BLVDU Profile
Boulevard Acquisition Corp. - BLVDU was a special purpose acquisition company (SPAC) that completed its initial public offering (IPO) in September 2020, raising $200 million by offering 20 million units at a price of $10 per unit. Each unit consisted of one share of common stock and one-third of a redeemable warrant, with each whole warrant exercisable to purchase one share of common stock at a price of $11.50 per share.
The company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Boulevard Acquisition Corp. was led by Executive Chairman, James H. Litinsky, who is also the Founder and CEO of MP Materials Corp, a leading rare earths materials producer.
On June 17, 2021, Boulevard Acquisition Corp. announced that it had entered into a definitive merger agreement with privately-held EV battery maker, Eos Energy Storage LLC, in a deal that would value Eos at approximately $1.1 billion. Following the completion of the merger, the combined company would be renamed as Eos Energy Enterprises, Inc. and be listed on the NASDAQ stock exchange under the ticker symbol “EOSE”. The merger was completed on November 30, 2021.
Eos Energy Storage LLC is a provider of low-cost, safe and reliable energy storage solutions for utilities, commercial and industrial customers. Its products use a patented zinc hybrid cathode technology that is designed to be more efficient, durable and environmentally friendly than traditional lithium-ion batteries.
The merger between Boulevard Acquisition Corp. and Eos Energy Storage LLC was seen as a major milestone in the development of the energy storage industry, as it would provide Eos with significant financial resources to expand its production capacity and accelerate the deployment of its innovative energy storage solutions. The combined company is expected to benefit from the growing demand for energy storage systems driven by the increasing penetration of renewable energy sources in the global power mix.
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