STOCKHOLDERS’ EQUITY |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2021 | |||
| Equity [Abstract] | |||
| STOCKHOLDERS’ EQUITY |
PUBLIC OFFERING
In January 2021, the Company completed an underwritten registered public offering of shares of common stock at a public offering price of $ per share. The Company received $232,060 in gross proceeds from the public offering, and $221,406 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 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 nine months ended September 30, 2021, the Company issued shares as partial consideration for its acquisition of Blue Corner. See Note 3 – Business Combination for additional details.
During the nine months ended September 30, 2021, the Company issued an aggregate of shares as compensation for services. The shares had an issuance date fair value of $1,020.
During the nine months ended September 30, 2021, the Company issued shares as partial consideration for the purchase of property and equipment. See Note 4 – Property and Equipment for additional details.
STOCK OPTIONS
During the nine months ended September 30, 2021, the Company issued an aggregate of shares of the Company’s common stock pursuant to the cashless exercise of options.
See Note 11 – Commitments and Contingencies – CEO Employment Agreement for details associated with options granted to the Company’s CEO.
STOCK WARRANTS
During the nine months ended September 30, 2021, the Company issued an aggregate of 388,101 shares of the Company’s common stock pursuant to the exercise of warrants at an exercise price of $4.25 per share for aggregate net proceeds of $1,619.
During the nine months ended September 30, 2021, the Company issued shares of the Company’s common stock representing a modification of the initial warrant exercise pursuant to a legal settlement. See Note 11 – 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 nine months ended September 30, 2021 of $and $, respectively, and for the three and nine months ended September 30, 2020 of $and $, respectively, which is included within compensation expense on the condensed consolidated statements of operations. As of September 30, 2021, there was $of unrecognized stock-based compensation expense that will be recognized over the weighted average period of years which includes $of unrecognized stock-based compensation of expense relating to the special four-year performance option for the Company’s CEO which is expected to be fully recognized by January 2022.
See Note 11 - Commitments and Contingencies for additional details.
BLINK CHARGING CO. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands except for share and per share amounts)
(UNAUDITED) |