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.

See Also: What In The World Is Going On With Hyliion (HYLN) Stock?

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.

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