Shares of the leading electric vehicle (“EV”) charging network, ChargegPoint Holdings Inc. (CHPT) fell by -5.66% after-hours on Monday to $27.15. ChargePoint stock closed last session at $28.84, increasing 3.37% or $0.94. CHPT stock traded between $27.6667 and $29.48 in the regular session.
During the day, shares of CHPT changed hands for 4.62 million, which was less than its average daily volumes of the past 50 days of 5.04 million and was below the average of 5.36 million since start of the year. CHPT stock dropped after some stockholders unveiled their plan to offer the common shares of the company.
Shareholders intend to sell CHPT shares in what way?
Using electricity to move people and goods, ChargePoint is building a new fueling network. With one of the largest EV charging networks available today and a wide range of charging solutions for businesses and drivers, CHPT has made going electric simple for businesses and drivers. A cloud subscription platform and software-defined charging hardware developed by CHPT can support charging at home, in multifamily buildings, and at the office, in parking lots, hospitality establishments, retail stores, and for transport fleets of all types.
According to a registration statement filed with the Securities and Exchange Commission (the “SEC”), ChargePoint unveiled that certain selling stockholders intends to offer 12,000,000 shares of CHPT common stock having a par value $0.0001.
- The underwriters will have a 30-day option to purchase up to 1,800,000 additional shares of CHPT common stock from the selling stockholders.
- Stockholders of CHPT are selling their entire holdings of CHPT common stock.
- All proceeds from the offering will go to the selling stockholders.
- This offering will be managed jointly by Goldman Sachs & Co LLC, Oppenheimer & Co and BofA Securities.
- Morgan Stanley will manage the offering as book-running manager.
- CHPT Common Stock was offered through an SEC registration statement on July 12, 2021, but the statement has yet to take effect.
CHPT’s latest EV move:
ChargePoint has recently partnered with Mercedes-Benz to create a new charging benchmark in North America called Mercedes me Charge. It will be available in all future Mercedes-EQ mobility products, including the all-new EQS luxury sedan that will go electric. This collaboration has resulted in an industry-leading charging experience; ensuring drivers have access to EV charging from a range of networks including CHPT and others.
Mercedes me Charge drivers will enjoy a frictionless cross-charging network experience with ChargePoint (CHPT)’s integration of multiple charging network providers without the need to manage multiple charging network accounts, subscriptions, or charging cards. Using the Mercedes me Charge mobile app, or by using the vehicle’s navigation system, drivers will locate, use and pay for charging sessions.
