Zeo Energy Corp.
Filed Oct 28, 2025.
View on SEC.govAbout this filing
A company's registration of shares for sale to the public, often for a first offering. It describes the business, its risks and how the company plans to use the money.
period unavailable · Filed Oct 28, 2025
Contents
Cover page
Show cover page
As filed with the Securities and Exchange Commission on October 28, 2025
Registration No. 333-[ ]
**UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
**FORMS-1
REGISTRATION STATEMENT
*UNDER
THE SECURITIES ACT OF 1933*
**(Exact name of registrant as specified in its charter)
| Delaware | 4931 | 001-40927 |
|---|---|---|
| (State or other jurisdiction of incorporation or organization) | (Primary Standard Industrial Classification Code Number) | (I.R.S. Employer Identification Number) |
**7625 Little Rd, Suite 200A
New Port Richey, FL 34654
(727) 375-9375
**(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
**Timothy Bridgewater, Chief Executive Officer
7625 Little Rd, Suite 200A
New Port Richey, FL 34654
(727) 375-9375
**(Name, address, including zip code, and telephone number, including area code, of agent for service)
***Copies to:
*Stuart Neuhauser, Esq.
Scott Miller, Esq.
Ellenoff Grossman & Schole LLP
1345 Avenue of the Americas
New York, NY 10105
Tel: (212) 370-1300
Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. ☐
| Large accelerated filer: | ☐ | Accelerated filer: | ☐ |
|---|---|---|---|
| Non-accelerated filer: | ☒ | Smaller reporting company: | ☒ |
| 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 7(a)(2)(B) of the Securities Act.☐
Rule 429 Statement
Pursuant to Rule 429 under the Securities Act, the prospectus contained in this Registration Statement on Form S-1 (referred to herein as the Registration Statement) will be used as a combined prospectus in connection with this Registration Statement and the registrant’s Registration Statement on Form S-4 (File No. 333-274551) that was originally declared effective by the Securities and Exchange Commission on February 13, 2024 (as amended, the “S-4”) and Registration Statement on Form S-1 (File No. 333- 278769) that was originally declared effective by the Securities and Exchange Commission on May 31, 2024 (as amended, the “Prior S-1”). Accordingly, this Registration Statement also constitutes Post-Effective Amendment No. 3 on Form S-4 to the S-4 and Post-Effective Amendment No. 4 on Form S-1 to the Prior S-1. Such Post-Effective Amendments will become effective concurrently with the effectiveness of this Registration Statement accordance with Section 8(c) of the Securities Act.
The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.
EXPLANATORY NOTE
Zeo Energy Corp., a Delaware corporation (the “Company”), initially filed the Prior S-1 with the Securities and Exchange Commission (“SEC”) on April 17, 2024, as amended on May 23, 2024, which was declared effective by the SEC on May 31, 2024 and subsequently amended by Post-Effective Amendment No. 1 to the Registration Statement on S-1 filed with SEC on September 27, 2024, and declared effective by the SEC on October 1, 2024 (“Post-Effective Amendment No. 1 to the Prior S-1”), which was then amended by Post-Effective Amendment No. 2 to the Registration Statement on Form S-1 filed with the SEC on February 7, 2025, and declared effective by the SEC on February 11, 2025 (“Post-Effective Amendment No. 2 to Prior S-1”), then further amended by Post-Effective Amendment No. 3 to the Registration Statement on Form S-1 filed with the SEC on July 22, 2025, and declared effective by the SEC on July 29, 2025 (“Post Effective Amendment No. 3 to Prior S-1”), and which was supplemented by a Prospectus Supplement filed with the SEC on August 21, 2025. together with the Prior S-1, Post-Effective Amendment No. 1, Post Effective Amendment No. 2 and Post-Effective Amendment No. 3, the “Prior S-1, as Amended and Supplemented”). The Company had previously filed a registration statement on Form S-4 (File No. 333-274551) that was originally declared effective by SEC on February 13, 2024 (as amended, the “S-4”).
Pursuant to Rule 429 under the Securities Act the prospectus included in this registration statement is a combined prospectus and also relates to all the securities registered for resale and remaining unsold under the Prior S-1, as Amended and Supplemented. Accordingly, this registration statement, which is a new registration statement also constitutes Post-Effective Amendment No. 4 to the Prior S-1, as Amended and Supplemented and Supplemented and Post-Effective Amendment No. 3 to the S-4, which shall hereafter become effective concurrently with the effectiveness of this registration statement.
Consequently, the prospectus in this registration statement is a combined prospectus for (i) 40,118,434 shares of Class A Common Stock remaining for resale under the Prior S-1, as Amended and Supplemented; (ii) 1,851,851 shares of Class A Common Stock issued to LHX (as defined below) as partial repayment of the Lumio Promissory Note (as defined below), (iii) 677,711 shares of Class A Common Stock issued to Piper Sandler, and (iv) 8,080,000 shares of Class A Common Stock issued to LHX as compensation for the Lumio Assets.
The Company previously paid a registration fee of $31,206.20 in connection with the filing of the Prior S-1, as Amended and Supplemented. The Company is paying concurrently herewith the registration fee of $2,827.80 in connection with the registration of 10,609,562 shares of Common Stock.
The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
**Subject to Completion
Preliminary Prospectus dated October 28, 2025.
50,727,996 Shares of Class A Common
This prospectus also relates to the resale from time to time by the selling securityholders (including their transferees, donees, pledgees and other successors-in-interest) named in this prospectus (the “selling securityholders”) of up to 50,727,996 shares of Class A Common Stock, which includes:
| ● | 1,851,851 shares of Class A Common Stock issued to LHX as partial repayment of the Lumio Promissory Note (as defined below). The shares were issued pursuant to the terms of the Lumio Promissory Note, in satisfaction of $2.5 million of the total outstanding principal amount at a $1.35 per share conversion price; |
| ● | 677,711 shares of Class A Common Stock issued to Piper Sandler & Co. (“Piper Sandler”) at an equity consideration value of $2.49 per share, 50% of which will be subject to lock up as described below; |
| ● | 8,080,000 shares of Class A Common Stock issued to LHX as compensation for the Lumio Assets. |
| ● | 4,000,004 outstanding shares of Class A Common Stock issued to the Sponsor and certain former holders of ESGEN Class B ordinary shares, issued to such holders at an equity consideration value of $10.00 per share; |
| ● | 50,000 outstanding shares of Class A Common Stock issued to Piper Sandler & Co. at an equity consideration value of $5.00 per share; |
| ● | 1,838,430 shares of Class A Common Stock issuable upon exchange of an equivalent number of Convertible OpCo Preferred Units and Class V Common Stock issued to the Sponsor pursuant to the Sponsor Subscription Agreement at an equity consideration value of $10.00 per share; |
| ● | 33,730,000 shares of Class A Common Stock issuable upon exchange of an equivalent number of Exchangeable OpCo Units and Class V Common Stock issued to the Sellers pursuant to the Business Combination Agreement at an equity consideration value of $10.00 per share; and |
| ● | 500,000 shares of Class A Common Stock issuable to Sun Managers, LLC upon potential forfeiture of an equivalent number of shares of Class A Common Stock previously issued to Sponsor and certain former holders of ESGEN Class B ordinary shares at an equity consideration value of $10.00 per share. |
The selling securityholders can sell, under this prospectus, up to 50,727,996 shares of our Class A Common Stock, constituting more than 92% of our outstanding shares of Common Stock as of September 30, 2025, based on 55,000,369 shares of Class A Common Stock issued and outstanding and assuming the conversion of all 24,480,000 shares of Class V Common Stock issued and outstanding into 24,480,000 shares of Class A Common Stock. Sales of a substantial number of our shares of Class A Common Stock in the public market by the selling securityholders and/or by our other existing securityholders, or the perception that those sales might occur, could increase the volatility of and cause a significant decline in the market price of our securities and could impair our ability to raise capital through the sale of additional equity securities. See “Risk Factors — Sales of a substantial number of our securities in the public market by the selling securityholders and/or by our existing securityholders could cause the price of our shares of Class A Common Stock and Warrants to fall.”
All the securities offered in this prospectus by the selling securityholders may be resold for so long as the registration statement, of which this prospectus forms a part, is available for use. The sale of all or a portion of the securities being offered in this prospectus could result in a significant decline in the public trading price of our securities. Despite such a decline in the public trading price, some of the selling securityholders may still experience a positive rate of return on the securities they purchased due to the price at which such selling securityholder initially purchased the securities.
We are registering the securities for resale pursuant to the selling securityholders’ registration rights under certain agreements between us, on the one hand, and the selling securityholders, on the other hand. Our registration of the securities covered by this prospectus does not mean that the selling securityholders will offer or sell any of the securities registered for resale.
We are not selling any shares of Class A Common Stock under this prospectus and will not receive any of the proceeds from the sale or other disposition of the shares of Class A Common Stock by the selling shareholders. We will bear all costs, expenses, and fees in connection with the registration of the shares of Class A Common Stock. The selling securityholders may offer, sell or distribute all or a portion of their shares of Class A Common Stock publicly or through private transactions at prevailing market prices or at negotiated prices. The selling securityholders will bear all commissions and discounts, if any, attributable to their respective sales of the shares of Class A Common Stock. We provide more information about how the selling securityholders may sell the shares of Class A Common Stock in the section titled “Plan of Distribution.” Our shares of Class A Common Stock and Warrants are listed on the Nasdaq Stock Market LLC (“Nasdaq”) under the symbols “ZEO” and “ZEOWW” respectively. On September 30, 2025, the closing price of our Class A Common Stock was $1.35 per share and the closing price for our Warrants was $0.055 per warrant.
We are an “emerging growth company” and a “smaller reporting company” under the federal securities laws and will be subject to reduced disclosure and public reporting requirements. See “Summary — Emerging Growth Company”and“Summary — Smaller Reporting Company.”
Investing in shares of our securities involves risks that are described in the “Risk Factors” section beginning on page 10 of this prospectus.
Neither the U.S. Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of the securities to be issued under this prospectus or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is , 2025.
TABLE OF CONTENTS
| Page | |
|---|---|
| ABOUT THIS PROSPECTUS | ii |
| INDUSTRY AND MARKET DATA | iii |
| TRADEMARKS | iii |
| FREQUENTLY USED TERMS AND BASIS OF PRESENTATION | iv |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS | ix |
| SUMMARY | 1 |
| THE OFFERING | 9 |
| RISK FACTORS | 10 |
| USE OF PROCEEDS | 55 |
| DETERMINATION OF OFFERING PRICE | 56 |
| MARKET INFORMATION FOR COMMON STOCK AND DIVIDEND POLICY | 57 |
| UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS | 58 |
| BUSINESS | 68 |
| MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 82 |
| EXECUTIVE AND DIRECTOR COMPENSATION | 96 |
| MANAGEMENT | 107 |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | 112 |
| CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS | 114 |
| SELLING SECURITYHOLDERS | 118 |
| DESCRIPTION OF SECURITIES | 121 |
| RESTRICTIONS ON RESALE OF COMMON STOCK | 133 |
| PLAN OF DISTRIBUTION | 134 |
| MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS | 137 |
| EXPERTS | 141 |
| LEGAL MATTERS | 141 |
| WHERE YOU CAN FIND MORE INFORMATION | 141 |
| INDEX TO FINANCIAL STATEMENTS | F-1 |
i
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.