IT News Online – Charge Enterprises Completes $10 Million Common Equity Financing with Subsidiary of Island Capital Group LLC

ACCESS WIRE
2022-04-26

NEW YORK, NY/ACCESSWIRE/April 26, 2022/ Charge Companies, Inc. (NASDAQ:CRGE) (“Charge”), comprised of a portfolio of global companies with a vision to connect people everywhere with electric vehicle (“EV”) charging and communications infrastructure, announced today the successful completion of a $10.0 million financing pursuant to a previously disclosed securities purchase agreement with an investment vehicle controlled by Island Capital Group LLC (“Island Capital”), a merchant bank with synergistic investment and advisory platforms specializing in real estate and real estate-related transactions. Charge issued approximately 1.43 million common shares of Charge at a price of $7.00 per share in exchange for cash proceeds of $10.0 million. The company also issued warrants to purchase up to 2 million common shares of Charge with an exercise price of $8.50 per share with a term of three years. Charge intends to use the proceeds of the transaction for general corporate purposes, including organic growth initiatives.

“Opportunities continue to emerge in the dynamic electric vehicle charging and 5G wireless network installation space, and we see Charge’s impressive management team acting aggressively to capture this growth. We are excited to increase our investment in Charge and partner with them in the pursuit of strategic innovation,” said Andrew L. Farkas, Managing Member, Chairman and Chief Executive Officer of Island Capital.

“We are delighted to extend our relationship with Island Capital, an esteemed innovator with a strong investment platform, with highly strategic real estate relationships. We appreciate their partnership in the growth of Charge and look forward to future collaboration,” said the Founder, President and CEO of Charge. CEO Andrew Fox.

The securities offered and sold by Charge under the private placement have not been registered under the Securities Act of 1933 or state securities laws and may not be offered or sold in the United States without registration with the United States Securities and Exchange Commission (the “SEC”) or an applicable exemption from these registration requirements. Charge has agreed to file a registration statement with the SEC covering the resale of the common stock and the common stock underlying the warrants issued under the private placement.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, and there will be no sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. prior to registration or qualification under the securities laws of such jurisdiction.

About the capital of the island
Island Capital Group LLC is a New York-based merchant bank with synergistic investment and advisory platforms specializing in real estate transactions. The firm provides turnaround, restructuring, capital raising and other advisory services, with more than 30 years of expertise in creating value through more than $250 billion in complex distressed transactions. Island Capital comprises a diverse platform of commercial real estate services, from fund management to financial advice and advisory. The platform includes C-III Capital Partners LLC, NAI Global, Island Global Yachting and The Planning & Zoning Resource Company LLC. The company is led by Andrew Farkas as President and CEO and is headquartered in New York, NY. For more information on Island Capital, please visit www.islandcapital.com.

About Charge Enterprises Inc.

Telecommunications
Our telecommunications business (“Telecommunications”) has provided voice and data termination to carriers and mobile network operators (“MNOs”) worldwide for more than two decades and we will be selectively adding products and profitable services to this long-established business.

Infrastructure
Our Infrastructure business (“Infrastructure”) is primarily focused on two rapidly growing areas: electric vehicle (“EV”) charging and the 5G telecommunications network, including cell towers, small cells and in-building applications . Solutions for these two sectors include: design and engineering, equipment specification and procurement, installation, data and software solutions, and service and maintenance.

To learn more about Charge, visit Charge companies.


Notice Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect current expectations or beliefs regarding future events or the future performance of Charge. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is planned”, “budget”, “expected”, “estimates”, “continues “, “expects”, “plans”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and expressions or state that certain actions, events or results “may”, “could”, “should”, “should”, “could” or “will” be taken, occur or be achieved. All forward-looking statements, including those contained in this document, are qualified by this warning.

Although Charge believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. These risks and uncertainties include Charge’s business plans and strategies, Charge’s future business development, market acceptance of electric vehicles, Charge’s ability to generate positive earnings and cash flow, changes in government regulation and government incentives, subsidies or other favorable government policies, and other risks discussed in Charge’s filings with the United States Securities and Exchange Commission (“SEC”). Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive of factors that could affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release speak only as of the date of this press release or as of the date or dates specified in such statements. For more information about us, investors are encouraged to review our public filings with the SEC which are available on the SEC’s website at www.sec.gov. Charge disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Media contacts:
Steve Keyes (248) 952-7022
[email protected]

Investor Relations:
Carolyn Capaccio, CFA (212) 838-3777
[email protected]

THE SOURCE: Charge Enterprises Inc.

See the source version on accesswire.com:
https://www.accesswire.com/699006/Charge-Enterprises-Completes-10-Million-Common-Stock-Financing-with-an-Affiliate-of-Island-Capital-Group-LLC

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