Blink Charging Announces Closing of Public Offering of Common Stock for Total Gross Proceeds of $232.1 Million
January 12 2021 - 4:01PM
Blink Charging Co. (the “Company” or “Blink”) (Nasdaq: BLNK,
BLNKW), a leading owner, operator and provider of electric vehicle
(EV) charging equipment and services, today closed its previously
announced underwritten public offering. In the offering, Blink sold
5,400,000 shares of its common stock at a public offering price of
$41.00 per share, for gross proceeds of $221.4 million. The
underwriters also exercised their option in full to purchase an
additional 260,000 shares of common stock from the Company and
550,000 shares from the chief executive and one other officer of
the Company, resulting in additional gross proceeds of
approximately $10.7 million to the Company and $22.6 million to the
selling stockholders. The total net proceeds to the Company, after
underwriting discounts, but before estimated expenses of the
offering payable by the Company, were approximately $221.6 million.
Blink intends to use the net proceeds from the 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 acted as the lead book-running manager for the public
offering. H.C. Wainwright & Co., Roth Capital Partners and
ThinkEquity, a division of Fordham Financial Management, Inc.,
acted as co-managers for the offering.
The offering was made pursuant to a shelf registration statement on
Form S-3 (File No. 333-251919) filed with the U.S. Securities and
Exchange Commission (the “SEC”) on January 6, 2021, which became
automatically effective. A final prospectus supplement describing
the terms of the offering was filed with the SEC on January 8,
2021, 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,
Attention: Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717, telephone: (888) 603-5847, or by emailing
Barclaysprospectus@broadridge.com.
Olshan Frome Wolosky LLP served as counsel to Blink and Duane
Morris LLP represented the underwriters.
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. For more information about
Blink, please visit https://www.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, 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 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’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 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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