Energy Vault Holdings Inc. $(NRGV)$ has announced a proposed private offering of $125 million aggregate principal amount of convertible senior notes due 2031. The company also plans to grant initial purchasers an option to buy up to an additional $25 million aggregate principal amount of notes within 13 days of the initial issuance. The notes will be offered to qualified institutional buyers under Rule 144A of the Securities Act of 1933. In conjunction with the offering, Energy Vault expects to enter into capped call transactions to help reduce potential dilution to its common stock upon conversion of the notes.

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