What's Going On With ChargePoint Holdings Stock?

ChargePoint Holdings Inc CHPT shares are trading lower by 8.1% to $4.12 Wednesday morning. The stock is falling after the company announced it has secured a commitment from institutional investors, including the lead investor of their $300 million convertible notes issued in April 2022.

These investors will purchase $175 million of common stock through the company's "at-the-market" offering facility. In addition, ChargePoint raised $57 million in net proceeds in the third fiscal quarter of 2024 using the same facility.

These funds, along with a recently announced $150 million revolving credit facility, support the company's goal of achieving adjusted EBITDA profitability in the fourth fiscal quarter of the following year.

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ChargePoint also plans to modify the terms of the Notes with the lead investor to extend the maturity date to April 1, 2028, increase the cash coupon to 7% per year, raise the payment in kind coupon to 8.5% per year and adjust the conversion price to $12.00 per share.

According to data from Benzinga Pro, ChargePoint has a 52-week high of $14.62 and a 52-week low of $4.05.