STOCKHOLDERS’ EQUITY |
6 Months Ended |
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Jun. 30, 2023 | |
| Equity [Abstract] | |
| STOCKHOLDERS’ EQUITY |
4. STOCKHOLDERS’ EQUITY
PUBLIC OFFERINGS
In February 2023, the Company completed an underwritten registered public offering of shares of its common stock at a public offering price of $ per share. The Company received approximately $100,000 in gross proceeds from the public offering and $94,766 in net proceeds after deducting the underwriting discount and offering expenses paid by the Company. The public offering was made pursuant to our automatic shelf registration statement on Form S-3 filed with the SEC on January 6, 2021, and prospectus supplement dated February 8, 2023. Barclays acted as the sole book-running manager for the offering. H.C. Wainwright & Co., Roth Capital Partners and ThinkEquity acted as co-managers for the offering. The underwriters did not exercise the over-allotment granted to them in connection with the offering.
On September 2, 2022, the Company entered into a Sales Agreement (“Sales Agreement”) with Barclays Capital Inc., BofA Securities, Inc., HSBC Securities (USA) Inc., ThinkEquity LLC, H.C. Wainwright & Co., LLC and Roth Capital Partners, LLC (the “Agents”) to conduct an “ATM” equity offering program pursuant to which the Company may issue and sell from time to time shares of our common stock, having an aggregate offering price of up to $250,000 through the Agents, as the Company’s sales agents. The Company currently anticipate using the net proceeds from the sale of its shares of common stock under the ATM program to supplement our operating cash flows to fund EV charging station deployment and growth plans. The Company also plans to use any remaining proceeds it receives for working capital and other corporate purposes. The amounts and timing of our use of the net proceeds will depend on a number of factors, such as the timing and progress of our EV charging station deployment efforts, the timing and progress of any partnering and collaboration efforts and technological advances. During the six months ended June 30, 2023, the Company sold shares of its common stock for gross proceeds of approximately $18,868 pursuant to the ATM program. As of June 30, 2023, shares have been sold pursuant to the ATM program representing gross proceeds of approximately $26,565.
COMMON STOCK
During the six months ended June 30, 2023, the Company issued an aggregate of 557,733 shares of common stock pursuant to exercises of warrants to purchase an aggregate of 557,733 shares of common stock for aggregate net proceeds of $835.
During the six months ended June 30, 2023, the Company issued an aggregate of shares of common stock for services to a board member with an issuance date fair value of $132.
During the six months ended June 30, 2023, the Company issued an aggregate of shares of common stock with an issuance date fair value of $35 in satisfaction of a common stock liability.
During the six months ended June 30, 2023, the Company issued an aggregate of shares of the Company’s common stock pursuant to the cashless exercise of options and warrants. The options had a weighted average exercise price of $ per share and the warrants had a weighted average exercise price of $4.25 per share.
STOCK-BASED COMPENSATION
The Company recognized stock-based compensation expense related to common stock, stock options and warrants for the three and six months ended June 30, 2023 of $ and $, respectively, which is included within compensation expense on the condensed consolidated statements of operations. The Company recognized stock-based compensation expense related to common stock, stock options and warrants for the three and six months ended June 30, 2022 of $ and $, respectively, which is included within compensation expense on the condensed consolidated statements of operations. As of June 30, 2023, there was $ of unrecognized stock-based compensation expense that will be recognized over the weighted average remaining vesting period of years.
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