The New York Stock Exchange (NYSE) has determined to commence proceedings to delist the warrants of ESS Tech, Inc. due to abnormally low selling prices. Trading in the warrants, which trade under the ticker symbol GWH.W, has been suspended immediately. The exchange cited Section 802.01D of the Listed Company Manual as the basis for the determination, stating the securities are no longer suitable for listing.

NYSE Regulation staff concluded that the warrants, exercisable for one share of common stock at $172.50 per 15 warrants, failed to maintain appropriate pricing levels. While the warrants are being removed, trading in the company’s common stock under the symbol GWH will continue on the NYSE without interruption.

ESS Tech, Inc. retains the right to request a review of this determination by a Committee of the Board of Directors of the Exchange. If the company does not appeal, or if the appeal is unsuccessful, the NYSE will apply to the U.S. Securities and Exchange Commission to complete the delisting process following all applicable procedures.

Key Details of the Delisting

ESS Tech, Inc. has been added to the Russell Microcap Index, effective upon the U.S. market opening on June 29, as part of the first 2026 Russell indexes reconstitution. This inclusion expands the company's visibility among institutional investors and validates its strategic focus on non-lithium energy storage solutions. The company is accelerating development of its U.S.-made sodium-ion battery platform to meet demand from AI infrastructure and data centers, with early-stage opportunities approaching $1 billion.

Drew Buckley, CEO of ESS, stated that the addition comes at a pivotal moment as the company advances its iron flow technology for long-duration applications. The Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12.2 trillion in assets are benchmarked against the Russell U.S. Indexes as of the end of June 2025.

The June reconstitution captures up to the 4,000 largest U.S. stocks as of April 30, ranked by total market capitalization. Membership in the Russell 3000 Index is re-evaluated twice per year and includes automatic additions to the large-cap Russell 1000 Index or small-cap Russell 2000 Index. FTSE Russell determines membership primarily by objective, market-capitalization rankings and style attributes.

ESS Tech, Inc. is a provider of non-lithium energy storage solutions established in 2011. The company focuses on accelerating decarbonization through longer-lasting energy storage using easy-to-source materials. Its solutions aim to enable energy security, reliability, and resilience for customers facing increasing energy demand.

Key Details

The company continues to advance its iron flow technology while pursuing opportunities in high-growth markets. Inclusion in the Russell Microcap Index is expected to enhance ESS's profile with institutional investors as it seeks to deliver long-term value for shareholders.