Energy Vault (NYSE: NRGV) announced this morning that it will be redeeming its outstanding warrants for shares.

Warrantholders have until 5 pm EST on Monday, August 1 to exercise their warrants and any warrants that remain unexercised immediately after the deadline will be void and no longer exercisable.

Under the Warrant Agreement, Energy Vault is entitled to redeem its public warrants if the last sale price of the common stock equals or exceeds $10.00 per share on the trading day before Energy Vault sends the notice of redemption and this stock price condition was satisfied on June 30, 2022.

Warrant holders may continue to exercise their warrants until immediately before 5:00 p.m. New York City time on the Redemption Date.

Holders may exercise their warrants and receive Common Stock in exchange for a payment in cash of the $11.50 per warrant exercise price, or on a “cashless” basis in which case the exercising holder will receive a number of shares of Common Stock based on the redemption date and the redemption fair market value, as determined in accordance with the Warrant Agreement.

The “redemption fair market value” is based on the average last price per share of Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent. As such, exercising holders will receive 0.2526 of a share of Common Stock for each Warrant surrendered for exercise.

Any outstanding Energy Vault Public Warrants that remain unexercised at 5:00 p.m. New York City time on the Redemption Date will be void and no longer exercisable, except to receive the Redemption Price of $0.10.

The company, which completed its combination with Novus Il in February, develops a utility scale energy storage solution that uses gravity to release energy by de-stacking heavy slabs. Energy Vault and Novus II initially announced their $1.1 billion combination on September 9, 2021.