B. Riley Principal Merger Corp. II
EOSE · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from B. Riley Principal (Shribman Daniel), listed on Nasdaq in May 2020.
- What it's doing now
- It agreed to buy Eos Energy Storage LLC. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Eos Energy Storage LLC
- Industry
- the deal record does not name the target's industry yet
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 20 May 2020
- size not on file
- Headquarters
- TWO ALLEGHENY CENTER, PITTSBURGH, PA, 15212
- registered in Delaware
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Mastrangelo Joe (Chief Executive Officer) · DIMITRIEF ALEXANDER (Director) · Walters Marian (Director)
- Listed securities
- EOSE common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
1 dated milestoneEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 20 May 2020IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedSEC primary
Created 2026-08-31 from the completion filing named in the SPAC's own note. All eight rows in this class carried NO deal row, which is how a completed combination could read as a liquidation. §98
The score
deterministic, from filed fieldsEOSE is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 295 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
B. Riley Principal Merger Corp. II is a blank check company incorporated in Delaware and headquartered in New York, New York, whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. While the company may pursue a target in any industry or geographic region, it stated its intention to focus on established businesses with an aggregate enterprise value of approximately $400 million to $1 billion that would benefit from access to public markets and the operational and strategic expertise of its management team and board of directors.
The company completed its initial public offering on May 20, 2020, pricing 20,000,000 units at $10.00 per unit for gross proceeds of $200,000,000, with each unit consisting of one share of Class A common stock and one-half of one redeemable warrant. The registration statement (SEC file number 333-237812) was filed under the Securities Act of 1933, and the units were offered on a firm commitment basis with B. Riley FBR, Inc. as sole book-running manager and Chardan Capital Markets, LLC as qualified independent underwriter. The underwriters held a 45-day over-allotment option for up to 3,000,000 additional units. Of the offering proceeds, $202.0 million ($10.10 per unit) was deposited into a trust account at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company as trustee, and public stockholders were granted redemption rights upon completion of an initial business combination at a per-share price equal to the aggregate amount then on deposit in the trust account divided by the number of outstanding public shares. The company's sponsor, B. Riley Principal Sponsor Co. II, LLC, purchased 725,000 private placement units at $10.00 per unit in a simultaneous private placement, and an affiliate of the sponsor entered into a forward purchase agreement for 2,500,000 units at $25,000,000 to close concurrently with a business combination. The company's initial stockholders held 5,750,000 shares of Class B common stock, subject to forfeiture depending on over-allotment exercise. The securities were listed on the New York Stock Exchange under the symbols "BMRG.U," "BMRG," and "BMRG WS" for units, common stock, and warrants, respectively.
The management team was led by Chief Executive Officer and Chief Financial Officer Daniel Shribman, who also served as Chief Investment Officer of B. Riley Financial, Inc. (Nasdaq: RILY) and President of B. Riley Principal Investments, LLC, and by Chairman Bryant Riley, the chairman and co-chief executive officer of B. Riley Financial. Shribman previously served as chief financial officer of B. Riley Principal Merger Corp. (BRPM), the predecessor SPAC, which completed its business combination with Alta Equipment Group Inc. in February 2020. The company was required to complete its initial business combination within 18 months from the closing of the offering, failing which it would redeem 100% of its public shares at the per-share trust value, less up to $100,000 of interest for dissolution expenses. The company completed a business combination with Eos Energy Storage LLC, with the transaction event dated November 16, 2020, as reported in a Form 8-K filed November 20, 2020, and the successor entity now operates as Eos Energy Enterprises, Inc. under the ticker EOSE on the NYSE.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
The federally guaranteed project's physical footprint is being moved — two or three of the four financed production lines relocate to a different site — and the DOE has had to consent to the borrower taking a 49% stake in a Cerberus-backed joint venture. The specific amended covenant language is in an annex not present here, so the changed terms cannot be stated from this document.
This summary is drawn from the cover page of the report; the balance sheet and statements of operations are not covered here.
The rights are gone and the report says so plainly, which settles the question for any holder who still held them. What it does not state is the outcome: no subscription level, no proceeds, no share count. Those are described as preliminary and sit only in Exhibit 99.1.
Revenue tripling on shipments is the growth case, but the margin figure is the one that decides whether it matters: a gross margin loss of 69% to 73% means the company still sells each unit for well under what it costs to build, so more volume increases the cash burn rather than reducing it. Bringing a second line into commercial production is the stated route to fixing that through scale. Until gross margin crosses zero, revenue growth at this de-SPAC translates directly into a larger financing requirement.
The private placement warrants alone total 30,026,658 shares of potential issuance at $5.4810, before counting whatever the public rights offering distributes at 0.4388 of a warrant per unit. A rights offering is at least offered pro rata to existing holders, so it dilutes less arbitrarily than a placement, but the two institutional warrant blocks are not offered to the public. For former EOSE holders that is a substantial claim on future upside above $5.48 held by two counterparties.
This is one of several warrant blocks issued to the same counterparty within days: a further agreement dated July 2, 2026 covers 10,008,886 warrants to Hudson Bay and 20,017,772 to CCM Frontier JV Holdco at the same $5.4810 strike. Taken together, tens of millions of shares of potential issuance sit above that price with two institutions. For former EOSE holders the effect is a ceiling on upside — appreciation past $5.48 is shared with warrant holders who paid nothing for the shares.
Show 5 more material filings
The financing is heavily dilutive to Eos holders and the terms are stated. The rights offering targets $150 million at $5.481 per unit, each whole unit carrying one share and 0.4388 of a warrant exercisable at $5.481; separately Eos is to issue CCM Frontier warrants over 20,017,772 shares and HBC warrants over 10,008,886 shares, both at $5.481 and both expiring ten years after closing. Closing requires the rights offering and Department of Energy consent.
The supplemental indenture rewrites the terms of that $13,750,000 of notes in ways that trade near-term relief for long-dated obligation: maturity moves from June 30, 2026 to September 30, 2034, the interest rate drops to 7.0% commencing on the original maturity date, and the optional redemption provisions are amended. Extending a 2026 maturity by more than eight years removes a refinancing cliff, but the Nasdaq vote exists because settling those notes in stock can exceed the 19.99% threshold — the cost of the relief is measured in shares.
The scale is set out in the proxy: at an Applicable Percentage of 4.9%, and assuming the fully diluted count is unchanged since July 31, 2024, the issuance would produce Series A Preferred Stock with a liquidation value as if convertible into an aggregate 26,896,695 shares of common stock, on top of the Initial Warrant and Series A-1 Preferred already outstanding. The preferred and warrants carry no say in appointing directors, and after June 21, 2029 Series A-1 holders may put their shares back for cash.
Closing is conditioned on the company having at least $110 million of cash available before certain expenses, including from the trust, so redemptions can defeat the transaction outright. To help meet it, B. Riley Financial, Inc. has committed under an Equity Commitment Letter to buy up to 4,000,000 Class A shares at $10.00 per share, up to $40,000,000, reduced by shares already issued under subscription agreements — a backstop that covers only part of the gap. Eos's securityholders receive up to $300 million of stock, or up to 30,000,000 shares, plus 2,000,000 earnout shares.
Closing requires at least $110 million of cash available before certain expenses, including from the trust account, against consideration of up to $300 million of stock — up to 30,000,000 shares valued at $10.00 per share, plus 2,000,000 shares pending earnout targets. To help meet that cash condition B. Riley Financial, Inc. committed under an Equity Commitment Letter to buy up to 4,000,000 Class A shares at $10.00 per share, up to $40,000,000, less shares already sold under subscription agreements. That letter terminated the IPO-era forward purchase agreement for 2,500,000 units.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
What changed: The filing reports a leadership transition at Eos Energy Enterprises, Inc. effective August 24, 2026: Michelle Buczkowski was appointed Chief Commercial Officer (previously Chief Administration Officer), and Nathan Kroeker will remain through October 20, 2026 to support the transition before departing. Ms. Buczkowski’s annual base salary increased from $385,000 to $440,000, and her target annual short-term incentive opportunity was increased to 100% of her annual base salary. Mr. Kroeker’s separation agreement terms have not been finalized. Why it matters: Investors should note that material terms of Mr. Kroeker’s separation agreement are pending disclosure in an amendment if entered into. The document does not contain information regarding redemption deadlines, trust value, extensions, or deal progress for B. Riley Principal Merger Corp. II, as the SPAC status is listed as LIQUIDATED.
Show the other 10 filings
What changed: Eos Energy Enterprises, Inc. filed as Exhibit 10.4 a Third Amendment to Loan Guarantee Agreement dated August 4, 2026 with the U.S. Department of Energy, amending the Loan Guarantee Agreement of November 26, 2024 as previously amended on March 25, 2025 and February 13, 2026 and modified by five limited consents. Why it matters: The federally guaranteed project's physical footprint is being moved — two or three of the four financed production lines relocate to a different site — and the DOE has had to consent to the borrower taking a 49% stake in a Cerberus-backed joint venture. The specific amended covenant language is in an annex not present here, so the changed terms cannot be stated from this document.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
Deal completion: 2/3 resolved vehicles closed a deal (67%); 1 liquidated, 0 terminated. No measured post-close outcome yet, so completion credit is NOT gated — missing data is never a penalty.
Mixed record · medium confidence
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B4 0001213900-23-053032
Trading & liquidity
Company profile
Directors & officers
- Mastrangelo JoeChief Executive Officer
- DIMITRIEF ALEXANDERDirector
- Walters MarianDirector
- Bornstein Jeffrey SDirector
- Urban DavidDirector
- Nigro JosephDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
14 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Cerberus Capital Management II, L.P.with 2 other reporting persons on the same schedule39.5% · SC 13D/ADec 17, 2024 stale
- SPRING CREEK CAPITAL LLCwith 1 other reporting person on the same schedule13.3% · SC 13GMay 3, 2022 stale
- B. Riley Financial, Inc.with 8 other reporting persons on the same schedule7.8% · SC 13D/AAug 10, 2022 stale
- Legal & General Investment Management Ltdwith 3 other reporting persons on the same schedule5.4% · SC 13G/AFeb 16, 2023 stale
- AltEnergy, LLCwith 8 other reporting persons on the same schedule5.3% · SC 13D/AJan 6, 2022 stale
- CVI Investments, Inc.with 1 other reporting person on the same schedule4.9% · SC 13G/AFeb 14, 2024 stale
- Electron Capital Partners, LLCwith 5 other reporting persons on the same schedule3.8% · SC 13G/AJan 31, 2023 stale
- Wood River Capital, LLCwith 1 other reporting person on the same schedule3.5% · SC 13G/AFeb 9, 2024 stale
- RESERVOIR CAPITAL GROUP LLCwith 3 other reporting persons on the same schedule3.4% · SC 13G/AFeb 8, 2022 stale
- RIVERVIEW GROUP, LLCwith 5 other reporting persons on the same schedule3.4% · SC 13GJan 7, 2021 stale
- Point72 Asset Management, L.P.with 3 other reporting persons on the same schedule2.0% · SC 13G/AFeb 14, 2024 stale
- YA II PN, Ltd.with 6 other reporting persons on the same schedule0.0% · SC 13G/AFeb 12, 2024 stale
- Invesco Ltd.0.0% · SC 13G/AFeb 8, 2023 stale
- BASSO CAPITAL MANAGEMENT, L.P.with 3 other reporting persons on the same schedule0.0% · SC 13G/AFeb 12, 2021 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — EOSE (B. Riley Principal Merger Corp. II)
vault-note · /vault/tickers/EOSE
- Vault deal note — Eos Energy Storage LLC (EOSE)
vault-note · /vault/deals/eos-energy-storage-llc
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail4 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 3690 (Miscellaneous Electrical Machinery, Equipment & Supplies). The screen found it by filing SHAPE instead — S-1 2020-04-23 → 8-A12B 2020-05-18 → 424B4 2020-05-20 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 3690 + self-described blank check in 424B4 0001213900-20-013058; 424B 0001213900-20-013058 priced 2020-05-20 under S-1 0001213900-20-009962 (file 333-237812, an offering for cash); common ticker EOSE off 8-K 0000950103-26-012019 (2026-08-06); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-237812, which belongs to S-1 0001213900-20-009962 (2020-04-23) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2020-05-20). Ending PROVEN, not inferred: LIQUIDATED per Form 25 0001354457-26-000704 (2026-07-20) — Form 25 filed under 17 CFR 240.12d2-2(a)(2) — the rule for a class "called for redemption" or "redeemed or paid at maturity/retirement". For a SPAC that class is the public shares and that redemption is the trust going back (class: Right). No wind-up press release was readable on the registrant's own file, so the per-share figure is not stored.. EDGAR now files this CIK as "Eos Energy Enterprises, Inc." — the SPAC's own name is kept here and the successor is the target. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "B. Riley Principal Sponsor Co. II, LLC" (SEC CIK 0001811637) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-20-013013.
status LIQUIDATED -> CLOSED. The ending was recorded from a Form 25 that delisted a DERIVATIVE (warrant/right/unit), not the public shares — and on five of these eight that Form 25 postdates the combination by years. The combination COMPLETED: 8-K filed 2020-11-20 for the event of 2020-11-16, accession 0001213900-20-038551, Item 2.01 beside 5.01/5.02; no 15-12B or 15-12G exists on this CIK and its tickers are still listed. Target: Eos Energy Storage LLC. POSTMORTEMS §98.
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read