Charge Enterprises: Obtains Preferred Equity Financing from Island Capital Group LLC – Form 8-K

Charge companies Obtains Preferred Equity Financing from

Island Capital Group LLC

New York, NY (March 3, 2022) – Charge Enterprises, Inc. (OTC PINK: CRGE) (“Charge” or the “Company”), a company comprised of a portfolio of global companies with a vision to connect people everywhere with communications and vehicle charging electrical (“EV”) infrastructure, today announced that it has entered into a preferred equity financing transaction with a subsidiary of Island Capital Group LLC (“Island Capital”), a merchant bank with investment platforms and synergistic advisory firms specializing in real estate and real estate-related transactions.

“When you look at the overall 5G wireless and EV infrastructure market, there are very few companies enabling industry participants the way Charge does. Their unique value proposition delivers infrastructure solutions that are needed today that can propel the EV market through its trajectory over the next few decades,” said Andrew L. Farkas, Managing Member, Chairman and Chief Executive Officer of Island Capital. being an investor in Charge and we look forward to a fruitful relationship.”

Charge’s strategy is to integrate high-quality assets with growing recurring revenue streams into its core competencies of building infrastructure for 5G wireless networks and electric vehicle charging installation solutions. Its goal is to be the trusted global infrastructure partner at the intersection of wireless and power infrastructure.

“When Andrew Farkas, who founded Insignia Financial Group, Inc. (which eventually merged into what is now CBRE Group), approached Charge regarding a potential strategic relationship, we were delighted to explain our strategy and our vision,” said Charge Chairman and CEO Andrew Fox. “We are very pleased to work with Island Capital Group and expand our relationship with them.”

Through this preferred equity financing with Island Capital, Charge raised gross proceeds of approximately $10.8 million through approximately $12 million in par value preferred equity financing from a controlled investment vehicle by Island Capital. Proceeds from the financing will be used for working capital and general corporate purposes. The financing is in the form of Series C convertible preferred stock, which pays a monthly dividend of 6%, or $0.1875 per share per year, payable in cash or common stock of Charge at the option of the company, and is convertible into common shares. at $3.125 per share.

The securities offered and sold by Charge under the private placement have not been registered under the Securities Act of 1933 or state securities laws and may not be offered or sold in the United States without registration with the United States Securities and Exchange Commission (the “SEC”) or an applicable exemption from these registration requirements. Charge has agreed to file a registration statement with the SEC covering the resale of the common stock underlying the Series C Preferred Shares issued under the private placement. Any resale of Charge securities under this resale registration statement will be made only by way of prospectus.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, and there will be no sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of that jurisdiction.

About the capital of the island

Island Capital Group LLC is a New York-based merchant bank with synergistic investment and advisory platforms specializing in real estate transactions. The firm provides turnaround, restructuring, capital raising and other advisory services, with more than 30 years of expertise in creating value through more than $250 billion in complex distressed transactions. Island Capital is comprised of a diverse platform of commercial real estate services, ranging from fund management to financial advisory and consulting. The platform includes C-III Capital Partners LLC, NAI Global, Island Global Yachting and The Planning & Zoning Resource Company LLC. The company is led by Andrew Farkas as President and CEO and is headquartered in New York, NY. For more information about Island Capital, please visit www.islandcapital.com.

About Charge Enterprises, Inc.

Our Telecommunications Division

Our Telecommunications division (“Telecommunications”) has been providing voice and data termination to carriers and mobile network operators (MNOs) worldwide for more than two decades and we will selectively add profitable products and services to this business. long established.

Our Infrastructure Division

Our Infrastructure division (“Infrastructure”) is primarily focused on two rapidly growing areas: electric vehicle (“EV”) charging and the 5G telecommunications network, including cell towers, small cells and in-building applications . Solutions for these two sectors include: design and engineering, equipment specification and procurement, installation, data and software solutions, and service and maintenance.

Our investment division

Our investment division (“Investment”) focuses on opportunities across our global portfolio to extend the impact of our vision. We aim to invest in opportunities that would complement our two operating divisions in addition to transferable securities, including money market funds and other listed securities. Our Investment division provides services aimed at offsetting the overall cost of capital.

We offer our investment services through our wholly owned subsidiary, Charge Investments (“CI”).

To learn more about Charge, visit Charge companies.

Notice Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect current expectations or beliefs regarding future events or the future performance of Charge. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is planned”, “budget”, “expected”, “estimates”, “continues “, “expects”, “plans”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations or negatives of these words and expressions or declare that certain actions , events or results “may”, “could”, “should”, “should”, “could” or “will” be made, occur or be realized. All forward-looking statements, including those contained in this document, are qualified by this warning.

Although Charge believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. These risks and uncertainties include Charge’s business plans and strategies, Charge’s future business development, market acceptance of electric vehicles, Charge’s ability to generate positive earnings and cash flow, changes in government regulation and government incentives, subsidies or other favorable government policies, and other risks discussed in Charge’s filings with the SEC. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive of factors that could affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release speak only as of the date of this press release or the date or dates specified in such statements. For more information about Charge, investors are encouraged to review Charge’s public filings on the OTC Market at https://www.otcmarkets.com/stock/CRGE/overview. Charge disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Media Contact:

Steve Keyes (248) 952-7022

Steve.keyes@centigrade.com

Investor Relations:

Carolyn Capaccio, CFA (212) 838-3777

Ccapaccio@lhai.com