects to have over $150 million in cash available to it at the closing of the business combination. \nThe business combination is expected to close on or about November 16, 2020, subject to its approval by the Company's stockholders at the special meeting and the satisfaction of other closing conditions. Upon the closing of the business combination, the Company will be renamed \"Eos Energy Enterprises, Inc.\" and the Company will delist its units, shares of common stock and warrants from the New York Stock Exchange. The post-business combination company's common stock and warrants are expected to begin trading on November 17, 2020 on Nasdaq under ticker symbol \"EOSE\" and \"EOSEW\", respectively.\nAbout Eos Energy Storage LLCAt Eos, we are on a mission to accelerate clean energy by deploying stationary storage solutions that can help deliver the reliable and cost-competitive power that the market expects in a safe and environmentally sustainable way. Eos has been pursuing this opportunity since 2008 when it was founded. Eos has more than 10 years of experience in battery storage testing, development, deployment, and operation. The Eos Aurora® syste...