Shares of Blink Charging (BLNK) nosedived nearly 9% yesterday, after the company announced the receipt of Nasdaq’s delisting notice. The notice was issued because Blink Charging failed to file the Annual report for year ending December 30, 2024 within the time period prescribed by the SEC (Securities and Exchange Commission) rules. Blink Charging had until March 17, 2025, to file its 10-K report with the regulatory authority.
Blink Charging offers electric vehicle (EV) charging equipment and operates charging stations across the U.S. and internationally. The company issued a press release yesterday, stating that it received a notice from the Nasdaq Stock Market LLC on April 2, informing that it no longer complied with Nasdaq Listing Rule 5250(c)(1) due to the delayed filing of its Annual Report.
Blink’s Issues with Regulatory Norms
Going forward, Blink Charging has 60 calendar days to submit a plan to regain compliance with the SEC. If the regulatory authority accepts BLNK’s plan, Nasdaq may grant an extension of up to 180 calendar days from the date that the 10-K should have been originally filed. The extension could be granted until September 29, 2025. Blink Charging also confirmed that it is working tirelessly to complete the Form 10-K and plans to file it as soon as possible to regain Nasdaq’s compliance.
Unfortunately, Blink continues to face regulatory hurdles, placing undue pressure on shareholders. On January 21, 2025, the company announced the closure of an SEC investigation into suspected illegal naked short selling activity involving BLNK. The probe, which began in July 2023, was closed without any enforcement action against the company. Blink Charging’s management was happy that with the resolution of this matter, it would save on all associated legal costs and improve its operating margins. However, the company is now facing a new hurdle, and Blink Charging’s investors will closely monitor how efficiently the company handles the matter.
Is BLNK a Good Stock to Buy?
Currently, analysts remain divided on Blink Charging’s stock trajectory. On TipRanks, BLNK stock has a Moderate Buy consensus rating based on two Buys and four Hold ratings. Also, the average Blink Charging price target of $3.04 implies 302.3% upside potential from current levels. In the past year, BLNK stock has lost 71.5%.
Please note that these ratings were given before Blink Charging announced the receipt of Nasdaq’s delisting notice. Analysts could review the situation and change their recommendations for BLNK stock.
