Business
ESS Tech, Inc. Announces $15 Million Registered Direct Offering Priced at a Premium to Market
WILSONVILLE, Ore., January 29, 2026--ESS Tech, Inc. Announces $15 Million Registered Direct Offering Priced at a Premium to Market
About this update from Ess Tech, Inc.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":601,"height":221,"url":"https://media.zenfs.com/en/business-wire.com/08ca5df12fc64352fcf485a9836d3555"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/7FOgmg0CErlr04KaA0mJxg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTM1MztjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/08ca5df12fc64352fcf485a9836d3555","width":601,"height":221}},"lazy":false},{"type":"text","content":"WILSONVILLE, Ore., January 29, 2026--(BUSINESS WIRE)--ESS Tech, Inc. (NYSE: GWH) (the "Company"), a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced that it has entered into definitive agreements in a registered direct offering with institutional investors for the purchase and sale of approximately $15 million of shares of Common Stock and pre-funded warrants at a price of $1.75 per share of Common Stock, which price is a premium to the closing price on January 28, 2026.","length":567,"tagName":"p"},{"type":"text","content":"The offering consists of the sale of 8,571,428 shares of Common Stock (or Pre-Funded Warrants). The public offering price per share is $1.75 (or $1.74999 for each Pre-Funded Warrant, which is equal to the public offering price per share of Common Stock to be sold in the offering minus an exercise price of $0.00001 per Pre-Funded Warrant). The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Warrant sold in the offering, the number of shares of Common Stock in the offering will be decreased on a one-for-one basis.","length":599,"tagName":"p"},{"type":"text","content":"Aggregate gross proceeds to the Company are expected to be approximately $15 million. The transaction is expected to close on or about January 30, 2026, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital.","length":361,"tagName":"p"},{"type":"text","content":"Aegis Capital Corp. is acting as exclusive placement agent for the offering. Wilson Sonsini Goodrich & Rosati, P.C. is acting as counsel to the Company. Kaufman &...