Wallbox to implement 20-for-1 reverse stock split to meet NYSE requirements

BARCELONA - Electric vehicle charging company Wallbox (NYSE:WBX), whose shares have declined over 74% in the past year to $0.32, announced it plans to implement a 20-for-1 reverse stock split of its ordinary shares, with trading on the split-adjusted basis expected to begin July 3, 2025. According to InvestingPro analysis, the company’s stock has shown significant volatility amid challenging market conditions.

The reverse split, approved by shareholders at the company’s Annual General Meeting on June 30, is intended to bring Wallbox into compliance with the New York Stock Exchange’s minimum bid price requirement. With a current market capitalization of $98.21 million and trailing twelve-month revenue of $171.52 million, the company faces financial challenges, as highlighted in InvestingPro’s comprehensive analysis report.

Under the terms of the split, every 20 shares of Wallbox’s issued and outstanding ordinary shares will automatically combine into one ordinary share. The company’s Class A shares will continue trading under the existing "WBX" symbol but with a new CUSIP number.

Wallbox noted that the reverse split will affect all shareholders uniformly and will not change any shareholder’s percentage ownership in the company, except in cases resulting in fractional shares.

For shareholders holding shares in registered form, any fractional shares resulting from the reverse split will be aggregated into whole shares and sold, with registered shareholders receiving cash payments in lieu of fractional shares. Shareholders holding shares through banks or brokers will see positions rounded down, with cash payments for fractional shares handled according to their institution’s procedures.

At the Annual General Meeting, shareholders also approved the 2024 annual accounts, appointed board members, and authorized the board to issue shares and limit or exclude pre-emptive rights.

Wallbox, founded in 2015 and headquartered in Barcelona, develops electric vehicle charging and energy management systems. The company currently operates in more than 100 countries worldwide, according to the press release statement. InvestingPro data reveals the company faces significant operational challenges, with an EBITDA of -$97.3 million in the last twelve months. Subscribers can access 12 additional key insights about Wallbox’s financial health and growth prospects through InvestingPro’s detailed research report.

In other recent news, Wallbox has achieved a significant milestone by producing its 100,000th EV charger at its Arlington, Texas facility, just over two years since the plant’s inception. The facility is designed for scalability to meet the growing demand for EV charging solutions in North America. Additionally, Wallbox has secured $15 million in fresh funding through private placements, with significant contributions from the Spanish Society for Technological Transformation and existing shareholders. This financial support is intended to bolster the company’s balance sheet and expedite the global adoption of its products.

Moreover, Wallbox is expanding its partnership with ENSOL EV to deploy Supernova DC fast chargers across Texas, Florida, and Georgia. This collaboration marks their first venture into DC fast charging, targeting high-traffic urban areas and transit corridors. In another strategic move, Wallbox has partnered with Francis Energy to deploy fast charging stations across the United States, leveraging Wallbox’s Supernova fast chargers. Both partnerships aim to enhance EV charging infrastructure in response to increasing demand. These developments underscore Wallbox’s commitment to advancing EV charging and energy management technologies on a global scale.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.