Arena investors sends letter to board of directors of charge enterprises

Large shareholder urges charge to take immediate action to address significant underperformance  believes enhanced strategic direction, leadership and governance will position charge for substantial value creation to benefit all stakeholders charge stands to benefit from immense need for ev charging infrastructure, but change is needed to capitalize on this opportunity new york , aug. 21, 2023 /prnewswire/ -- arena investors, lp (and its affiliates, collectively, "arena"), an institutional asset manager that, together with investment funds managed by it, is one of the largest beneficial owners of charge enterprises, inc. (nasdaq:crge) ("charge"), today sent a letter to the board of directors of charge. the purpose of the letter is to urge the board of directors of charge to take clear steps towards improving charge's current corporate management and operations, with the goal of remedying charge's dramatic underperformance, including an approximately 78% decline in charge's stock price in the past year.
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