Blink stock dives after upsized offering priced at a discount of more than 10%

Shares of Blink Charging Co.
BLNK,
-14.48%
dove 8.4% in premarket trading Tuesday, after the electric vehicle (EV) charging company’s upsized equity offering priced at a 13.4% discount. The company had originally said it planned to raise $75 million from the sale of new shares, but late Thursday the Blink said it raised $100 million. The company sold 8.33 million shares of common stock at a price of $12 a share, which compared with the Monday closing price of $13.86. Blink said it plans to use the proceeds from the stock sale to fund EV charging station deployments, to finance potential acquisitions and for working capital. The stock sale comes after the stock had soared 38.5% since it closed at a two-year low of $10.01 on Dec. 28 through Monday. The stock has still lost 30.2% over the past 12 months, while the S&P 500
SPX,
-0.02%
has eased 8.3%.