Blink Charging Co. (Nasdaq: BLNK) has disclosed that Envoy Technologies, the EV car-sharing business it sold in June, has been sold again. In a Form 8-K filed with the SEC on Oct. 16, 2026, Blink said BladeRanger Ltd., which bought Envoy on June 5, sold it to CID HoldCo, Inc. on Oct. 9. As part of that deal, the $12.5 million convertible promissory note Blink received from the June sale was amended. It will convert into 2,166,667 shares of CID common stock once two conditions are met, and Blink intends to pass those shares to its own common stockholders.
The conversion has not happened yet. Blink said in the filing that the conditions may not be met on schedule or at all.
How Blink got here
On June 5, 2026, Blink sold all of Envoy's common stock to BladeRanger, which the filing describes as an unrelated third party. The price was $1.0 million in cash, subject to a post-closing working-capital adjustment, plus the convertible note issued by Envoy. The note matures on July 22, 2029, and Blink can extend that date by two years. Blink said the sale was part of a strategy to focus its resources on its core EV charging operations.
Envoy changed hands again 126 days later, when BladeRanger closed its sale to CID HoldCo on Oct. 9. Blink reported the sale and the amended note terms seven days after that, on Oct. 16.
What the amended note does
Before the amendment, the note was set to settle at the earlier of a qualified liquidity event or its maturity date. It now stays outstanding and converts into CID common shares when both of these things have happened:
- CID's stockholders approve the proposals required under Nasdaq Listing Rules 5635(a), 5635(b) and 5635(d), including the issuance of the conversion shares.
- A registration statement on Form S-1, or another available form, covering the shares is declared effective by the SEC and remains available for the distribution to Blink's stockholders.
After conversion, Blink plans a pro rata distribution of the CID shares to its common stockholders for no consideration, as a dividend or distribution in kind. The shares are subject to a lock-up that starts on the conversion date and ends on April 1, 2027 or six months after conversion, whichever comes first. The lock-up does not apply to Blink's distribution to its stockholders.
CID can also require early conversion of up to 100% of the outstanding principal in two cases: if its chief financial officer determines in good faith that CID's stockholders' equity on its next periodic balance sheet will be below $3,000,000, or if CID receives a notice, determination or inquiry from Nasdaq about compliance with Listing Rule 5550(b)(1). If CID forces conversion before its stockholders have approved the issuance, Blink receives CID Series C Preferred Stock at a stated value of $6.00 per share instead of common stock.
If the conditions are not met before maturity, Blink keeps its rights under the note, including the right to elect conversion at maturity. Among the risks the filing lists are that the note may remain outstanding, that a forced conversion may occur, that Blink may be unable to complete the distribution, and that CID may be unable to regain or maintain compliance with Nasdaq listing rules.
How Blink valued the note
Blink's second-quarter 2026 report put a $0 fair value on the Envoy note, according to a Panabee summary of the company's 10-Q. The same summary reports that Blink, which has not maintained Nasdaq's $1.00 minimum bid price, is in a second 180-day compliance period that ends Jan. 25, 2027, 97 days from Oct. 20, 2026.
Panabee also lists first-half 2026 revenue of $42 million, down 14% year over year, a first-half net loss of $17.6 million, and $34 million in cash. Within that revenue, it reports service revenue up 17% year over year to $23.7 million and product revenue down 40%. Panabee labels its content AI-generated; Blink's 10-Q on EDGAR is the primary record for those figures.
What It Means for Drivers
The transaction covers the ownership of Envoy and how Blink is paid for it. Blink's public charging stations are not part of the sale, which involved only Envoy's stock.
If you use Envoy car-share vehicles, the service now belongs to CID HoldCo rather than to Blink or BladeRanger. If you charge on Blink stations, the network stays with Blink, which said it is concentrating on charging.
