Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Charge Enterprises, Inc. (CRGE, CRGEQ) on Behalf of Investors

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Charge Enterprises, Inc. (“Charge” or the “Company”) (NASDAQ: CRGE; OTC: CRGEQ) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your Charge investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Charge-Enterprises-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On November 21, 2023, Charge disclosed that it had received a default notice from its senior lender, Arena Investors, LP (“Arena”), stating that its prior belief that it had “approximately $9.9 million of Company assets . . . in the form of cash, cash equivalents, marketable securities or similar readily liquid assets” was false; instead, these funds had been invested in KORR Value and were thus “not immediately able to be liquidated or readily accessible.” Charge warned that if it “[continued] not to have sufficient liquidity to pay the principal and interest on the [Arena] Notes. . . these circumstances could result in a default under other of the Company’s debt instruments and agreements that contain cross-default provisions” which would “have a material adverse effect on the Company’s liquidity, financial condition and results of operations, and may render the Company insolvent and unable to sustain its operations and continue as a going concern.”

Then, on December 6, 2023, Charge revealed that it had received additional default notices from Arena and that the Company would be ceasing the operations of certain of its telecommunications subsidiaries in an effort to preserve liquidity.

Then, on January 25, 2024, Charge disclosed that it had received a foreclosure notice, and that, to satisfy its outstanding debt, Arena would be holding an auction liquidate 100 percent of the equity interests in certain Charge subsidiaries.

Then, on February 28, 2024, Charge announced that it had entered into a Restructuring Support Agreement with two affiliates of Arena. The following day, on February 9, 2024, NASDAQ suspending trading of Charge common stock.

Then, on March 7, 2024, Charge filed its voluntary petition for bankruptcy.

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Whistleblower Notice: Persons with non-public information regarding Charge should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

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