Why Blink Charging Shares Are Nosediving

Blink Charging Co BLNK shares were trading lower by 7.07% to $12.88 during Monday's after-hours session. The company announced a $75-million proposed offering of common stock.

What Else?

Blink says in connection with the offering, the company also intends to grant the underwriter a 30-day option to purchase up to an additional 15% of the shares of common stock sold in the offering.

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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.

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