Why Blink Charging Shares Tanked 25% This Week
Blink Charging (NASDAQ: BLNK) stock has been hammered this week after investors got an unwelcome surprise from the electric vehicle (EV) charging network start-up. Blink shares had started the year bouncing off of recent lows with a sharp 30% gain.
But that pop has been completely erased this week with the stock down 25% from last Friday's close on the last morning of trading, according to data provided by S&P Global Market Intelligence.
Blink stock had reached about $15 per share on the early 2023 bounce, but management announced this week that it would be offering new shares of common stock at a price of just $12 per share. Not surprisingly, the stock immediately plunged to that level, and then kept going.
Source Fool.com
