Blink Charging settles Envoy acquisition obligations with stock deal

BOWIE, Md. - Blink Charging Co. (NASDAQ:BLNK), currently trading at $0.95 with a market capitalization of $98 million, announced Wednesday it has reached a mutual agreement with former shareholders of its subsidiary Envoy Technologies to amend their original merger agreement, resolving Blink’s remaining payment obligations. According to InvestingPro analysis, the company maintains a strong liquidity position with more cash than debt on its balance sheet.

Under the new terms, Blink will issue $10 million in common stock to Envoy’s former equity holders, with the shares valued based on the volume-weighted average trading price for the preceding 25 trading days. Additionally, the company will grant warrants with an aggregate notional value of $11 million, divided into three tranches with specific stock price vesting conditions. InvestingPro data shows the stock has exhibited significant price volatility, with a beta of 2.96, making these price-based vesting conditions particularly notable.

The warrants include $2.5 million worth that vest when Blink’s stock reaches $1.70 per share for seven consecutive days, another $2.5 million tranche vesting at $2.10 per share, and $6 million vesting when shares reach $4.85 for seven consecutive days.

All issued shares will be subject to a 120-day leak-out period limiting daily sales to 2% (increasing to 5% in the final 30 days), with monthly sales capped at 20%.

The agreement fully satisfies Blink’s liability and releases the company from all claims related to the acquisition of Envoy, a provider of electric vehicle car-sharing services for real estate communities.

Blink also announced it will reschedule its second quarter 2025 results conference call, with details to be provided at a later date.

The information in this article is based on a company press release statement.

In other recent news, Blink Charging Co. announced plans to install ten 180 kW dual-port DC Fast Chargers at Imperial Center in Imperial County, California, creating 20 new charging ports along State Route 111. This strategic location will serve as a connector for north-south traffic between Mexicali, El Centro, Brawley, and the Coachella Valley. Additionally, Blink Charging has partnered with dfYOUNG to provide home-based electric vehicle charging solutions for corporate sales teams across the nation. The company has also launched a new EV Totem concept with Universal Media, which combines electric vehicle charging with digital advertising displays, with initial installations in Salt Lake City, Utah.

In another development, Blink Charging expanded its collaboration with Group Bernaerts to increase electric vehicle charging infrastructure in Belgium, aiming to double the number of charging stations at Group Bernaerts’ properties by the end of 2025. On the financial front, Barclays has lowered its price target for Blink Charging stock to $1.00 from $1.50, maintaining an Equalweight rating. The firm cited a challenging environment for electric vehicle charger sales and reduced its revenue projections for the company across multiple years. Barclays now estimates fiscal year 2025 sales at $95 million, below the consensus estimate of $98 million, with further reductions in projections for FY2026 and FY2027.

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