Blink Charging Announces Closing of Public Offering of Common Stock for Gross Proceeds of $100 Million

Rhea-AI Summary

Blink Charging Co (Nasdaq: BLNK, BLNKW) has successfully closed its underwritten public offering, selling 8,333,333 shares of common stock at a price of $12.00 per share, generating gross proceeds of approximately $100 million. After underwriting discounts, the net proceeds are expected to be about $95 million. The funds will be used for deploying EV charging stations, acquiring competitive businesses, products, and technologies, as well as for general corporate purposes. Barclays acted as the sole book-running manager for the offering, with additional co-managers involved.

Positive

• Raised approximately $95 million for EV charging station deployments and strategic acquisitions.
• The offering supports Blink's growth strategy in the electric vehicle sector.

Negative

• Shareholder dilution due to significant stock offering.
• Potential market apprehension regarding future performance given the increase in shares.

MIAMI BEACH, FL, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Blink Charging Co. (the “Company” or “Blink”) (Nasdaq: BLNK, BLNKW), a global leading manufacturer, owner, operator and provider of electric vehicle (EV) charging equipment and networked EV charging services, today closed its previously announced underwritten registered public offering. In the offering, Blink sold 8,333,333 shares of its common stock at a public offering price of $12.00 per share, for total gross proceeds of approximately $100 million. In addition, the underwriters have a 30-day option to purchase up to an additional 1,249,999 shares of common stock from the Company at the public offering price, less the underwriting discounts and commissions. The total net proceeds, after underwriting discounts and commissions, but before estimated expenses of the offering payable by the Company, were approximately $95.0 million.

Blink intends to use the net proceeds from the offering to fund EV charging station deployments, to finance the costs of acquiring or investing in competitive and complementary businesses, products and technologies as a part of its growth strategy, and for working capital and other general corporate purposes.

Barclays acted as the sole book-running manager for the offering. H.C. Wainwright & Co., Roth Capital Partners and ThinkEquity acted as co-managers for the offering.

The offering was made pursuant to an effective shelf registration statement on Form S-3ASR (File No. 333-251919), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 6, 2021. A final prospectus supplement and accompanying prospectus relating to and describing the terms of the offering were filed with the SEC on February 8, 2023, and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained by contacting Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (888) 603-5847, or by emailing barclaysprospectus@broadridge.com.

This press release does not constitute an offer to sell or solicitation of an offer to buy any securities in the offering. Nor shall there be any sale of these securities in any state or jurisdiction in which such offering, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Blink Charging

Blink Charging Co. (Nasdaq: BLNK, BLNKW), a leader in electric vehicle (EV) charging equipment, has sold or deployed over 66,000 chargers, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of Blink’s charging locations worldwide. Blink’s principal line of products and services is its nationwide Blink EV charging networks (the “Blink Networks”) and Blink EV charging equipment, also known as electric vehicle supply equipment (“EVSE”), and other EV related services, and the products and services of recent acquisitions, including SemaConnect, EB Charging, Blue Corner and BlueLA.

Forward-Looking Statements

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or other comparable terms involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the use of proceeds from the offering, the intent, belief or current expectations of Blink Charging and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described under the caption “Risk Factors” and elsewhere in the prospectus relating to the offering, and in Blink Charging’s periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by U.S. federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

Blink Investor Relations Contact 
IR@BlinkCharging.com
855-313-8187

Blink Media Contact 
PR@BlinkCharging.com

FAQ

What was the size and price of the Blink Charging stock offering?

Blink Charging offered 8,333,333 shares at a public offering price of $12.00 per share.

How much net proceeds did Blink Charging achieve from the stock offering?

The net proceeds from the offering were approximately $95 million after underwriting discounts.

What will Blink Charging use the proceeds from its offering for?

The proceeds will fund EV charging station deployments, acquire competitive businesses, and for general corporate purposes.

Who managed the Blink Charging stock offering?

Barclays acted as the sole book-running manager, with H.C. Wainwright & Co., Roth Capital Partners, and ThinkEquity as co-managers.

What are the implications of the stock offering for Blink Charging shareholders?

The stock offering may lead to shareholder dilution, impacting existing shareholders.