Miami Beach, FL, Oct. 20, 2023 (GLOBE NEWSWIRE) -- Blink Charging Co. (Nasdaq: BLNK) (“Blink” or the “Company”), a leading manufacturer, owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced that it has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC). The filing of the shelf registration statement is intended to provide the Company with greater financial flexibility to access the capital markets in the future through the sale of securities if it becomes advantageous for the Company and its shareholders.
"As we continue to scale the business, we believe that it is good corporate governance to renew our shelf filing to provide financial flexibility as we scale our business and grow our network of chargers around the world as drivers continue to adopt EVs. In the United States alone, EVs represented about 8% of all new car sales this year and this number continues to climb. Blink’s fundamentals are strong and we remain committed and on track to achieving a positive adjusted EBITDA run rate by December 2024," said Brendan Jones, President and CEO of Blink Charging.
The shelf registration statement on Form S-3 has been filed with the SEC but has not yet become effective. The securities to be registered on the Form S-3 may not be sold nor may offers to buy be accepted prior to the time the Form S-3 registration statement becomes effective. If and when the shelf registration is declared effective, it will permit the Company to offer and sell, from time to time in one or more offerings, up to $400 million of common stock, preferred stock, debt securities, warrants to purchase any of these securities, rights to purchase common stock, preferred stock or debt securities, stock purchase contracts, units or any combination of such securities.
Any offering of securities under the registration statement will be made only by means of a prospectus supplement related to such offering and the accompanying prospectus included in the shelf registration. Blink currently expects that the net proceeds of any such future offerings of securities pursuant to the shelf registration statement would be used for general corporate purposes.
This press release shall not constitute an offer to sell nor the solicitation of an offer to buy the securities that are proposed to be registered on the Form S-3, nor shall there be any sale of such securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer of securities will occur solely by means of the prospectus included in the registration statement and one or more prospectus supplements that would be issued at the time of the offering.
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK), a global leader in electric vehicle (EV) charging equipment, has contracted, sold, or deployed nearly 78,000 charging ports worldwide, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of Blink’s charging locations. Blink’s principal line of products and services includes the Blink EV charging network (“Blink Network”), EV charging equipment, EV charging services, and the products and services of recent acquisitions, including SemaConnect, Blue Corner, BlueLA and Envoy. 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 half of passenger cars sold in the US by 2030, 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 may contain 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 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 our achieving a positive adjusted EBITDA run rate by December 2024 and other forward-looking risks 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 Investor Relations Contact
Vitalie Stelea
IR@BlinkCharging.com
305-521-0200 ext. 446
Blink Media Contact
Jon Myers
PR@BlinkCharging.com
305-521-0200 ext. 266
