Key Summary: On May 23, 2024, Galloway Capital Partners (6.41%) sent a letter to the Chairperson of the Board and CEO of the company expressing disappointment with the stock performance and undervaluation since its SPAC merger. On February 13, 2023, Prime Movers Lab Fund criticized Bill Gross's termination and Christiana Obiaya's CEO appointment. Bill Gross disagreed with his removal. CRI proposed an acquisition on April 13 but withdrew on July 5. Prime Movers reiterated concerns on July 6.Market Cap: $13 million | Heliogen, Inc., a renewable energy technology company, operates in decarbonizing industry with concentrated sunlight.
On May 23, 2024, Galloway Capital Partners (6.41%) sent a letter to the Chairperson of the Board and CEO of the company expressing disappointment with the stock performance and undervaluation since its SPAC merger. They highlighted the company's advancements in AI-assisted solar technology and clean hydrogen, supported retaining an advisor for strategic joint ventures, and suggested utilizing a $500 million net operating loss carryforward. They offered their expertise to enhance shareholder value and requested a meeting to discuss further actions.
Past
On February 13, 2023, Prime Movers Lab Fund (12.5%) expressed its disappointment that the company's Founder, Chairman and CEO, Bill Gross, was terminated by the board and that the board had appointed the company’s then-serving CFO, Christiana Obiaya, as the CEO despite her not having any prior CEO experience. They believe that shareholder representation is desperately needed in the boardroom following Mr. Gross’s departure and they have been engaging in discussions with the board about such representation. Source
On February 16, 2023, William Gross, Idealab, Idealab Holdings and Continuum Renewables, Inc., a Delaware corporation (“CRI”) (13.4%) stated that effective February 5, 2023, he no longer serves as the CEO of the company and as a member of the Board. He expressed his disagreement with the decision of the board with respect to certain changes in management of the company. Source
On April 13, 2023, CRI delivered a letter to the Board setting forth a proposal to acquire the company for a purchase price of $0.40 per share of Common Stock in cash.
On April 13, 2023, Prime Movers Lab Fund stated that it may be deemed to have formed a “group,” with CRI. Source
On July 5, 2023, CRI announced that it would no longer proceed with its plan to acquire the company's outstanding capital stock, including the Proposal outlined in their letter to the Board on April 13, 2023.
On July 6, 2023, Prime Movers Lab Fund (8.6%) expressed its concerns with the appointment of Christiana Obiaya, as the company's CEO despite Ms. Obiaya not having any prior CEO experience. Further, it engaged in discussions with the Board about shareholder representation in the boardroom. Source
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