25 February 2026
DLA Piper advises initial purchasers in Energy Vault Holdings’ convertible senior notes offering
DLA Piper represented the initial purchasers, led by Jefferies LLC, Cantor Fitzgerald & Co., and Citigroup Global Markets Inc., in a US$140 million offering of 5.250 percent convertible senior notes by Energy Vault Holdings, Inc., a provider of sustainable, grid-scale energy storage solutions.
Proceeds from the offering were used to fund the capped call, refinance existing convertible notes, and for general company purposes. Energy Vault also gave initial note purchasers a 13-day option to buy up to an additional US$20 million in notes.
“Advising clients on these complex transactions is a core focus for our team, and we demonstrated our enhanced capabilities in this transaction,” said DLA Piper Partner Stephen Alicanti, who co-led the deal team with Partner Justin Michael.
“Convertible notes transactions require deep knowledge and precise execution, and we were pleased to support the initial purchasers in this transaction,” added Michael.
The deal team also included Partner Tom Levato and Associates Egzon Sulejmani (all New York), Minal Patel (Short Hills), and James Spaulding (Chicago).
DLA Piper enables issuers and underwriters to execute complex securities transactions throughout the world. We offer tactical approaches to financings across equity and debt capital markets, alternative public offerings (de-SPACs, reverse mergers, and direct listings), and other transformative corporate transactions. Lawyers in our Corporate Governance practice act as outside corporate and securities counsel to a wide range of reporting companies by guiding clients through securities offerings and nuanced disclosure, governance, and compliance matters under SEC, Nasdaq, and NYSE rules and regulations. Boards of directors turn to us to navigate complex transactions, special investigations, and challenging risk oversight matters. Please visit Capital Markets and Public Company Advisory and Market Edge.
Proceeds from the offering were used to fund the capped call, refinance existing convertible notes, and for general company purposes. Energy Vault also gave initial note purchasers a 13-day option to buy up to an additional US$20 million in notes.
“Advising clients on these complex transactions is a core focus for our team, and we demonstrated our enhanced capabilities in this transaction,” said DLA Piper Partner Stephen Alicanti, who co-led the deal team with Partner Justin Michael.
“Convertible notes transactions require deep knowledge and precise execution, and we were pleased to support the initial purchasers in this transaction,” added Michael.
The deal team also included Partner Tom Levato and Associates Egzon Sulejmani (all New York), Minal Patel (Short Hills), and James Spaulding (Chicago).
DLA Piper enables issuers and underwriters to execute complex securities transactions throughout the world. We offer tactical approaches to financings across equity and debt capital markets, alternative public offerings (de-SPACs, reverse mergers, and direct listings), and other transformative corporate transactions. Lawyers in our Corporate Governance practice act as outside corporate and securities counsel to a wide range of reporting companies by guiding clients through securities offerings and nuanced disclosure, governance, and compliance matters under SEC, Nasdaq, and NYSE rules and regulations. Boards of directors turn to us to navigate complex transactions, special investigations, and challenging risk oversight matters. Please visit Capital Markets and Public Company Advisory and Market Edge.