Energy Vault Holdings, Inc.

That aggregate is a Rule 457(f)(2) artefact, not a valuation: Energy Vault is private, no market exists for its securities and it has an accumulated deficit, so the price is one-third of the aggregate par value exchanged, and only the share count carries information. The letter values it differently — at the anticipated exchange ratio of 6.9419 Novus issues 108,963,033 shares said to be worth approximately $1.09 billion (the price and date behind it are left blank) plus up to 6,187,789 shares for options and restricted stock units. Up to 9,000,000 Earn Out Shares sit outside that count.

The $547.43 is a Rule 457(f)(2) construct — Energy Vault is private, no market exists for its securities and it has an accumulated deficit, so the price is one-third of the aggregate par value of the securities expected to be exchanged — and 115,150,822 is the only usable number in the table. The fee is computed at a rate of 0.0000927, so fee amounts here are not comparable with those in registration statements filed under a different SEC rate.

What changed: Energy Vault Holdings, Inc. (NYSE: NRGV) furnished a press release dated August 11, 2026 reporting second quarter 2026 results. Contract backlog reached $2 billion as of August 10, 2026, up $650 million sequentially, 47% quarter over quarter and 107% year over year, of which 40% is expected to convert to revenue over the next 12 to 18 months and 60% comes from owned and operated projects with long-term offtake agreements. Revenue was $17.4 million, up 104% from $8.5 million, GAAP gross profit $5.4 million at a 31.0% margin against 29.6%, and adjusted gross margin 38.6%. Why it matters: Revenue guidance of $270 to $310 million requires roughly $245 to $285 million in the second half against $17.4 million in the second quarter — the entire year rests on backlog conversion that has not yet appeared in revenue, and 60% of that backlog is explicitly long-dated owned-asset revenue rather than near-term deliveries. The two descriptions of the gross margin change in the same release are not the same act: raising a range's floor from 15% to 20% narrows it, and the release calls that both a lift and a narrowing.

What changed: The 10-Q filed under Commission file number 001-39982 is that of Energy Vault Holdings, Inc. (NYSE: NRGV) for the quarter ended June 30, 2026, with 181,839,570 shares outstanding as of August 6, 2026. Why it matters: The company itself flags that backlog and pipeline equating to future revenue is a forward-looking assumption rather than a fact, which is the frame a reader needs for the $2 billion backlog figure announced the same day. The condensed financial statements are not in the portion read here.

What changed: Energy Vault Holdings, Inc., the Novus Capital Corporation II successor, said its board appointed Nitin Dahiya, 49, as CFO on July 14, 2026, effective July 27, 2026. Dahiya has been a Senior Portfolio Manager at BlackRock since 2018 covering specialty finance and energy transition, and was previously at Paulson & Co. His offer letter provides an annual base salary of $435,000, an award of 400,000 restricted stock units, 400,000 performance restricted stock units vesting in three tranches on share price targets, a 75% annual bonus target and a $100,000 signing bonus. Why it matters: An 800,000-unit equity package for a single hire is the number a holder should note, and half of it vests only on the stock reaching specified price targets — management is being paid to move the share price, which is consistent with a company whose equity is well below its de-SPAC level. Hiring a credit and special-situations investor rather than an operating accountant as CFO also suggests financing or restructuring work ahead rather than routine reporting.