Blink Charging Announces Pricing of its Public Offering of Common Stock for Gross Proceeds of $221.4 million
January 08 2021 - 7:00AM
Blink Charging Co. (the “Company” or “Blink”) (Nasdaq: BLNK,
BLNKW), a leading owner, operator and provider of electric vehicle
(EV) charging equipment and services, announced today the pricing
of its previously announced underwritten registered public offering
of 5,400,000 shares of its common stock at a public offering price
of $41.00 per share, for total gross proceeds of approximately
$221.4 million. The net proceeds, after underwriting discounts, but
before estimated expenses of the offering payable by Blink, are
expected to be approximately $211.4 million. All shares of common
stock to be sold in the offering will be sold by the Company,
except that certain selling stockholders, together with the
Company, will grant the underwriter for the offering a 30-day
option to purchase up to 15% of the shares of common stock in the
offering. The offering is expected to close on or about January 12,
2021, subject to the satisfaction of customary closing conditions.
Blink intends to use the net proceeds from the
proposed offering to supplement its operating cash flows to fund EV
charging station deployment and finance the costs of acquiring
competitive and complementary businesses, products and technologies
as a part of its growth strategy, and for working capital and
general corporate purposes.
Barclays is acting as the sole book-running
manager for the offering. H.C. Wainwright & Co., Roth Capital
Partners and ThinkEquity, a division of Fordham Financial
Management, Inc., are acting as co-managers for the offering.
The offering is being made pursuant to a shelf
registration statement on Form S-3 (No. 333-251919) filed with the
U.S. Securities and Exchange Commission (the “SEC”) on January 6,
2021, which became automatically effective. A preliminary
prospectus supplement and accompanying prospectus relating to and
describing the terms of the offering were filed with the SEC on
January 6, 2021 and may be obtained by visiting the SEC’s website
at www.sec.gov or by contacting Barclays, Attention:
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
New York 11717, telephone: (888) 603-5847, or by emailing
Barclaysprospectus@broadridge.com. The final terms of the offering
will be disclosed in a final prospectus supplement to be filed with
the SEC.
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) is a
leader in electric vehicle (EV) charging equipment and has deployed
over 23,000 charging stations, many of which are networked EV
charging stations, enabling EV drivers to easily charge at any of
the Company’s charging locations worldwide. Blink Charging’s
principal line of products and services include its Blink EV
charging network (“Blink Network”), EV charging equipment and EV
charging services. The Blink Network uses proprietary, cloud-based
software that operates, maintains and tracks the EV charging
stations connected to the network and the associated charging data.
With global EV purchases forecasted to rise to 10 million vehicles
by 2025 from approximately 2 million in 2019, the Company 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.
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, along with
terms such as “anticipate,” “expect,” “intend,” “may,” “will,”
“should” and 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 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 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 federal
securities law, Blink Charging undertakes no obligation to update
or revise forward-looking statements to reflect changed
conditions.
Blink Media
Contact PR@BlinkCharging.com
Blink Investor Relations
Contact IR@BlinkCharging.com(855) 313-8187
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