Charge Enterprises Enters into Securities Purchase Agreement with Island Capital Group LLC

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NEW YORK, NY/ACCESSWIRE/April 22, 2022/ Charge Enterprises Inc. (NASDAQ: CRGE) (“Charge”), comprised of a portfolio of global companies with a vision to connect people everywhere with electric vehicle (“EV”) charging and communications infrastructure, today announced that it has entered into a purchase of securities with an investment vehicle controlled by Island Capital Group LLC (“Island Capital”), a merchant bank with synergistic investment and advisory platforms specializing in real estate and property-related transactions real estate, which provides for the issuance of approximately 1.4 million common shares of Charge at a price of $7 per share, aggregating gross proceeds of not less than $7.5 million and not more than $10 million dollars. The securities purchase agreement also provides for the issuance of warrants to purchase up to 2 million common shares of Charge with an exercise price of $8.50 per share with a term of three years. Charge intends to use the proceeds of the transaction to invest in organic growth, general business purposes and working capital. Charge expects the funding to close no later than April 26, 2022.

The securities offered and sold by Charge under the private placement have not been registered under the Securities Act of 1933 or state securities laws and may not be offered or sold in the United States without registration with the United States Securities and Exchange Commission (the “SEC”) or an applicable exemption from these registration requirements. Charge has agreed to file a registration statement with the SEC covering the resale of the common stock and the common stock underlying the warrants issued under the private placement.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Charge, and there will be no sale of such securities in any jurisdiction in which such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of that jurisdiction. This press release is issued pursuant to Rule 135c of the Securities Act.

About the capital of the island
Island Capital Group LLC is a New York-based merchant bank with synergistic investment and advisory platforms specializing in real estate transactions. The firm provides turnaround, restructuring, capital raising and other advisory services, with more than 30 years of expertise in creating value through more than $250 billion in complex distressed transactions. Island Capital comprises a diverse platform of commercial real estate services, from fund management to financial advice and advisory. The platform includes C-III Capital Partners LLC, NAI Global, Island Global Yachting and The Planning & Zoning Resource Company LLC. The company is led by Andrew Farkas as President and CEO and is headquartered in New York, NY. For more information about Island Capital, please visit

About Charge Enterprises Inc.

Our telecommunications business (“Telecommunications”) has provided voice and data termination to carriers and mobile network operators (“MNOs”) worldwide for more than two decades and we will be selectively adding products and profitable services to this long-established business.

Our Infrastructure business (“Infrastructure”) is primarily focused on two rapidly growing areas: electric vehicle (“EV”) charging and the 5G telecommunications network, including cell towers, small cells and in-building applications . Solutions for these two sectors include: design and engineering, equipment specification and procurement, installation, data and software solutions, and service and maintenance.

To learn more about Charge, visit Charge Enterprises.

Notice Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect current expectations or beliefs regarding future events or the future performance of Charge. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is planned”, “budget”, “expected”, “estimates”, “continues “, “expects”, “plans”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and expressions or state that certain actions, events or results “may”, “could”, “should”, “should”, “could” or “will” be taken, occur or be achieved. All forward-looking statements, including those contained in this document, are qualified by this warning.

Although Charge believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. These risks and uncertainties include Charge’s business plans and strategies, Charge’s future business development, market acceptance of electric vehicles, Charge’s ability to generate positive earnings and cash flow, changes in government regulation and government incentives, subsidies or other favorable government policies, and other risks discussed in Charge’s filings with the United States Securities and Exchange Commission (“SEC”). Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive of factors that could affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release speak only as of the date of this press release or as of the date or dates specified in such statements. For more information about us, investors are encouraged to review our public filings with the SEC which are available on the SEC’s website at Charge disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Media contacts:
Steve Keyes (248) 952-7022
[email protected]

Investor Relations:
Carolyn Capaccio, CFA (212) 838-3777
[email protected]

THE SOURCE: Charge Enterprises Inc.

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Lynn A. Saleh