Charge Enterprises Enters into Securities Purchase Agreement with Island Capital Group LLC

NEW YORK, NY / ACCESSWIRE / April 22, 2022 / Charge Enterprises Inc. (NASDAQ:CRGE) ("Charge"), consisting of a portfolio of global businesses with the vision of connecting people everywhere with communications and electric-vehicle charging ("EV") infrastructure, today announced it has entered into a Securities Purchase Agreement with an investment vehicle controlled by Island Capital Group LLC ("Island Capital"), a merchant bank with synergistic investing and advisory platforms specializing in real estate and real estate related transactions, that provides for the issuance of up to approximately 1.4 million shares of Charge common stock at a price of $7 per share, totaling gross proceeds of a minimum of $7.5 million and a maximum of $10 million. The Securities Purchase Agreement also provides for the issuance of warrants to purchase up to 2 million shares of Charge's common stock with an exercise price of $8.50 per share with a three-year term. Charge intends to use the proceeds of the transaction to invest in organic growth and for general corporate purposes and working capital. Charge expects the funding to close on or before April 26, 2022.

The securities offered and sold by Charge in 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 absent registration with the U.S. Securities and Exchange Commission (the "SEC") or an applicable exemption from such registration requirements. Charge has agreed to file a registration statement with the SEC covering the resale of the shares of common stock and the common stock underlying the warrants issued in the private placement.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Charge, nor will there be any sale of any such 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 such jurisdiction.This press release is being issued pursuant to, and in accordance with, Rule 135c under the Securities Act.

About Island Capital
Island Capital Group LLC is a merchant bank headquartered in New York City with synergistic investing and advisory platforms specializing in real estate transactions. The company provides turnaround, restructuring, capital raising and other advisory services, with over 30 years of expertise in creating value across more than $250 billion of complex distressed transactions. Island Capital comprises a diverse platform of commercial real estate services, 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 Chairman and CEO and is headquartered in New York, NY. For more information about Island Capital, please visit www.islandcapital.com.