Blink Charging, Envoy reach agreement releaseing Blink from payment obligations

Blink Charging (BLNK) reached a mutual agreement with the former shareholders of Envoy Technologies, a wholly-owned subsidiary of Blink, to amend the organizations’ original agreement and plan of merger, satisfying Blink’s liability. The new amendment provides that the sole remaining payment obligation to the former equity holders of Envoy are now fully satisfied, and that Blink will be released from all claims and liabilities, following the issuance of $10 million in shares of Company common stock, valued based on the volume-weighted average trading price for the 25 trading days preceding the issuance date, and warrants exercisable for shares of Company common stock with an aggregate notional value of $11 million, divided into three tranches with vesting conditions based on specific stock price achievements. Blink will be granting Envoy’s former equity holders: $2.5 million worth of warrants that will vest upon the common stock of Blink reaching a price per share of $1.70 for seven consecutive days; $2.5 million worth of warrants that will vest upon the common stock of Blink reaching a price per share of $2.10 for seven consecutive days; and $6 million worth of warrants that will vest upon the common stock of Blink reaching a price per share of $4.85 for seven consecutive days. All shares of Company common stock initially issued or issued pursuant to the exercise of warrants will be subject to a 120-day leak-out period commencing on initial issuance or exercise of warrant, as applicable, allowing sales limited to 2% per day with a cap of 20% per month.