Energy Vault Announces Voluntary Extension of Lock-up Restrictions for Management and Senior Officers

LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--()--Energy Vault Holdings, Inc. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced that management and senior officers of the Company entered into new time and performance based Lock-up Agreements (“Lock-up Extension”) extending the lock-up deadlines as defined by the original lock-up agreements entered into on February 11, 2022 in connection with the closing of Energy Vault’s Business Combination. When the Business Combination closed, 50% or more of shares underlying equity awards granted to certain senior officers of the Company vested on an accelerated basis. The Lock-up Extension represents approximately 6.7 million shares held by senior officers and the Chairman and Chief Executive Officer, which in total represent approximately 5% of the outstanding shares of the Company.
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