Proceeds Will Be Used to Fuel Expansion of Footprint and to Launch New Products
Miami Beach, Florida, May 25, 2018 (GLOBE NEWSWIRE) — Blink Charging Co. (NASDAQ: BLNK, BLNKW) (“Blink Charging” or the “Company”) a leading owner, operator and provider of electric vehicle (EV) charging services announced today that it has raised over $15 million in proceeds from holders exercising and the Company issuing 3,655,143 common stock purchase warrants, exercised at $4.25 a share. The warrants were issued as part of the units sold in the Company’s public offering which closed on February 16, 2018.
The proceeds from the warrant exercises will be used to continue Blink’s nationwide growth and expansion into markets with high EV demand.
“We began a new stage of growth with our public offering on Nasdaq last February. We believe Blink Charging is now on course to bring charging stations to EV drivers no matter where they are,” said Michael D. Farkas, Founder and Executive Chairman of Blink Charging Co. “Our goal remains to remove the single largest hurdle for EV drivers —accessibility of charging stations — by offering favorable business models for commercial property owners and municipalities. We have decreased our liabilities and increased our assets and charging service revenues and we believe the exercise of these warrants will fuel our rapid growth trajectory.”
About Blink Charging
Blink Charging (NASDAQ: BLNK, BLNKW) is one of the leaders in nationwide public electric vehicle (EV) charging equipment and services, enabling EV drivers to easily charge at locations throughout the United States. Headquartered in Florida with offices in Arizona and California, Blink Charging’s business is designed to accelerate EV adoption.
Blink Charging offers EV charging equipment and connectivity to the Blink Network, a cloud-based software that operates, manages, and tracks the Blink EV charging stations and all the associated data. Blink Charging also owns and operates EV charging equipment predominantly under the Blink brand, as well as using a number of other charging station equipment manufacturers such as ChargePoint, General Electric (GE) and SemaConnect. Blink Charging has strategic property partners across multiple business sectors including multifamily residential and commercial properties, airports, colleges, municipalities, parking garages, shopping malls, retail parking, schools, and workplaces.
For more information about Blink Charging, please visit BlinkCharging.com
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. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Those statements include statements regarding the intent, belief or current expectations of Blink Charging Co., 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, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
*The Company’s audited financial results appear in the Company’s Annual Report on Form 10-K which was filed with the SEC on April 17, 2018.