ESS Tech warrants face NYSE delisting

ESS Tech, Inc. reported that the New York Stock Exchange plans to delist its publicly traded warrants and has already suspended their trading.

Rhea-AI Filing Summary

ESS Tech, Inc. reported that the New York Stock Exchange plans to delist its publicly traded warrants and has already suspended their trading. On June 30, 2026, the NYSE notified the company that the Public Warrants trading under symbol GWH.W were being suspended and delisting proceedings would begin due to "abnormally low" trading price levels under Section 802.01D of the NYSE Listed Company Manual. Each fifteen Public Warrants is exercisable for one share of common stock at an exercise price of $172.50 per share. The company’s common stock, trading under symbol GWH, remains listed on the NYSE and continues trading, subject to compliance with other continued listing requirements.

Positive

• None.

Negative

• NYSE delisting and suspension of public warrants – The New York Stock Exchange has suspended trading in ESS Tech’s Public Warrants (GWH.W) and begun delisting proceedings due to "abnormally low" trading price levels, which is adverse for warrant liquidity and pricing.

Insights

Equity & Listings Analyst

NYSE is delisting ESS Tech’s public warrants while common shares remain listed.

The NYSE determined that ESS Tech’s publicly traded warrants no longer meet its standards because of "abnormally low" trading price levels under Section 802.01D. Trading in the GWH.W warrants has been suspended while the exchange starts formal delisting proceedings.

Each fifteen Public Warrants gives the right to buy one share of common stock at $172.50 per share, so warrant holders primarily lose exchange liquidity and pricing transparency. The company’s common stock under the symbol GWH continues to trade on the NYSE, so the impact focuses on warrant investors rather than common shareholders.

8-K Event Classification

Item 3.01 — Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

1 item

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing Securities

The company received a delisting notice, failed to satisfy a continued-listing rule or standard, or transferred its listing.

Key Figures

Warrant exercise structure: 15 Public Warrants per 1 common share Warrant exercise price: $172.50 per share Listing status: GWH.W to be delisted +3 more

6 metrics

Warrant exercise structure 15 Public Warrants per 1 common share Each fifteen Public Warrants exercisable for one share

Warrant exercise price $172.50 per share Exercise price for one common share via warrants

Listing status GWH.W to be delisted NYSE commencing delisting proceedings for Public Warrants

Trading suspension Immediate suspension NYSE suspended trading of Public Warrants GWH.W

Common stock listing GWH remains on NYSE Common stock continues trading, subject to listing rules

Notification date June 30, 2026 Date NYSE notified ESS Tech of warrant delisting

Key Terms

Public Warrants, Section 802.01D, continued listing requirements, Emerging growth company, +1 more

5 terms

Public Warrants financial

"the NYSE notified ESS Tech, Inc. that it has determined to commence proceedings to delist the Company’s Public Warrants"

Public warrants are tradable securities that give the holder the right to buy a company’s stock at a fixed price before a set expiration date. Like a coupon that lets you purchase shares later at a preset price, they matter to investors because using them can bring new cash into the company but also increase the total number of shares outstanding, which can dilute existing ownership and influence the stock’s price and potential gains.

Section 802.01D regulatory

"suspend trading of the Public Warrants due to "abnormally low" trading price levels pursuant to Section 802.01D of the NYSE Listed Company Manual"

continued listing requirements regulatory

"Trading in the Company’s common stock will be unaffected and will continue on the NYSE under the symbol "GWH," subject to the Company's continued compliance with the NYSE’s other continued listing requirements"

Rules a stock exchange sets that a publicly traded company must keep meeting to stay listed and tradable on that exchange, such as minimum share price, market value, timely financial reports, and basic governance practices. Like a club’s membership rules, they matter because falling short can lead to warnings, penalties or removal from the exchange, which can cut liquidity, hurt share value and increase the risk for investors.

Emerging growth company regulatory

"Emerging growth company"

An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

exercise price financial

"each fifteen Public Warrants is exercisable for one share of the Company’s common stock at a price of $172.50 per share"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did ESS Tech (GWH) disclose about its NYSE-listed warrants?

ESS Tech disclosed that the NYSE will delist its Public Warrants and has already suspended their trading due to "abnormally low" price levels, while the company’s common stock remains listed and continues trading under the symbol GWH.

Which ESS Tech security is affected by the NYSE delisting action?

The NYSE action affects ESS Tech’s Public Warrants trading under the symbol GWH.W. The exchange plans to delist these warrants and has suspended trading, but ESS Tech’s common stock under the symbol GWH is not affected by this decision.

Why is the NYSE delisting ESS Tech’s Public Warrants (GWH.W)?

The NYSE determined that ESS Tech’s Public Warrants trade at "abnormally low" price levels under Section 802.01D of its Listed Company Manual. Based on this standard, the exchange decided to commence delisting proceedings and immediately suspend warrant trading.

Are ESS Tech’s common shares impacted by the NYSE warrant delisting?

ESS Tech stated that its common stock is unaffected by the warrant delisting. The common shares continue to trade on the NYSE under the symbol GWH, subject to the company’s ongoing compliance with the exchange’s continued listing requirements.

What are the terms of ESS Tech’s Public Warrants being delisted?

Each block of fifteen ESS Tech Public Warrants is exercisable for one share of common stock at an exercise price of $172.50 per share. These warrants, listed as GWH.W, are the instruments the NYSE is suspending and moving to delist.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/01/2026 - 04:15 PM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): June 30, 2026

ESS TECH, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware

001-39525

98-1550150

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification Number)

26440 SW Parkway Ave., Bldg. 83 Wilsonville, Oregon						97070
(Address of principal executive offices)						(Zip code)

(855) 423-9920

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

GWH

The New York Stock Exchange

Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $172.50

GWH.W

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 3.01     Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On June 30, 2026, the New York Stock Exchange (the “NYSE”) notified ESS Tech, Inc. (the “Company”), and, on July 1, 2026, the NYSE publicly announced that it has determined to (a) commence proceedings to delist the Company’s Public Warrants which were previously issued in connection with ACON S2 Acquisition Corp.’s initial public offering (the “Public Warrants”) (each fifteen Public Warrants is exercisable for one share of the Company’s common stock at a price of $172.50 per share) and listed to trade on the NYSE under the symbol “GWH.W” and (b) immediately suspend trading of the Public Warrants due to “abnormally low” trading price levels pursuant to Section 802.01D of the NYSE Listed Company Manual.

Trading in the Company’s common stock will be unaffected and will continue on the NYSE under the symbol “GWH,” subject to the Company's continued compliance with the NYSE’s other continued listing requirements.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Dated: July 1, 2026

ESS TECH, INC.
By:			/s/ Kate Suhadolnik
Name:			Kate Suhadolnik
Title:			Chief Financial Officer

Filing Exhibits & Attachments

4 documents

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