Eos Energy Enterprises, Inc.

EOSE

On January 14, 2021, analyst Iceberg Research published a report entitled “Eos Energy ($EOSE): Fake Customers Won’t Recharge a Dead Battery.” In this report, Iceberg Research wrote that Eos Energy is a battery energy storage systems SPAC with “failed technology and dubious customers.” Iceberg wrote that its “findings show” that Eos Energy’s “disclosed customers are extremely unlikely to have the financial ability to honour their contracts,” and that “[g]iven its failed technology and dubious clients,” Iceberg Research “estimate[s] that EOS’ equity is worth only $144M . . . which represents a 90% downside from its current market cap of $1.5B.” The market was stunned by this report, and shares are down over 10% in intraday trading.

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