Blink takes strong action to fight suspected illegal trading activity and market manipulation to protect shareholders
Miami, FL, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading manufacturer, owner and operator of electric vehicle (EV) charging equipment and services, today announced that it has entered into a service agreement with Shareholder Intelligence Services, LLC ("ShareIntel"), a patented compliance driven SAAS retained by public companies to track shareholder ownership and monitor critical broker-dealer and shareholder movement, to investigate and report on potential illegal naked short selling activities of Company stock (BLNK), among other suspected trading violations.
In its review of unusual trading patterns, the Company believes that certain individuals and/or companies may have engaged in manipulative and/or suspected illegal trading practices that may have artificially depressed its share price.
ShareIntel utilizes a patented process called DRIL-Down™ to aggregate and analyze repository data from reporting entities, broker-dealers and shareholders enabling Blink to proactively track shareholder ownership, identify parties involved in suspicious, aberrant or unusual trading activity and deploy corrective action steps to help curtail such activity.
The Company suspects that its actual short position may be greater than the 30+% reported to FINRA and the public. There is great concern in today’s market environment regarding the potential targeting of Blink Charging and other publicly traded companies in a market manipulation scheme involving illegal naked short selling of Company stock. The Company finds such suspected manipulation completely unacceptable as it distorts the value of the targeted Companies and negatively impacts the shareholders who have invested their hard-earned money. The Company feels strongly that this predatory behavior in our capital markets must be thoroughly investigated and stopped. Utilizing the services of ShareIntel and their ability to proactively track equity flows and identify suspicious, aberrant and/or unusual trading activity, is the first step in our commitment to protecting our shareholders’ investment in our Company by doing all we can to uncover and combat suspected illegal naked short selling. The Company plans to take any and all legal actions in this endeavor.
Blink joins other public companies such as Helbiz (HLBZ), Verb Technology (VERB), Creatd (CRTD), Global Tech Industries Group (GTII), Genius Group (GNS), Fingermotion (FNGR), Cosmos Health (COSM), and others in going after illegal naked short sellers and maintaining integrity in the capital markets.
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK, BLNKW), a leader in electric vehicle (EV) charging equipment, has deployed nearly 59,000 charging ports across 25 countries, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of Blink’s charging locations worldwide. Blink’s principal line of products and services includes the Blink EV charging network (“Blink Network”), EV charging equipment, EV charging services, and the products and services of recent acquisitions, including SemaConnect, Blue Corner and BlueLA. The Blink Network uses proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. With global EV purchases forecasted to rise to 10 million vehicles by 2025 from approximately 2 million in 2019, Blink has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs. For more information, please visit https://www.blinkcharging.com/.
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Blink Charging and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in Blink Charging’s Q2 2022 Form 10-Q and other periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
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