Why ChargePoint Stock Is Getting Hammered
Portfolio Pulse from Henry Khederian
ChargePoint Holdings Inc's shares are trading lower by 3.28% after the company announced it has secured a commitment from institutional investors, including the lead investor of their $300 million convertible notes issued in April 2022. The company is raising funds through an 'at-the-market' offering and a $150 million revolving credit facility to achieve adjusted EBITDA profitability by the fourth fiscal quarter of the following year. ChargePoint also plans to modify the terms of their notes with the lead investor, extending the maturity date to April 1, 2028, and adjusting the conversion price to $12.00 per share.
October 12, 2023 | 2:33 pm
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ChargePoint's stock is trading lower after the company announced it has secured a commitment from institutional investors. The company is raising funds to achieve profitability by the fourth fiscal quarter of the following year.
The news of ChargePoint securing commitment from institutional investors and raising funds to achieve profitability is directly impacting the company's stock price. The downward trend in the stock price indicates that investors may be concerned about the company's financial position and its ability to achieve profitability.
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