Charge Enterprises shareholder Arena urges board to address underperformance

Arena Investors, which identifies itself as an institutional asset manager that, together with investment funds managed by it, is “one of the largest beneficial owners of Charge Enterprises,” announced in a press release that it sent a letter to the board of directors of Charge. “The purpose of the letter is to urge the Board of Directors of Charge to take clear steps towards improving Charge’s current corporate management and operations, with the goal of remedying Charge’s dramatic underperformance, including an approximately 78% decline in Charge’s stock price in the past year. Arena is confident that, with better strategic direction and significantly improved leadership and corporate governance, the company can deliver strong profitability and growth while driving much needed expansion in electric vehicle charging infrastructure, delivering value for shareholders and benefits for customers, drivers and the environment. However, the current Board of Directors and management of Charge have failed to take immediate actions to address these issues despite Arena’s multiple attempts to engage on these matters constructively and privately over the past six months. Disappointingly, they appear to be a roadblock to the much needed changes that are required for Charge to reverse its disturbing trend of poor operational execution and stock performance. Arena and/or investment funds managed by it are the beneficial owners of approximately 9.99% of the outstanding common stock of Charge and the beneficial owner of other securities, which, upon 61 days’ notice, are convertible into an additional 10% of the outstanding common stock of Charge. Certain of Arena’s shares were recently included in a resale registration statement filed by Charge to fulfill Charge’s contractual obligation. However, Arena remains a committed long term investor in Charge,” the firm stated.