Business
ESS Tech, Inc. Announces Closing of $15 Million Registered Direct Offering Priced at a Premium to Market
WILSONVILLE, Ore., January 30, 2026--ESS Tech, Inc. Announces Closing of $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/e98afeee6e58efba8cba1b2d9719406a"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/hrR75UpS5Y5USlBFkqdpzw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTM1MztjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/e98afeee6e58efba8cba1b2d9719406a","width":601,"height":221}},"lazy":false},{"type":"text","content":"WILSONVILLE, Ore., January 30, 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 the closing of the previously announced registered direct offering with institutional investors 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 was a premium to the closing price on January 28, 2026.","length":530,"tagName":"p"},{"type":"text","content":"The offering consisted 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 sold in the offering minus an exercise price of $0.00001 per Pre-Funded Warrant). The Pre-Funded Warrants are immediately exercisable and may be exercised at any time until exercised in full.","length":445,"tagName":"p"},{"type":"text","content":"Aggregate gross proceeds to the Company were approximately $15 million. The transaction closed on January 30, 2026. The Company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital.","length":263,"tagName":"p"},{"type":"text","content":"Aegis Capital Corp. acted as exclusive placement agent for the offering. Wilson Sonsini Goodrich & Rosati, P.C. acted as counsel to the Company. Kaufman & Canoles, P.C. acted as counsel to Aegis Capital Corp.","length":216,"tagName":"p"},{"type":"text","content":"The registered direct offering was made pursuant to an effective shelf registration statement on Form S-3 (No. 333-291506) previously filed with the U.S. Securities and Exchange Commissi...