Item 8.01 Other Events.
On February 1, 2024, Eos Energy Enterprises, Inc. (the "Company") entered into a binding Settlement Term Sheet (the "Settlement") to resolve a pending stockholder class complaint brought by Richard Delman in the Court of Chancery of the State of Delaware against certain of the Company's former directors that served prior to the Company's business combination transaction in 2020. Neither the Company or Eos Energy Storage LLC was named as a defendant in the complaint, but each was identified as a relevant non-party and the Company owes certain indemnification obligations relating to the lawsuit to the Company's former directors. Pursuant to the Settlement, the parties agreed to a $8.5 million settlement fund consisting of cash payments previously made by the Company of approximately $1.0 million and a cash payment of approximately $7.5 million funded by the Company's D&O liability insurance policies.
The Settlement remains subject to final approval by the court.
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Eos Energy Enterprises Inc. published this content on 05 February 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 February 2024 13:27:34 UTC.