Shares of Blink Charging (NASDAQ: BLNK) slid in pre-market trading on Tuesday after the EV charging network provider priced its upsized public offering of 8.33 million shares at $12 per share, for total gross proceeds of around $100 million.
The company plans to sell all the shares in the offering and this is expected to close on or about February 9.
Blink expects to “use the net proceeds from the offering to fund EV charging station deployments, to finance the costs of acquiring or investing in competitive and complementary businesses, products and technologies as a part of its growth strategy, and for working capital and other general corporate purposes.”
BLNK stock has not performed well in the past year and has slid 30%.
