Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS??? EQUITY

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STOCKHOLDERS’ EQUITY
6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

7. STOCKHOLDERS’ EQUITY

 

PUBLIC OFFERING

 

In January 2021, the Company completed an underwritten registered public offering of 5,660,000 shares of common stock at a public offering price of $41.00 per share. The Company received approximately $232.1 million in gross proceeds from the public offering, and approximately $221.4 million in net proceeds after deducting the underwriting discount and offering expenses paid by the Company. The Company’s Chief Executive Officer and one other officer participated in the offering by selling a total of 550,000 shares of the Company’s common stock from the exercise of the underwriter’s option to purchase additional shares. The public offering was made pursuant to the Company’s automatic shelf registration statement on Form S-3 filed with the SEC on January 6, 2021 and prospectus supplement dated January 7, 2021.

 

COMMON STOCK

 

During the six months ended June 30 2021, the Company issued 32,382 shares as partial consideration for its acquisition of Blue Corner. See Note 3 – Business Combination for additional details.

 

During the six months ended June 30, 2021, the Company issued an aggregate of 37,161 shares as compensation for services. The shares had an issuance date fair value of $996,144.

 

During the six months ended June 30 2021, the Company issued 13,123 shares as partial consideration for the purchase of property and equipment. See Note 4 – Property and Equipment for additional details.

 

STOCK OPTIONS

 

During the six months ended June 30, 2021, the Company issued an aggregate of 38,496 shares of the Company’s common stock pursuant to the cashless exercise of options.

 

See Note 10 – Commitments and Contingencies – CEO Employment Agreement for details associated with options granted to the Company’s CEO.

 

 

BLINK CHARGING CO. AND SUBSIDIARIES

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

(UNAUDITED)

 

7. STOCKHOLDERS’ EQUITY – CONTINUED

 

STOCK WARRANTS

 

During the six months ended June 30, 2021, the Company issued an aggregate of 341,886 shares of the Company’s common stock pursuant to the exercise of warrants at an exercise price of $4.25 for aggregate net proceeds of $1,427,647.

 

During the six months ended June 30, 2021, the Company issued 66,000 shares of the Company’s common stock representing a modification of the initial warrant exercise pursuant to a legal settlement. See Note 10 – Commitments and Contingencies – Litigation and Disputes for details.

 

STOCK-BASED COMPENSATION

 

The Company recognized stock-based compensation expense related to common stock and stock options for the three and six months ended June 30, 2021 of $3,669,451 and $4,083,511, respectively, and for the three and six months ended June 30, 2020 of $104,034 and $331,395, respectively, which is included within compensation expense on the condensed consolidated statements of operations. As of June 30, 2021, there was $16,856,121 of unrecognized stock-based compensation expense that will be recognized over the weighted average period of 0.94 years which includes $11,619,831 of unrecognized stock-compensation of expense relating to the special four-year performance option for the CEO.

 

See Note 10- Commitments and Contingencies for additional details.