The gap in yields between stock and bonds has narrowed substantially since the COVID-19 crisis and is now relatively low. stocks, by contrast, has a dividend yield of only about 1.7% and a cyclically adjusted earnings yield close to 4%. Investors can also lock in attractive real (inflation-adjusted) yields with 10-year and 30-year Treasury inflation protected securities (TIPS) close to 1.5%. investment grade corporate bonds yield almost 6%, have little refinancing risk and are relatively insulated from an economic downturn. But after a sharp increase in bond yields this year, new and potentially less risky alternatives are emerging in fixed income: U.S. 30-year Treasury bonds has reached new peak levels this year, much above those during the tech bubble. In fact, equities have materially outperformed bonds since 2008 and especially since the COVID-19 crisis - the relative performance of the S&P 500 Index versus U.S. For additional information, please visit: central banks ratchet up interest rates to contain inflation, high-grade bonds are starting to give stocks a run for their money, according to Goldman Sachs Research’s 2023 Outlook for Asset Allocation.īond yields trended down following the global financial crisis, making stocks seem like almost the only choice for investors seeking attractive returns. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use, Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers. The company’s proprietary gravity-based energy storage technology and energy storage management and integration platform are intended to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. The Board of Directors unanimously approved the voluntary Lock-up Extension.Įnergy Vault develops and deploys sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. This is our mission at Energy Vault and we remain focused on continuing to deliver on our commitments to our customers and shareholders.” “While we live in a world in which uncertainty abounds, one thing that we are completely certain about is the need to decarbonize our planet and at a speed much faster than previously thought to preserve a bright future for generations to come. “Today’s announcement demonstrates the confidence the entire management team and I have in our long-term growth strategy while further tightening the alignment of the Company with all of our investors and stakeholders,” said Robert Piconi, Chairman and Chief Executive Officer of Energy Vault. Additionally, shares can be released in equal one-third increments if Energy Vault’s stock trades above designated price thresholds ($15.00, $17.50 and $20.00 per share), for 20 trading days within a 30 trading day period. Under the Lock-up Extension, these transfer restrictions will be released to the extent that the subject shares would have vested over time. In addition, Robert Piconi, Chairman and Chief Executive Officer of Energy Vault agreed to a Lock-up Extension, subjecting 100% of his accelerated shares (approximately 4.9 million in total) to additional transfer restrictions that will expire in July 2025. The Lock-up Extension represents approximately 6.7 million shares held by senior officers and the Chairman and Chief Executive Officer, which in total represent approximately 5% of the outstanding shares of the Company.ġ00% of Energy Vault’s senior officers, whose shares previously vested on an accelerated basis, elected to participate in the voluntary Lock-up Extension which results in senior officer participants subjecting 50% of their accelerated shares (approximately 1.8 million shares) to additional transfer restrictions. When the Business Combination closed, 50% or more of shares underlying equity awards granted to certain senior officers of the Company vested on an accelerated basis. (NYSE: NRGV) ("Energy Vault" or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced that management and senior officers of the Company entered into new time and performance based Lock-up Agreements (“Lock-up Extension”) extending the lock-up deadlines as defined by the original lock-up agreements entered into on Februin connection with the closing of Energy Vault’s Business Combination. LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.-( BUSINESS WIRE)-Energy Vault Holdings, Inc.
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