Blink Charging Announces Closure of SEC Investigation with No Enforcement Action
Blink Charging (NASDAQ: BLNK) announced the closure of an SEC investigation that began in July 2023, with no enforcement action recommended against the company. The resolution of this matter eliminates associated legal expenses, contributing to reduced operating costs.
According to Aviv Hillo, Blink's General Counsel and EVP of M&A, this conclusion addresses a longstanding legacy issue. Mike Battaglia, COO and CEO Elect (effective February 1, 2025), emphasized that this development allows the company to focus on executing its core strategy and working toward profitability.
Blink Charging (NASDAQ: BLNK) ha annunciato la chiusura di un'indagine della SEC iniziata nel luglio 2023, senza raccomandazioni di azioni esecutive contro l'azienda. La risoluzione di questa questione elimina le spese legali associate, contribuendo alla riduzione dei costi operativi.
Secondo Aviv Hillo, Consigliere Generale e EVP di M&A di Blink, questa conclusione affronta un problema di lunga data. Mike Battaglia, COO e CEO Eletto (a partire dal 1 febbraio 2025), ha sottolineato che questo sviluppo consente all'azienda di concentrarsi sull'esecuzione della propria strategia principale e di lavorare verso la redditività.
Blink Charging (NASDAQ: BLNK) anunció el cierre de una investigación de la SEC que comenzó en julio de 2023, sin que se recomendaran acciones de cumplimiento contra la empresa. La resolución de este asunto elimina los gastos legales asociados, lo que contribuye a la reducción de costos operativos.
Según Aviv Hillo, Consejero General y EVP de M&A de Blink, esta conclusión aborda un problema heredado de larga data. Mike Battaglia, COO y CEO Electo (efectivo a partir del 1 de febrero de 2025), enfatizó que este desarrollo permite a la empresa centrarse en ejecutar su estrategia principal y trabajar hacia la rentabilidad.
Blink Charging (NASDAQ: BLNK)는 2023년 7월에 시작된 SEC 조사 종료를 발표했으며, 회사에 대한 강제 조치가 추천되지 않았습니다. 이 문제의 해결은 관련 법적 비용을 제거하여 운영 비용 절감에 기여합니다.
Aviv Hillo Blink의 법률 고문이자 M&A의 EVP에 따르면, 이 결론은 오랜 과제를 해결하는 것입니다. Mike Battaglia COO 겸 CEO 예정자(2025년 2월 1일 효력 발생)는 이 발전이 회사가 핵심 전략을 실행하고 수익성 목표를 향해 나아가는 데 집중할 수 있게 해준다고 강조했습니다.
Blink Charging (NASDAQ: BLNK) a annoncé la clôture d'une enquête de la SEC débutée en juillet 2023, sans recommandation d'action contre l'entreprise. La résolution de cette affaire supprime les frais juridiques associés, contribuant ainsi à la réduction des coûts d'exploitation.
Selon Aviv Hillo, conseiller juridique général et EVP de M&A chez Blink, cette conclusion traite d'un problème hérité de longue date. Mike Battaglia, COO et PDG élu (à compter du 1er février 2025), a souligné que ce développement permet à l'entreprise de se concentrer sur l'exécution de sa stratégie de base et de travailler vers la rentabilité.
Blink Charging (NASDAQ: BLNK) gab die Schließung einer SEC-Untersuchung bekannt, die im Juli 2023 begann, ohne dass gegen das Unternehmen eine Durchsetzungsmaßnahme empfohlen wurde. Die Lösung dieser Angelegenheit beseitigt damit verbundene Rechtskosten und trägt zur Reduzierung der Betriebskosten bei.
Laut Aviv Hillo, dem General Counsel und EVP für M&A von Blink, behandelt dieser Abschluss ein langjähriges Erbe-Problem. Mike Battaglia, COO und CEO-Elekt (wirksam ab dem 1. Februar 2025), betonte, dass diese Entwicklung es dem Unternehmen ermöglicht, sich auf die Umsetzung seiner Kernstrategie und die Erreichung der Rentabilität zu konzentrieren.
- SEC investigation concluded with no enforcement action
- Reduction in legal expenses and operating costs
- Management can refocus on core business strategy
- Company was under SEC investigation since July 2023
Insights
The SEC's decision to close its investigation without enforcement action is a major legal victory for Blink Charging. The investigation, which began in July 2023, created significant regulatory uncertainty and legal exposure. The closure eliminates potential monetary penalties, mandatory business practice changes and reputational damage that could have resulted from enforcement actions.
Beyond the immediate legal implications, this development has three key business impacts: 1) Reduction in legal expenses will improve the company's cost structure, 2) Removal of regulatory overhang may ease access to capital markets and business partnerships and 3) Management can redirect focus from compliance defense to strategic initiatives.
For a small-cap company with a market capitalization of
The resolution of the SEC investigation represents a significant de-risking event for Blink Charging's financial outlook. The immediate benefit is the elimination of legal expenses, which is important given the company's focus on cost reduction and path to profitability. The company's small market cap of
This development could catalyze multiple positive outcomes:
- Improved investor confidence and potentially lower cost of capital
- Enhanced ability to pursue strategic partnerships without regulatory concerns
- Reduced compliance and documentation burden on management
Bowie, Maryland, Jan. 21, 2025 (GLOBE NEWSWIRE) -- Blink Charging Co. (“Blink” or the “Company”) (Nasdaq: BLNK), a leading owner, operator, provider, and manufacturer of electric vehicle (“EV”) charging equipment and services, today announced that it received written notice from the Securities and Exchange Commission (“SEC”) that the SEC has concluded the previously disclosed investigation of the Company, and the SEC does not intend to recommend an enforcement action against the Company.
“We are pleased to move forward from this longstanding legacy issue, which started in July 2023,” said Aviv Hillo, Blink’s General Counsel and Executive Vice President of Mergers & Acquisitions. “Concluding this SEC matter not only provides closure but also eliminates a source of legal expense, contributing to a further reduction in our operating costs.”
“The closure of this matter represents another milestone for Blink as our collective team works to build a world-class organization serving our customers across the globe,” said Mike Battaglia, Blink’s current Chief Operating Officer and CEO Elect (effective February 1, 2025). “Resolving this issue allows the company to further focus on executing our core strategy and march toward profitability.”
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK) is a global leader in electric vehicle (“EV”) charging equipment and services, enabling drivers, hosts, and fleets to easily transition to electric transportation through innovative charging solutions. Blink’s principal line of products and services include Blink’s EV charging networks (“Blink Networks”), EV charging equipment, and EV charging services. Blink Networks use proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. Blink has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs.
For more information, please visit https://blinkcharging.com/.
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. These statements include statements regarding the intent, belief, or current expectations of Blink 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 the possibility that its planned cost reduction actions will not result in the operational efficiencies as anticipated by management and the risk factors described in Blink’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 federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
Blink Investor Relations Contact
Vitalie Stelea
IR@BlinkCharging.com
305-521-0200 ext. 446
Blink Media Contact
Nipunika Coe
PR@BlinkCharging.com
305-521-0200 ext. 266
FAQ
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