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Charge Enterprises (Nasdaq: CRGE) announced on April 21, 2022, the appointment of Ernst & Young LLP as its new independent registered public accounting firm, replacing Seligson & Giannattasio LLP. This change will be effective upon the filing of its Quarterly Report on Form 10-Q for the quarter ending March 31, 2022. The Audit Committee expressed gratitude to Seligson & Giannattasio for their service over the past two years, emphasizing that their audit reports did not contain any adverse opinions. Charge focuses on providing communications and EV charging infrastructure globally.
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Charge Enterprises (OTC PINK:CRGE) has received approval to uplist its common shares to The Nasdaq Global Market, with trading set to commence on April 12, 2022. This transition is expected to enhance market visibility, trading liquidity, and brand equity while expanding the shareholder base. Charge focuses on connecting people globally through communication and electric vehicle charging infrastructure. With a strong foundation in telecommunications and EV solutions, the uplisting signifies a significant milestone in their growth strategy.
Charge Enterprises reported Q4 revenue of $119.3 million, up from $117.1 million in Q3. Despite a proforma revenue decline of $4.5 million compared to Q4 2020, the company emphasized strong performance in 5G and EV charging infrastructure development. A net loss of $14.8 million was reported, an improvement from the previous year. Key acquisitions, including BW Electrical Services and EV Depot, enhance Charge's capabilities in the expanding EV infrastructure market, which is projected to reach $224 billion by 2028. Charge aims to uplist to Nasdaq to support further expansion.
Charge Enterprises (OTC PINK:CRGE) announced on March 10, 2022, that Chairman and CEO Andrew Fox will present at the 34th Annual Roth Conference on March 15, 2022, at 9:00 a.m. PT. The presentation will showcase Charge's role in developing infrastructures for Electric Vehicle Charging and 5G Wireless Networks. Attendees can access a webcast of the presentation and schedule one-on-one meetings with company representatives. Charge operates in telecommunications, infrastructure, and investment sectors, focusing on growth opportunities in EV and telecommunications services.
Charge Enterprises (OTC PINK:CRGE) will present at the Q1 2022 Virtual Investor Summit on March 9, 2022, at 11:45 a.m. ET. CEO Andrew Fox will discuss the company's efforts in establishing infrastructures for Electric Vehicle Charging and 5G Wireless Networks. The event will be available via webcast and includes one-on-one meeting opportunities. Charge operates in three divisions: Telecommunications, focusing on voice and data services; Infrastructure, targeting EV charging and 5G solutions; and Investment, aimed at expanding its global portfolio.
Charge Enterprises (OTC PINK:CRGE) has secured $10.8 million through preferred equity financing from a subsidiary of Island Capital Group LLC. This financing involves Series C Convertible Preferred Stock, yielding a 6% monthly dividend. Funds will be utilized for working capital and corporate purposes. Island Capital's Managing Member commended Charge’s unique position in the 5G and EV infrastructure market. Charge aims to integrate assets to become a key global infrastructure partner.
Charge Enterprises Inc. (OTC PINK:CRGE) has been designated as the preferred infrastructure provider for GenZ EV LLC, aiming to deliver comprehensive EV charging solutions. This partnership will focus on providing battery-buffered ultra-fast charging services across various sectors, including dealerships and commercial fleets. The initiative, supported by a non-binding MOU, seeks to enhance cost efficiencies and energy flexibility for EV charging. Charge Infrastructure offers an end-to-end service model that includes project management, design, engineering, and maintenance.
GenZ EV Solutions has launched its battery-buffered, ultra-fast EV charger in the U.S., aiming to support businesses in transitioning to eMobility. The company has partnered with ADS-TEC Energy and selected Charge Enterprises (CRGE) as its preferred infrastructure provider to deliver comprehensive services. Notably, GenZ's technology can work with existing grids without additional infrastructure, enhancing its appeal as demand for fast EV charging increases. The launch coincides with the anticipated rise of EV sales, with projections indicating that 50% of vehicles sold in the U.S. could be electric by 2030.
Charge Enterprises (OTC PINK:CRGE) announced the acquisition of EV Group Holdings LLC for $18.7 million in cash and stock. This acquisition aims to enhance Charge's capabilities in electric vehicle (EV) charging infrastructure and commercial fleet operations. EVGH specializes in national real estate assets for EV charging and has established a network for ecommerce delivery solutions. Charge plans to expand EVGH's services to meet growing demands for parking and electrification solutions, aligning with the shift towards greener delivery methods.
