Charge Enterprises, Inc. consists of a portfolio of global businesses which connect people with communications and electric-vehicle charging (“EV”) infrastructure. It has recently announced that it has entered into a preferred stock financing transaction with a subsidiary of the Island Capital Group LLC. Island Capital is a bank with investing and advisory platforms which specializes in real estate related transactions. Andrew Farkas, the Chairman and CEO of Island Capital Group, has stated how “excited [they are] to be an investor in Charge and look forward to a successful relationship.”
Charge aims to integrate high-quality assets with growing revenue streams across its core competencies of building infrastructure for 5G wireless networks and EV charging. Charge hopes to be considered a trusted global partner in wireless and electrical infrastructure.
Through its financing with Island Capital, Charge has raised gross proceeds of approximately $10.8 million. This financing comes from Series C Convertible Preferred Stock, which pays a monthly dividend of 6%, payable in cash or in shares of Charge Common Stock at the Company’s option. It is convertible into Common Stock at $3.125 per share.
The private placement securities offered and Charge have not been registered under the Securities Act of 1933 or state securities laws. Therefore, they may not be offered or sold in the United States without the registration with the U.S. Securities and Exchange Commission (the “SEC”) or an applicable exemption from these registration requirements. Charge will file a registration statement with the SEC covering the resale of the shares of common stock underlying the Series C Preferred Stock issued in the private placement.