Blink Charging Co. is set to receive a 20% equity stake in Envoy Technologies, Inc. as part of an acquisition deal where CID HoldCo, Inc. will acquire 100% of the vehicle-sharing platform from BladeRanger Ltd. Blink Charging's stake comes as a result of a $12.5 million convertible note it held in Envoy. The transaction is expected to close by October 6.
The deal is part of a larger announcement by CID HoldCo that also included a debt restructuring. The acquisition will see BladeRanger Ltd. issued approximately 10.8 million shares, representing about 67.3% of CID HoldCo's post-closing fully diluted stock.