Heliogen: Board of Directors adopts limited duration stockholder rights plan

Heliogen announced that its Board of Directors has adopted a limited duration stockholder rights plan, effective immediately. The Board adopted the Rights Plan in response to the previously disclosed unsolicited, non-binding proposal to acquire Heliogen made by Continuum Renewables which is controlled by entities that directly or indirectly own approximately 26% of the Company’s outstanding shares of common stock. The Rights Plan is intended to enable all stockholders to realize the full value of their investment in the Company and afford the Board adequate time to consider CRI’s non-binding proposal. The Rights Plan will reduce the likelihood that any entity, person or group gains control of Heliogen through open market accumulation without paying all stockholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of all stockholders. The Rights Plan does not prevent the Board from engaging with parties or accepting an acquisition proposal if the Board believes that it is in the best interests of Heliogen and all of its stockholders. The Rights Plan is similar to other plans adopted by publicly held companies in comparable circumstances, and does not contain any dead-hand, slow-hand, no-hand or similar feature that limits the ability of a future Board to redeem the Rights.