ESS Tech closes $3.2M stock offering at $0.50 per share

ESS Tech, Inc. (NYSE: GWH) closed a registered direct offering and concurrent private placement on August 21, 2026, raising approximately $3.2 million in gross proceeds before placement agent fees and other expenses.

The offering consisted of 6.4 million shares of common stock priced at $0.50 per share, sold to institutional investors. In a concurrent private placement, the company issued warrants to purchase up to 12.8 million additional shares of common stock at an exercise price of $0.50 per share. The warrants become exercisable immediately following stockholder approval and expire on the fifth anniversary of that approval date.

The company said it intends to use approximately $1.5 million of the net proceeds to repay amounts owed under a promissory note agreement with YA II PN, Ltd., dated October 14, 2025. The remaining proceeds are earmarked for general corporate purposes and working capital.

Roth Capital Partners served as the exclusive placement agent for the offering. Wilson Sonsini Goodrich & Rosati, P.C. acted as counsel to the company, while Pryor Cashman LLP represented Roth Capital Partners.

The registered direct offering was made under an effective shelf registration statement on Form S-3 previously filed with and declared effective by the U.S. Securities and Exchange Commission on December 11, 2025.

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