Heliogen Inc (HLGN)

[WeTheMarket]

Heliogen Confirms Receipt of Unsolicited, Non-Binding Acquisition Proposal
April 14 2023 - 08:00AM
Business Wire
https://ih.advfn.com/stock-market/NYSE/heliogen-HLGN/stock-news/90767186/heliogen-confirms-receipt-of-unsolicited-non-bind

Heliogen, Inc. (“Heliogen” or the “Company”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today announced that it has received an unsolicited, non-binding proposal from Continuum Renewables, Inc. (“CRI”) to acquire all of the outstanding shares of common stock of Heliogen for cash consideration of $0.40 per share.

The non-binding proposal states that CRI was co-founded by Bill Gross. Mr. Gross is the former Chief Executive Officer of Heliogen who was terminated by Heliogen in February. The non-binding proposal further states that CRI’s largest investors are Idealab Studio, LLC, an entity affiliated with Mr. Gross, and Prime Movers Lab, which collectively hold, directly or indirectly, approximately 26% of the Company’s outstanding shares. The non-binding proposal is subject to various contingencies, including CRI obtaining financing. Since Mr. Gross’s separation, and as shared during the Company’s March 28, 2023 earnings call, the Company’s new leadership has taken aggressive measures to progress its strategic priorities of increasing sales, installing its first commercial project, and improving the Company’s financial position.

Consistent with its fiduciary duties, Heliogen’s Board will carefully evaluate the non-binding proposal to determine the course of action that it believes is in the best interest of the Company and all Heliogen shareholders and respond appropriately.

Heliogen shareholders do not need to take any action at this time.

Cooley LLP is acting as legal counsel to Heliogen.

About Heliogen

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.