Shares of EV charging community operator ChargePoint Holdings have been buying and selling decrease Wednesday after the corporate mentioned it is elevating $232 million through inventory gross sales.

The corporate’s inventory was down almost 13% as of afternoon buying and selling.

ChargePoint mentioned in a press release {that a} group of institutional traders has agreed to buy $175 million in newly issued inventory. The corporate additionally disclosed it has raised $57 million through the present fiscal quarter through its present “at-the-market” inventory providing facility, for a complete of $232 million in new funds.

CFO Rex Jackson mentioned in a press release that the brand new funds, along with a not too long ago secured credit score line, will assist the corporate into early 2025.

“These raises and our not too long ago introduced $150M revolving credit score facility are in step with our introduced capital technique to bolster our stability sheet,” Jackson mentioned, including the corporate has no additional plans to supply inventory through its at-the-market facility.

ChargePoint additionally disclosed that it has altered the phrases of a previous $300 million convertible notes deal to offer the corporate one other 12 months to pay again the funding however straps it with greater curiosity funds.

ChargePoint’s shares closed at $4.49 on Tuesday, down about 53% for the reason that starting of 2023.