Arena Investors sends letter to Charge Enterprises seeking changes

Arena Investors said it sent a letter to the board of Charge Enterprise “to reiterate the urgent need for Charge to take decisive action to significantly enhance value for its shareholders.” In its letter, Arena outlined steps for Charge to take to “improve its corporate management and operations in order to reverse the current trend of poor performance, including an approximately 78% decline in Charge’s stock and a loss of approximately $346M in market capitalization in the past year. The fund says the entire board should be subject to annual elections and “immediately initiate an independent review of Charge’s corporate overhead and instill a culture of fiscal responsibility.” The letter adds, “As a long-term investor committed to realizing Charge’s vast potential, Arena is confident that through stronger leadership, a more well-balanced board, a sound financial basis, and a clear strategy with efficient execution, Charge can drive much needed expansion in electric vehicle charging infrastructure while delivering substantial value to shareholders and benefits for customers, drivers and the environment.”