Blink Charging Co. Files 8-K on Exit/Disposal Costs

TL;DR

Blink Charging Co. (BLNK) filing 8-K on exit/disposal costs - watch for financial impact.

AI Summary

On September 17, 2024, Blink Charging Co. filed an 8-K report detailing costs associated with exit or disposal activities. The filing also includes financial statements and exhibits related to these activities. The company, incorporated in Nevada, is headquartered in Miami Beach, Florida.

Why It Matters

This filing indicates potential restructuring or divestment activities by Blink Charging Co., which could impact its future financial performance and operational focus.

Risk Assessment

Risk Level: medium — Filings related to exit or disposal activities can signal financial distress or strategic shifts that may carry inherent risks.

Key Players & Entities

• Blink Charging Co. (company) — Registrant
• September 17, 2024 (date) — Date of earliest event reported
• Nevada (jurisdiction) — State of incorporation
• Miami Beach, Florida (location) — Principal Executive Offices
• Car Charging Group, Inc. (company) — Former company name
• NEW IMAGE CONCEPTS, INC (company) — Former company name

FAQ

Key Financial Figures

• $9.0 million — in annualized savings of approximately $9.0 million (the "Plan"). The Plan will begin immed

Filing Documents

• form8-k.htm (8-K) — 43KB
• ex99-1.htm (EX-99.1) — 15KB
• ex99-1_001.jpg (GRAPHIC) — 7KB
• 0001493152-24-037981.txt ( ) — 245KB
• blnk-20240917.xsd (EX-101.SCH) — 3KB
• blnk-20240917_lab.xml (EX-101.LAB) — 33KB
• blnk-20240917_pre.xml (EX-101.PRE) — 24KB
• form8-k_htm.xml (XML) — 4KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): September 17, 2024 BLINK CHARGING CO. (Exact name of registrant as specified in its charter) Nevada 001-38392 03-0608147 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 5081 Howerton Way , Suite A Bowie , Maryland 20715 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (305) 521-0200 N/A (Former name or former address, if changed since last report.) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock BLNK The Nasdaq Stock Market LLC Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. CURRENT REPORT ON FORM 8-K Blink Charging Co. September 17, 2024 Item 2.05. Costs Associated With Exit or Disposal Activities On September 17, 2024, Blink Charging Co. (the "Company") announced its cost reduction plan anticipated to reduce its global personnel count by 14%, resulting in annualized savings of approximately $9.0 million (the "Plan"). The Plan will begin immediately and be completed in the first quarter of 2025. The Plan aims to improve operational efficiencies by streamlining functions across the Company. The estimates of the charges and expenditures that the Company expects to incur in connection with the Plan, and the timing thereof, are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual amounts may differ materially from estimates. In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the Plan. The Company issued a press release regarding the Plan, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Forward-Looking This Item 2.05 contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as "anticipate," "expect," "intend," "may," "will," "should" or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. These statements include statements regarding the intent, belief, or current expectations of the Company and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including the possibility that its planned cost reduction actions will not result in the operational efficiencies as anticipated by management and the risk factors described in the Company's periodic reports filed with the SEC and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, the Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions. Item 9.01. Financial (d) Exhibits Exhibit No. Description 99.1 Press Release of Blink Charging Co. dated September 17, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BLINK CHARGING CO. Dated: September 24, 2

View Full Filing

View this 8-K filing on SEC EDGAR