Summary
Bloom Energy Corporation (BE) announced the successful closing of its initial investment tranche with SK ecoplant Co., Ltd. on December 29, 2021. This transaction, representing approximately $255 million, involved SK ecoplant acquiring 10,000,000 shares of Bloom Energy's non-voting redeemable convertible Series A preferred stock (RCPS) at $25.50 per share. This marks a significant step in their previously announced strategic partnership, bolstering Bloom Energy's financial position and solidifying the collaboration. The RCPS are convertible into Class A Common Stock, with mandatory conversion expected by December 29, 2022. The filing also details the associated Investor Agreement, outlining specific rights and restrictions related to this investment. This event is crucial for investors as it demonstrates continued strategic commitment from a major partner and provides substantial capital, supporting Bloom Energy's growth initiatives and operational expansion.
Key Highlights
- 1Bloom Energy (BE) completed the first closing of its strategic investment from SK ecoplant Co., Ltd.
- 2SK ecoplant invested approximately $255 million by purchasing 10 million shares of Series A redeemable convertible preferred stock (RCPS) at $25.50 per share.
- 3The investment strengthens Bloom Energy's financial resources and deepens the strategic partnership with SK ecoplant.
- 4The Series A preferred stock is convertible into Class A Common Stock, with mandatory conversion set to occur by December 29, 2022.
- 5A Certificate of Designation for the Series A preferred stock was filed, outlining its terms, rights, and obligations.
- 6An Investor Agreement was executed, detailing specific rights and restrictions associated with the investment.