ChargePoint electric vehicle charging station in the parking lot of City Hall in Walnut Creek, California on April 18, 2023.
The Smith Collection/Gadot | Archive Photo | Getty Images
ChargePoint Holdings, an operator of electric vehicle charging networks, said it would raise $232 million through a stock offering, sending its shares falling on Wednesday.
Shares were down about 8% as of morning trading.
ChargePoint said in an article statement A group of institutional investors has agreed to buy $175 million worth of newly issued shares. The company also revealed that it raised US$57 million through existing “market” stock issuance mechanisms during the quarter, bringing the total new capital to US$232 million.
The new funding, along with a recently secured credit line, will support the company until early 2025, Chief Financial Officer Rex Jackson said in a statement.
“These raises and our recently announced $150 million revolving credit facility are consistent with our announced capital strategy to strengthen our balance sheet,” Jackson said, adding that the company had no further plans to issue shares through its market facility.
Shares in electric vehicle charging network operator ChargePoint fell after the company announced a new share sale.
ChargePoint also revealed that it had changed the terms of a previous $300 million convertible note deal, giving the company one year to repay the funds but at a higher interest rate.
ChargePoint shares closed at $4.49 on Tuesday, down about 53% since the start of 2023.
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