Heliogen receives non-binding acquisition proposal from Continuum Renewables

Heliogen announced that it has received an unsolicited, non-binding proposal from Continuum Renewables to acquire all of the outstanding shares of common stock of Heliogen for cash consideration of 40c per share. The non-binding proposal states that CRI was co-founded by Bill Gross. Gross is the former CEO of Heliogen who was terminated by Heliogen in February. The non-binding proposal further states that CRI’s largest investors are Idealab Studio, an entity affiliated with Gross, and Prime Movers Lab, which collectively hold, directly or indirectly, approximately 26% of the company’s outstanding shares. The non-binding proposal is subject to various contingencies, including CRI obtaining financing. Since Gross’s separation, and as shared during the company’s March 28 earnings call, the company’s new leadership has taken measures to progress its strategic priorities of increasing sales, installing its first commercial project, and improving the company’s financial position. Consistent with its fiduciary duties, Heliogen’s board will carefully evaluate the non-binding proposal to determine the course of action that it believes is in the best interest of the Company and all Heliogen shareholders and respond appropriately.