Quarterly report pursuant to Section 13 or 15(d)

REVERSE RECAPITALIZATION (Tables)

v3.22.2.2
REVERSE RECAPITALIZATION (Tables)
9 Months Ended
Sep. 30, 2022
Reverse Recapitalization [Abstract]  
Summary of Reverse Recapitalization
The number of common stock issued immediately following the consummation of the Merger was as follows (amounts in thousands):
Shares
Legacy Energy Vault stock (1)
106,079
Novus public shares (2)
4,079
Novus sponsor shares (3)
3,975
PIPE shares 19,500
Total shares of Energy Vault common stock immediately after the Merger 133,633
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(1) Excludes 9.0 million common shares issuable in earn-out arrangements as they are not issuable until 90 days after the Closing and are contingently issuable based upon the Company’s share price meeting certain thresholds.
(2) Excludes 14.7 million warrants issued and outstanding as of the Closing of the Merger which includes 9.6 million public warrants and 5.2 million private warrants held by the Novus Sponsor.
(3) Includes 1.6 million common shares that have transfer restrictions based on the Company’s share price meeting certain thresholds. These 1.6 million common shares are held in escrow and are subject to potential forfeiture.