ChargePoint Raises $232M to Support Path to Profitability in 2024
11 Outubro 2023 - 10:29AM
Business Wire
$175M of new equity committed by institutional
investors via the Company’s “at-the-market” offering facility
$57M of new equity raised in Q3 of FY2024 via
the ATM
Adjustment to terms of outstanding $300M
convertible notes
ChargePoint Holdings, Inc. (NYSE: CHPT), a leading provider of
networked solutions for charging electric vehicles, has secured a
commitment from institutional investors, led by the lead investor
of ChargePoint’s $300M in convertible notes issued in April 2022
(“Notes”), to purchase $175M of common stock pursuant to the
Company’s “at-the-market” (“ATM”) offering facility. Separately,
ChargePoint raised net proceeds of $57M in additional funds under
the ATM facility during the third fiscal quarter of 2024.
“We are pleased to secure $232M in funding this quarter, which
supports our stated goal of adjusted EBITDA profitability in the
fourth fiscal quarter of next year,” said Rex Jackson, CFO of
ChargePoint. “These raises and our recently announced $150M
revolving credit facility are consistent with our announced capital
strategy to bolster our balance sheet. We have no further plans to
access the ATM.”
Separately, ChargePoint and the lead investor in the Notes have
entered into a binding term sheet agreeing to modify (either by
amendment or exchange for new notes) the Notes to extend the
maturity of the Notes from April 1, 2027 to April 1, 2028, to
increase the cash coupon from 3.5% to 7% per year, to increase the
payment in kind coupon from 5% to 8.5% per year, and to adjust the
conversion price from $24.03 per share to $12.00 per share.
Evercore acted as exclusive financial advisor to
ChargePoint.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks, uncertainties, and assumptions including, risks
associated with the consummation of the sales contemplated under
the ATM, consummation of the amendment or exchange related to the
Notes, risks related to our ability to achieve positive adjusted
EBITDA by the fourth fiscal quarter of fiscal year 2025, and our
plans regarding accessing the ATM. There are a significant number
of factors that could cause actual results to differ materially
from the statements made in this press release, including:
macroeconomic trends, including changes in or sustained inflation;
prolonged and sustained increases in interest rates, or other
events beyond our control on the overall economy which may reduce
demand for our products and services; geopolitical events and
conflicts; adverse impacts to our business and those of our
customers and suppliers, including due to supply chain disruptions,
component shortages, and associated logistics expense increases;
our limited operating history as a public company; our ability as
an organization to successfully acquire and integrate other
companies, products or technologies in a successful manner; our
dependence on widespread acceptance and adoption of EVs and
increased demand for installation of charging stations; our current
dependence on sales of charging stations for most of our revenues;
overall demand for EV charging and the potential for reduced demand
for EVs if governmental rebates, tax credits and other financial
incentives are reduced, modified or eliminated or governmental
mandates to increase the use of EVs or decrease the use of vehicles
powered by fossil fuels, either directly or indirectly through
mandated limits on carbon emissions, are reduced, modified or
eliminated; our reliance on contract manufacturers, including those
located outside the United States, may result in supply chain
interruptions, delays and expense increases which may adversely
affect our sales, revenue and gross margins; our ability to expand
our operations and market share in Europe; the need to attract
additional fleet operators as customers; potential adverse effects
on our revenue and gross margins due to delays and costs associated
with new product introductions, inventory obsolescence, component
shortages and related expense increases; adverse impact to our
revenues and gross margins if customers increasingly claim clean
energy credits and, as a result, they are no longer available to be
claimed by us; the effects of competition; risks related to our
dependence on our intellectual property; and the risk that our
technology could have undetected defects or errors. Additional
risks and uncertainties that could affect our financial results are
included under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in our Form 10-Q filed with the Securities and Exchange
Commission (the “SEC”) on September 11, 2023, which is available on
our website at investors.chargepoint.com and on the SEC’s website
at www.sec.gov. Additional information will also be set forth in
other filings that we make with the SEC from time to time. All
forward-looking statements in this press release are based on
information available to us as of the date hereof, and we do not
assume any obligation to update the forward-looking statements
provided to reflect events that occur or circumstances that exist
after the date on which they were made, except as required by
applicable law.
CHPT-IR
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ChargePoint
John Paolo Canton Vice President, Communications
JP.Canton@chargepoint.com PST- California
AJ Gosselin Director, Corporate Communications
AJ.Gosselin@chargepoint.com media@chargepoint.com EST- Boston
Patrick Hamer Vice President, Capital Markets and Investor
Relations Patrick.Hamer@chargepoint.com investors@chargepoint.com
EST- New York
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