Blink Charging subsidiary adjusts merger terms

Blink Charging Co. (NASDAQ:BLNK), a leader in electric vehicle charging equipment and services currently trading at $0.95 with a market capitalization of $96.32 million, announced an amendment to a key merger agreement through its subsidiary, Envoy Technologies Inc. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt, despite recent market challenges. The amendment, effective March 10, 2025, modifies the terms initially set on April 18, 2023, extending the deadline for an underwritten initial public offering (IPO) and increasing the value of shares to be issued.

Envoy Technologies has been granted an additional 45 days, moving the deadline from April 18 to June 2, 2025, to complete an underwritten IPO. This extension allows the issuance of Envoy Technologies common stock to the former shareholders of Envoy Technologies as per the original merger agreement. Despite the extension for the underwritten IPO, the direct listing deadline remains unchanged at April 18, 2025. InvestingPro analysis suggests the stock is currently undervalued, with 12+ additional ProTips available for subscribers looking to deep-dive into the company’s financials.

In exchange for the extended timeline, the aggregate value of Envoy Technologies common stock allocated for the former Envoy Technologies shareholders has been raised to $23.0 million, up from the previous amount of $22.5 million.

Furthermore, the amendment stipulates that if the underwritten IPO qualifies, a prospectus for the resale of Envoy Technologies’ shares will be included in the registration statement for the IPO. This ensures that the former shareholders of Envoy Technologies have the opportunity to participate in the public market.

The details of the amendment are outlined in Exhibit 2.1 attached to the SEC filing, which provides the complete terms of the agreement modification. This move is part of Blink Charging’s ongoing efforts to strengthen its market position and expand its offerings in the burgeoning electric vehicle infrastructure sector.

The information in this article is based on a press release statement. For comprehensive analysis including Fair Value estimates, financial health scores, and expert insights, check out the detailed Pro Research Report available on InvestingPro, covering this and 1,400+ other US stocks.

In other recent news, Blink Charging Co. reported its fourth-quarter 2024 earnings, showing mixed results. The company posted a slight beat on earnings per share at -$0.15, compared to the forecasted -$0.16, but fell short on revenue expectations, recording $30.18 million against an anticipated $31.76 million. Benchmark analysts maintained a Buy rating on Blink Charging but lowered the price target from $5.00 to $2.00, citing broader economic uncertainties and stalled product demand. Despite the revenue miss, service revenues, including charging service fees and network fees, rose significantly by 32% year-over-year, reaching $34.8 million. H.C. Wainwright reaffirmed its Buy rating with an $8 price target, despite a 29.3% year-over-year decline in quarterly revenue. Stifel analysts maintained a Hold rating with a $3.50 target, noting Blink Charging’s commitment to cost reduction and revenue growth. The company has adjusted its timeline for achieving EBITDA profitability to the third quarter of 2026, moving from the initial expectation of the first quarter of 2025. These developments reflect Blink Charging’s ongoing efforts to navigate economic challenges and improve financial health.

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