Blink Charging Co. Closes $18,500,250 Public Offering and NASDAQ Listing
February 16, 2018 13:19 ET
Hollywood, Florida, Feb. 16, 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 the closing of its previously announced underwritten public offering of 4,353,000 units, each unit consisting of one share of common stock and two warrants each to purchase one share of common stock. The warrants have a per share exercise price of $4.25, are exercisable immediately, and will expire five years from the date of issuance. The common stock and the warrants began trading on the Nasdaq Capital Market on February 14, 2018, under the symbols BLNK and BLNKW, respectively.
The aggregate gross proceeds to Blink Charging from the public offering were $18,500,250, prior to deducting underwriting discounts, commissions and other estimated offering expenses. Blink Charging has granted the underwriters a 45-day option to purchase up to an additional 652,950 shares of common stock and/or warrants to purchase 1,305,900 shares of common stock to cover over-allotments, if any. In connection with the closing of this offering, the underwriters have partially exercised their over-allotment option and purchased an additional 406,956 warrants. The underwriters have retained the right to exercise the balance of their over-allotment option within the 45-day time period.
Blink Charging intends to use the net proceeds from the public offering to repay certain of its outstanding debt, for deployment of charging stations, and for working capital and general corporate purposes.
Joseph Gunnar & Co., LLC acted as sole book-running manager for the offering and The Benchmark Company, LLC acted as a co-manager for the offering.
The Securities and Exchange Commission declared effective a registration statement on Form S-1 relating to these securities on February 13, 2018. A final prospectus relating to this offering has been filed with the Securities and Exchange Commission. The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained by contacting Joseph Gunnar & Co., LLC, Prospectus Department, 30 Broad Street, 11th Floor, New York, NY 10004, telephone 212-440-9600, email: prospectus@jgunnar.com. Investors may also obtain these documents at no cost by visiting the Securities and Exchange Commission's website at www.sec.gov.
