Shares of EV charging network operator ChargePoint Holdings were trading lower on Wednesday after the company said it's raising $232 million via stock sales.
ChargePoint said in a statement that a group of institutional investors has agreed to purchase $175 million in newly issued stock.
The company also disclosed that it has raised $57 million during the current fiscal quarter via its existing "at-the-market" stock offering facility, for a total of $232 million in new funds.
CFO Rex Jackson said in a statement that the new funds, together with a recently secured credit line, will support the company into early 2025.
"These raises and our recently announced $150M revolving credit facility are consistent with our announced capital strategy to bolster our balance sheet," Jackson said, adding that the company has no further plans to offer stock via its at-the-market facility.
Persons:
ChargePoint, Rex Jackson, Jackson
Organizations:
ChargePoint Holdings