Car Charging Group, Inc., the largest owner, operator, and provider of electric vehicle (EV) charging services, closed an offering and raised net proceeds of up to $6 million with current institutional shareholders. The offering consisted of convertible preferred securities with a conversion price of $0.70 and warrants exercisable at $1.00.
Proceeds will be used to:
- Strengthen CarCharging’s balance sheet;
- Build on the past year’s progress; and
- Provide growth capital for expanding the company’s network.
Two million of the funds were disbursed at closing, with the remainder of the funds to be disbursed based upon successful achievement of operating milestones over the next two quarters.
The company also announced that it has undertaken specific restructuring actions to improve monthly cash flow, including initiatives that are expected to reduce general and administrative expenses by more than 40%. CarCharging has also hired a seasoned interim Chief Financial Officer to help lead the Company through its strategic plan towards profitability.
Headquartered in Miami Beach, FL with offices in San Jose, CA; New York, NY; and Phoenix, AZ; CarCharging’s business model is designed to accelerate the adoption of public EV charging.
Through its subsidiary, Blink Network, CarCharging also provides residential EV charging solutions for single-family homes.
CarCharging has strategic partnerships across multiple business sectors including multi-family residential and commercial properties, parking garages, shopping malls, retail parking, and municipalities.