A ChargePoint electrical automobile charging station at Walnut Creek City Hall car parking zone, Walnut Creek, California, April 18, 2023.
Smith Collection/gado | Archive Photos | Getty Images
Shares of EV charging community operator ChargePoint Holdings closed sharply decrease Wednesday after the corporate mentioned it is elevating $232 million through inventory gross sales.
The firm’s inventory was down over 15% at Wednesday’s market shut.
ChargePoint mentioned in a statement {that a} group of institutional traders has agreed to buy $175 million in newly issued inventory. The firm additionally disclosed it has raised $57 million in the course of the present fiscal quarter through its present “at-the-market” inventory providing facility, for a complete of $232 million in new funds.
CFO Rex Jackson mentioned in a press release that the brand new funds, along with a just lately secured credit score line, will assist the corporate into early 2025.
“These raises and our just lately introduced $150M revolving credit score facility are in line with our introduced capital technique to bolster our stability sheet,” Jackson mentioned, including the corporate has no additional plans to supply inventory through its at-the-market facility.
ChargePoint shares fell after the EV charging community operator introduced a brand new inventory sale.
ChargePoint additionally disclosed that it has altered the phrases of a previous $300 million convertible notes deal to provide the corporate one other yr to pay again the funding however straps it with greater curiosity funds.
ChargePoint’s shares closed at $4.49 on Tuesday, down about 53% because the starting of 2023.