Energy Vault Holdings, Inc. NYSE: NRGV

Energy Vault Holdings, Inc. became publicly traded in February 2022 through a business combination with Novus Capital Corporation II, a special purpose acquisition company. Public warrants originally issued by Novus, entitling holders to purchase common stock at $11.50 per share, were assumed by Energy Vault as part of the transaction.

Investors contended that Energy Vault (as the successor to Novus) elected not to register the shares underlying the warrants on its Form S-4, despite having the ability and, they alleged, the obligation to do so. Energy Vault subsequently filed a separate Form S-1 registration in February 2022, then delayed its effectiveness over several months through repeated amendments, with the registration ultimately becoming effective in May 2022. Investors alleged this timing coincided with insider stock-price "earnout" targets tied to the business combination, and that the delay prevented warrant holders from exercising their warrants profitably during that period.

The firm, working in association with co-counsel, represented affected investors in pursuing claims arising from this dispute and achieved a successful recovery on their behalf.