Why Blink Charging Stock Is Trading Sharply Lower

Blink Charging Co BLNK shares are trading lower by 10.82% to $12.36 Tuesday morning after the company announced pricing of an 8.33 million public offering at $12 per share.

What Else?

The net proceeds, after underwriting discounts, but before estimated expenses of the offering payable by Blink, are expected to be approximately $95 million.

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Blink says the company intends to use the net proceeds from the proposed offering to fund EV charging station deployments, to finance the costs of acquiring or investing in competitive and complementary businesses, products and technologies as a part of its growth strategy and for working capital and other general corporate purposes.

According to data from Benzinga Pro, BLNK has a 52-week high of $29.99 and a 52-week low of $9.85.