Blink Charging acquires Envoy Technologies for up to $35.5M in cash, notes, and stock

Blink Charging Co.

Acquired Envoy Technologies, a car-sharing platform providing on-demand EVs as amenity for apartments, offices, hotels.
Total consideration up to $35.5M: $6M cash at close, $5M and $2M promissory notes from Blink Mobility subsidiary.
Contingent stock consideration: $18.5M–$22.5M if Mobility IPOs within 24 months, else $21M in Blink Charging stock.
Envoy CEO Aric Ohana to lead the Envoy subsidiary after closing.
Blink common stock issuable subject to 120-day leak-out restrictions; NASDAQ share cap limits issuance to <20% of outstanding.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Blink Charging Co. entered into Acquisition Agreement with Envoy Technologies, Inc. valued at up to $35,500,000 (effective 2023-04-18).

Action: entry
Agreement: merger
Counterparty: Envoy Technologies, Inc.
Value: up to $35,500,000
Effective: 2023-04-18

Exact text from the filing

On April 18, 2023, Blink Charging Co., a Nevada corporation (the “Company”), Blink Mobility, LLC, a California limited liability company and wholly-owned subsidiary of the Company (“Mobility”), and Mobility Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of Mobility (“Merger Sub”), entered into and, after all parties met the closing conditions, consummated the transactions contemplated under an Agreement and Plan of Merger, dated as of April 18, 2023 (the “Acquisition Agreement”), with Envoy Technologies, Inc., a Delaware corporation (“Envoy”).

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Source: SEC EDGAR

accession 0001493152-23-013407

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