ChargePoint Holdings stock tumbled nearly 16% Wednesday after the company announced plans to raise $232 million through sales of its stock.
The EV charging network operator said a group of institutional investors agreed to purchase $175 million in newly issued stock.
ChargePoint also said it raised $57 million in its current fiscal quarter through an existing at-the-market stock offering facility.
The funds, along with a newly secured line of credit, are expected to support the company into early 2025, according to CFO Rex Jackson.
“These raises and our recently announced $150M revolving credit facility are consistent with our announced capital strategy to bolster our balance sheet,” Jackson said in a statement.
ChargePoint has no additional plans to offer stock through its at-the-market facility, Jackson added.
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