Stem Launches $30M "At-The-Market" Common Stock Offering Through Jefferies LLC

Jefferies LLC (the "Agent"), as sales agent and/or principal, providing for an "at-the-market" equity offering program pursuant to which the Company may issue and sell from time to time shares of its common stock, par value $0.0001 per share, having an aggregate offering price of up to $30,000,000 (the "Shares") to or through the Agent in ordinary brokers' transactions on the NYSE or otherwise, at market prices prevailing at the time of sale, in block transactions, in negotiated transactions, in any matter permitted by applicable law or as otherwise agreed with the Agent.

Subject to the terms and conditions of the Sales Agreement, the Agent will use commercially reasonable efforts consistent with its normal trading and sales practices to sell the Shares from time to time, based upon the Company's instructions (including any price or size limits the Company may impose). The Company has no obligation to sell any of the Shares, and may at any time suspend sales under the Sales Agreement or terminate the Sales Agreement in accordance with its terms. The Sales Agreement contains representations, warranties and covenants that are customary for transactions of this type. The Company has provided the Agent with customary indemnification rights.

The Company will pay the Agent a commission of up to 3.0% of the gross proceeds of any Shares sold pursuant to the Sales Agreement.

The description of the Sales Agreement set forth herein does not purport to be complete and is qualified in its entirety by reference to the full text thereof, which is attached hereto as Exhibit 1 and incorporated by reference herein.