Blink Charging projects revenue beat while looking to sell stock, shares fall in late trading

Blink Charging Co.
BLNK,
-1.39%
shares sank in late trading Monday, after the electric-vehicle-charging company detailed plans to sell more shares while offering an early look at fourth-quarter results that are expected to come in higher than analysts’ estimates. Blink executives are looking to sell $75 million in fresh stock, with an option to increase the size of the offering by up to 15%, according to a Monday afternoon announcement. As part of that announcement, the company filed a prospectus with the Securities and Exchange Commission that showed expected fourth-quarter revenue to be $21 million to $23 million, up from roughly $8 million a year ago. Analysts on average were projecting sales of $18.2 million, according to FactSet. Executives expect a net loss of $23 million to $26 million, and an adjusted-Ebitda loss of $15 million to $18 million. Shares declined between 4% and 7% in after-hours action following the announcement; they have declined 30.6% in the past 12 months, as the S&P 500 index
SPX,
-0.61%
has dropped 8.1%.