Energy Vault tumbles after unveiling $125 mln convertible bond offering

Shares of energy storage solutions co Energy Vault Holdings NRGV.N down 14.3% post-market to $3.48 as it seeks capital raise

Westlake Village, California-based firm announces private offering of $125 mln 5-yr convertible bonds (CB)

Co plans to use net offering proceeds to redeem $35-$45 mln principal amount of convertible debentures issued to YA II PN, Ltd., remainder for general corporate purposes, including repayment of additional indebtedness and funding growth initiatives

It also expects to use portion of proceeds to pay cost of capped calls, derivative transactions employed to help offset dilution

Co has roughly $675 mln market cap

It also announces preliminary Q4 rev of $150-$155 mln and GAAP gross profit between $28-$33 mln

NRGV shares ended up 1.2% at $4.06 on Weds. Stock down 12% YTD but up 160% over the past 12 months

2 analysts rate the stock "buy", 1 rates "sell"; PTs are $2, $4 and $5.19, per LSEG data