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Blink Charging Co. (NASDAQ:BLNK), a leader in electric vehicle charging equipment and services currently trading at $0.74 per share with a market capitalization of $76 million, has announced an amendment to its merger agreement with Envoy Technologies Inc., a subsidiary. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt on its balance sheet. The amendment extends the deadline for Envoy Technologies to complete either a direct listing or an initial public offering (IPO) to September 2, 2025, from the previous deadline of April 18, 2025. This extension is specifically for a direct listing on the New York Stock Exchange or The Nasdaq Capital Market, Global Select Market, or Global Market.
The amendment, dated May 16, 2025, also increases the value of the Envoy Technologies common stock to be issued to the former shareholders of Envoy Technologies to $23.5 million, up from the prior amount of $23.0 million. Additionally, the amendment clarifies that cash payments may be made to the former shareholders of Envoy Technologies in lieu of issuing shares, with funding potentially coming from a sale of Envoy Technologies. This strategic decision comes as BLNK’s stock has experienced significant volatility, with InvestingPro analysis showing a 76% decline over the past year. Get access to 10+ additional ProTips and comprehensive financial analysis with InvestingPro’s detailed research reports.
This strategic move aims to provide additional flexibility for Envoy Technologies to navigate the public listing process. The detailed terms of the amendment are outlined in the full text of the agreement, which is attached as Exhibit 2.1 to the current report. The company’s current financial health score from InvestingPro indicates challenges ahead, though its current ratio of 2.15 suggests adequate short-term liquidity.
The information in this article is based on a press release statement.
In other recent news, Blink Charging Co. reported its first-quarter 2025 earnings, revealing a significant miss on both earnings per share and revenue forecasts. The company posted an adjusted EPS of -$0.18, below the anticipated -$0.1346, and revenue came in at $20.8 million, notably under the expected $30.76 million. Blink Charging also announced a strategic restructuring plan, which includes a workforce reduction of approximately 20%, aiming to save over $11 million annually. This restructuring is part of the BlinkForward strategy to enhance operational efficiency.
Analyst firm H.C. Wainwright adjusted Blink Charging’s stock price target to $5.00 from $8.00, citing a 69.5% year-over-year decline in product sales. Despite the challenges, service revenues grew by 29.2% year-over-year, and operating expenses were reduced by 8%. Stifel analysts maintained a Hold rating with a $2.00 price target, noting that Blink Charging’s revenue fell short of expectations but service revenue exceeded estimates.
The company expects to see revenue growth in the second quarter and the second half of the year, with a focus on cost reduction strategies. Blink Charging remains optimistic about expanding its DC Fast Charging portfolio and monetizing its ride-sharing business within the year, as highlighted by H.C. Wainwright.
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