Fintech Investments News

ChargePoint Raises $232M to Support Path to Profitability in 2024

ChargePoint Raises $232M to Support Path to Profitability in 2024
  • $175M of new equity committed by institutional investors via the Company’s “at-the-market” offering facility

  • $57M of new equity raised in Q3 of FY2024 via the ATM

  • Adjustment to terms of outstanding $300M convertible notes

ChargePoint Holdings, Inc., a leading provider of networked solutions for charging electric vehicles, has secured a commitment from institutional investors, led by the lead investor of ChargePoint’s $300M in convertible notes issued in April 2022 (“Notes”), to purchase $175M of common stock pursuant to the Company’s “at-the-market” (“ATM”) offering facility. Separately, ChargePoint raised net proceeds of $57M in additional funds under the ATM facility during the third fiscal quarter of 2024.

“We are pleased to secure $232M in funding this quarter, which supports our stated goal of adjusted EBITDA profitability in the fourth fiscal quarter of next year”

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“We are pleased to secure $232M in funding this quarter, which supports our stated goal of adjusted EBITDA profitability in the fourth fiscal quarter of next year,” said Rex Jackson, CFO of ChargePoint. “These raises and our recently announced $150M revolving credit facility are consistent with our announced capital strategy to bolster our balance sheet. We have no further plans to access the ATM.”

Separately, ChargePoint and the lead investor in the Notes have entered into a binding term sheet agreeing to modify (either by amendment or exchange for new notes) the Notes to extend the maturity of the Notes from April 1, 2027 to April 1, 2028, to increase the cash coupon from 3.5% to 7% per year, to increase the payment in kind coupon from 5% to 8.5% per year, and to adjust the conversion price from $24.03 per share to $12.00 per share.

Evercore acted as exclusive financial advisor to ChargePoint

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