Heliogen Rejects Unsolicited Acquisition Proposal from Continuum Renewables
April 24 2023 - 4:40PM
Business Wire
Heliogen, Inc. (“Heliogen” or the “Company”) (NYSE: HLGN), a
leading provider of AI-enabled concentrating solar energy
technology, today announced that its Board of Directors (the
“Board”) rejected the unsolicited, non-binding proposal it received
on April 13th 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.
After careful consideration and consultation with legal and
financial advisors, the Board concluded that the non-binding
proposal substantially undervalues Heliogen. In fact, the proposal
would result in an implied equity value for Heliogen common
stockholders that is materially below Heliogen’s available
liquidity. Additionally, the Board concluded that the proposal is
subject to material contingencies, including CRI obtaining
financing. Accordingly, the Board determined the proposal was not
in the best interests of Heliogen and all of its stockholders.
“The Board remains fully committed to Heliogen’s management team
and its strategic priorities of increasing sales, installing
commercial projects and improving the Company’s financial
position,” said Julie Kane, Chair of the Board. “We strongly
believe that our new leadership’s execution of this dynamic plan is
the best way to drive sustainable long-term value creation for all
stockholders and is a superior path compared to CRI’s opportunistic
proposal.”
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.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements that are not historical in nature, including
the words “anticipate,” “expect,” “suggests,” “plan,” “believe,”
“intend,” “estimates,” “targets,” “projects,” “should,” “could,”
“would,” “may,” “will,” “forecast” and other similar expressions
are intended to identify forward-looking statements. There can be
no assurance that the non-binding proposal will result in a formal
offer or that any such offer will ultimately result in a completed
transaction. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including but not limited to: (i)
our financial and business performance, including risk of
uncertainty in our financial projections and business metrics and
any underlying assumptions thereunder; (ii) changes in our business
and strategy, future operations, financial position, estimated
revenues and losses, projected costs, prospects and plans; and
(iii) our ability to execute our business model, including market
acceptance of our planned products and services and achieving
sufficient production volumes at acceptable quality levels and
prices. You should carefully consider the foregoing factors and the
other risks and uncertainties disclosed in the “Risk Factors”
section in Part I, Item 1A in our Annual Report on Form 10-K for
the annual period ended December 31, 2022, and other documents
filed by Heliogen from time to time with the SEC. These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and Heliogen assumes no obligation and does not intend to update or
revise these forward-looking statements, whether as a result of new
information, future events, or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230424005674/en/
Investors: Louis Baltimore VP, Investor Relations
Louis.Baltimore@heliogen.com
Media: Longacre Square Partners Joe Germani / Miller
Winston heliogen@longacresquare.com
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