ENVOY TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

8575 Washington Blvd.
Culver City, California 90232
(888) 610-0506
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Aric Ohana
Chief Executive Officer
Envoy Technologies, Inc.
8575 Washington Blvd.
Culver City, California 90232
(888) 610-0506
(Name, address, including zip code, and telephone number, including area code, of agent for service)

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided to Section 7(a)(2)(B) of the Securities Act. ☐

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the Registration Statement filed with the Securities and Exchange Commission becomes effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

This prospectus relates to registration of the resale of up to 7,812,500 shares of our common stock by our stockholders identified in this prospectus, referred to as the registered stockholders. Unlike an initial public offering, the resale by the registered stockholders is not being underwritten by any investment bank. The registered stockholders may, or may not, elect to sell their shares of common stock covered by this prospectus, as and to the extent they may determine. Such sales, if any, will be made through brokerage transactions on The Nasdaq Capital Market (“Nasdaq”). See the section titled “Plan of Distribution.” If the registered stockholders choose to sell their shares of common stock, we will not receive any proceeds from the sale of shares of common stock by the registered stockholders.

Upon completing this direct listing, Blink Charging Co., our parent company (“Blink Charging” or “Blink”), will be our single largest stockholder owning approximately 46.0% of our outstanding common stock. Due to Blink Charging’s substantial ownership of our common stock following this offering, Blink Charging will be able to influence the outcome of matters requiring stockholder approval, including the election of directors, amendment of organizational documents and approval of major corporate transactions, such as a change in control, merger, consolidation or sale of assets.

No public market for our common stock currently exists. Other than the acquisition of our company by Blink Charging on April 18, 2023, there have not been any private sale transactions of our common stock in the recent past and shares of our common stock do not have a history of trading in private transactions. See “Sale Price History of Our Common Stock.” The listing of our common stock on Nasdaq without an underwritten initial public offering is a novel method for commencing public trading in our common stock and, consequently, the trading volume and price of shares of our common stock may be more volatile than if shares of our common stock were initially listed in connection with an underwritten initial public offering.

On the day that shares of our common stock are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price (as defined below) on the basis of such accepted orders. During a 10-minute “Display Only” period, market participants may enter quotes and orders for shares of our common stock in Nasdaq’s systems and such information is disseminated, along with other indicative imbalance information, to Roth Capital Partners, LLC (“Roth Capital Partners” or the “financial advisor”) and other market participants by Nasdaq on its NOII and BookViewer tools. Following the “Display Only” period, a “Pre-Launch” period begins, during which the financial advisor, in its capacity as our designated financial advisor to perform the functions under Nasdaq Rule 4120(c)(8), must notify Nasdaq that our shares are “ready to trade.” Once the financial advisor has notified Nasdaq that shares of our common stock are ready to trade, Nasdaq will calculate the Current Reference Price for shares of our common stock, in accordance with Nasdaq rules. If the financial advisor then approves proceeding at the Current Reference Price, Nasdaq will conduct a price validation test in accordance with Nasdaq Rule 4120(c)(8). As part of conducting such price validation test, Nasdaq may consult with the financial advisor, if the price bands need to be modified, to select the new price bands for purposes of applying such test iteratively until the validation tests yield a price within such bands. Upon completion of such price validation checks, the applicable orders that have been entered will then be executed at such price and regular trading of shares of our common stock on Nasdaq will commence. Under the Nasdaq rules, the “Current Reference Price” means: (i) the single price at which the maximum number of orders to buy or sell shares of our common stock can be matched; (ii) if more than one price exists under clause (i), then the price that minimizes the number of shares of our common stock for which orders cannot be matched; (iii) if more than one price exists under clause (ii), then the entered price (i.e. the specified price entered in an order by a customer to buy or sell) at which shares of our common stock will remain unmatched (i.e. will not be bought or sold); and (iv) if more than one price exists under clause (iii), a price determined by Nasdaq after consultation with the financial advisor in its capacity as financial advisor. The financial advisor will exercise any consultation rights only to the extent that it may do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M (to the extent applicable), or applicable relief granted thereunder. The registered stockholders will not be involved in Nasdaq’s price-setting mechanism, including any decision to delay or proceed with trading, nor will they control or influence the financial advisor in carrying out its role as financial advisor. The financial advisor will determine when shares of our common stock are ready to trade and approve proceeding at the Current Reference Price primarily based on consideration of volume, timing and price. In particular, the financial advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. For more information, see “Plan of Distribution.”

We have applied to list our common stock on The Nasdaq Capital Market under the symbol “EVOY.” We expect our common stock to begin trading on Nasdaq on or about __________, 2025.

If our Nasdaq application is not approved or we otherwise determine that we will not be able to secure the listing of our common stock on Nasdaq, we will not complete this direct listing. A Nasdaq listing is a condition to the this direct listing. No assurance can be given that our Nasdaq application will be approved and that our common stock will ever be listed on Nasdaq. If our listing application is not approved by Nasdaq, we will terminate this direct listing.

Investing in our common stock involves a high degree of risk. See the section titled “Risk Factors” beginning on page 15 of this prospectus to read about factors you should consider before purchasing shares of our common stock.

We are an “emerging growth company” as defined under the Jumpstart Our Business Startups Act of 2012 and, as such, have elected to comply with certain reduced public company reporting requirements for this prospectus and may elect to do so after this offering in future filings.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Envoy Technologies is redefining mobility by leveraging private and public electric car-sharing programs and its proprietary technology to provide innovative, seamless and economically sustainable alternatives to car ownership, empowering communities of all types to embrace a smarter future of shared vehicle access.

This prospectus is a part of a registration statement on Form S-1 that we filed with the SEC using a “shelf” registration or continuous offering process. Under this process, the registered stockholders may, from time to time, sell the common stock covered by this prospectus in the manner described in the section titled “Plan of Distribution.” Additionally, we may provide a prospectus supplement to add information to, or update or change information contained in, this prospectus, including the section titled “Plan of Distribution.” You may obtain this information without charge by following the instructions under the section titled “Where You Can Find Additional Information” appearing elsewhere in this prospectus. You should read this prospectus and any prospectus supplement before deciding to invest in our common stock.

We have evaluated various liquidity opportunities from time to time for us and our stockholders, including over the last six months as we contemplated pursuing an initial public offering via a direct listing as described in this prospectus or through an underwritten offering of shares of common stock sold by us. We initially confidentially submitted this prospectus in draft form on December 2, 2024, and subsequently publicly filed via EDGAR on February 11, 2025, and amended such filing via EDGAR on April 3, 2025. Due to market volatility and the performance of other recent underwritten initial public offerings, we have elected to file this prospectus as an amendment to the registration statement and pursue a direct listing. We expect our common stock to begin trading on Nasdaq on or about __________, 2025. See the section titled “Plan of Distribution.”

Neither we nor any of the registered stockholders have authorized anyone to provide any information or to make any representations other than those contained in this prospectus. We and the registered stockholders take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the securities offered hereby and only under circumstances and in jurisdictions where it is lawful to do so. No dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus. You should assume that the information appearing in this prospectus is accurate only as of the date on the front of this prospectus only, regardless of the time of delivery of this prospectus, or any sale of a security. Our business, financial condition, results of operations, and prospects may have changed since those dates.

The registered stockholders are not offering to sell or seeking offers to purchase these securities in any jurisdiction where the offer or sale is not permitted. We and the registered stockholders have not done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the securities as to distribution of the prospectus outside of the United States.

The industry and market data and certain other statistical information used throughout this prospectus are from our own research, surveys or studies conducted by third parties and industry or general publications. For example, this prospectus contains certain information from a 2024 survey conducted by Full Spectrum Insights, a market research firm engaged by us (“FSI”). Industry publications, third-party research, surveys and studies, including the 2024 survey conducted by FSI, generally indicate that their information has been obtained from sources believed to be reliable. However, they do not guarantee the accuracy or completeness of such information. We are responsible for all of the disclosures in this prospectus, and we believe that these sources are reliable; however, we have not independently verified the information in such publications. While we are not aware of any misstatements regarding any third-party information presented in this prospectus, their estimates, in particular, as they relate to projections, involve numerous assumptions, are subject to risks and uncertainties, and are subject to change based on various factors, including those discussed under the section entitled “Risk Factors” and elsewhere in this prospectus. Some data are also based on our good faith estimates.

The unaudited pro forma financial information of Envoy Technologies, Inc. presented in this prospectus has been derived from the application of pro forma adjustments to the historical consolidated financial statements for the Successor period (from April 18, 2023 to December 31, 2023) and the Predecessor period (from January 1, 2023 to April 17, 2023). These pro forma adjustments give effect to the Envoy Technologies Acquisition, as described in “The Envoy Technologies Acquisition and Stock Issuance”, as if the Envoy Technologies Acquisition had occurred on January 1, 2023 for the unaudited pro forma condensed combined statement of operations for our 2023 fiscal year. See “Unaudited Pro Forma Condensed Combined Financial Information” for a complete description of the adjustments and assumptions underlying the unaudited pro forma financial information included in this prospectus.

PROSPECTUS SUMMARY

This summary highlights information contained in greater detail elsewhere in this prospectus. This summary is incomplete and does not contain all the information you should consider in making your investment decision. You should read the entire prospectus carefully before investing in our common stock. You should carefully consider, among other things, our financial statements and the related notes and the sections entitled “Risk Factors,” “Summary Consolidated Financial Information,” “Unaudited Pro Forma Condensed Consolidated Financial Information” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this prospectus. Unless otherwise indicated or the context otherwise requires, the terms “we,” “us,” “our,” and “our company” refer to Envoy Technologies, Inc., a Delaware corporation.

Our Mission

At Envoy, we redefine mobility by offering innovative alternatives to car ownership. By leveraging private and public electric car-sharing programs and our proprietary technology, we empower communities to embrace a smarter, more convenient and economically sustainable future—where access to personal vehicles is shared, seamless and designed for tomorrow.

We are building sustainable communities of all types, from affordable to luxury, by providing convenient electric mobility solutions. By reducing reliance on private car ownership, we help decrease the cost of living, free up valuable urban space, and shrink carbon footprints—creating smarter, more connected, and more livable cities. The average privately owned car remains idle for approximately 95% of the time, according to an August 2018 Senseable City Lab publication, making it one of the least efficient assets for consumers, while the rising costs of car ownership and transportation have become major financial burdens. Our mission is to transform these inefficiencies into innovative, greener and more cost-effective mobility solutions. As on-demand and shared services become the norm, electric car-sharing (“EV-sharing”) naturally emerges as the next evolution in urban mobility. For over a century, cities have been designed around private car ownership, prioritizing gas-powered vehicles at the expense of space and sustainability. The future of mobility—electric, shared and autonomous—will redefine urban planning, reduce parking dependency and optimize urban design. Our innovative EV-sharing platform enables property owners and communities to offer a practical, sustainable alternative to car ownership.

The impact is clear—over the past year, 65% of our users experienced driving an EV for the first time through our service. Additionally, a 2023 survey conducted by Full Spectrum Insights, a market research firm engaged by us, found that more than 50% of urban respondents would be likely or very likely to consider reducing their number of personal vehicles and using a car-sharing service. We empower two-car households to downsize to one and single-car households to embrace a car-free lifestyle. We envision a future where shared electric mobility enhances lives, reduces urban congestion and fosters more sustainable, people-centric cities. With every shared ride, we move closer to a smarter, cleaner, and more efficient way of living.

Our EV-Sharing Services and Mobility Platform

We are a fast-growing EV-sharing operator and developer of electric fleet technologies based in Los Angeles. We provide electric car-sharing as a premium amenity for private properties like apartment buildings, hotels, and workplaces. We also collaborate with cities, municipalities, and non-profit organizations that fund programs to provide electric car-sharing services to broader public communities. We power our EV-sharing apps in all our operations through our advanced mobility platform. Nearly 17,000 drivers in select U.S. cities have used our car-sharing services since June 2017, consisting of approximately 14,000 drivers using our Envoy Amenity services and approximately 3,000 drivers using our Envoy City services. For the year ended December 31, 2024 compared to the year ended December 31, 2023, revenues from our Envoy Amenity and Envoy City operations (as described below) grew 20% from $3,232,224 to $3,870,817. Under the Envoy Amenity and Envoy City agreements, partner revenue grew 12% from $2,246,720 to $2,521,289, and booking revenue grew 36% from $913,981 to $1,246,687.

Envoy - Mobility as an Amenity®

In our Envoy Mobility as an Amenity operations, which we refer to as Envoy Amenity, we enter into long-term strategic agreements with national and local property owners and real estate developers (“private mobility partners”) to offer exclusive access to private EV-sharing services to their residents, tenants, and guests available only to those connected to the property as a premium amenity. We tailor the vehicle selection to fit the unique needs of each community, offering a diverse range of both economy and luxury EVs. Our EVs are conveniently parked onsite with dedicated chargers and are exclusively available to residents and guests. Drivers can easily reserve and access EVs through our intuitive mobile app, available on both iOS and Android, all powered by Envoy’s advanced technology for a seamless experience.

Our Envoy Amenity service eliminates the hassles and the irritating and expensive inconveniences of car ownership. We handle everything from car registration to cleaning and maintenance, while offering comprehensive auto and liability insurance, plus a dedicated 24/7 support team. This makes sustainable mobility not only more affordable but also far more convenient for residents and guests.

We generate revenue from our private mobility partners through start-up fees, monthly service fees, and end-user bookings. Start-up fees cover our cost of equipping the vehicle with our hardware and delivering it to client sites. Monthly service fees typically cover our monthly amortized costs for the vehicle, including insurance, car cleaning, and maintenance. Additionally, we earn revenue from residents, tenants, and guests (the “end-users”) who book on-demand or schedule an hourly, daily or weekly rate. See “Our Revenue Model” for more information.

We leverage revenue-sharing models to create novel income opportunities for our private mobility partners while fostering customer loyalty and boosting brand recognition. This approach is reshaping how commercial real estate developers and property owners assess and optimize their properties and parking facilities. Moreover, our platform provides private mobility partners with granular real-time usage statistics and analytics, empowering them to evaluate and optimize the performance of their investments. Partnering with Envoy Amenity also helps property owners qualify for financial incentives and achieve sustainability goals. For example, including EV-sharing and charging services in property development plans provides development incentives and parking reduction opportunities and contributes to LEED (leadership in energy and environmental design) green building certification by the U.S. Green Building Council, aligning with environmental, social and corporate-governance (“ESG”) goals. We believe Envoy Amenity is a cost-effective revenue-sharing model, delivering an environmentally impactful and useful service with minimal financial and administrative burdens.

As of April 30, 2025, Envoy Amenity’s customer base consisted of approximately 100 private mobility partners covering more than 150 locations, including some of the nation’s largest developers and owners of residential multi-family apartment buildings, hotels, and workplaces, such as the property management groups of Douglas Elliman Inc., Greystar Global Enterprise, LLC, LeFrak Organization Inc., and The Related Companies L.P. We operate in more than 50 U.S. cities across 23 states, including Los Angeles, San Francisco, Miami, New York, and Chicago, focusing on large, densely populated metropolitan areas with high parking costs and an elevated cost of living. Our standard strategic agreements with private mobility partners have a 36-month term, with an average remaining contract duration of approximately 21 months.

In October 2024, we partnered with several property management companies to expand exclusive access to our EV fleets for residents of luxury apartment complexes. In California, we partnered with The Holland Group and Brookfield Properties to install a fleet of Lucid Motors EVs at three properties located in Santa Clara and Los Angeles. Residents can now book Lucid Air electric vehicles through our mobility platform and have access to dedicated ground-level onsite charging stations. In addition, we partnered with UNLMTD Real Estate Group, LLC to introduce an onsite fleet of electric Fiat 500e vehicles at FIAT House, a luxury residential property in Fort Lee, New Jersey. Exclusive access to these vehicles through our mobile app grants residents the flexibility to book zero-emission transportation by the hour or for days at a time. Through these strategic private partnerships, we provide sustainable transportation options to residents via turnkey access to a variety of EVs.

Matt Peterson, CEO of Los Angeles Cleantech Incubator, with one of our EVs in the background

Envoy - City Public Partnerships

Envoy City is our dedicated public partnership initiative, where we collaborate with city municipalities, political subdivisions, government agencies, public utility companies, non-profits, and other transportation providers (“public partners”) to offer sustainable EV-sharing services. Through these collaborations, we aim to serve broader underserved communities, such as low-income, disadvantaged communities, effectively making the need for a privately-owned car obsolete. Offering affordable, eco-friendly EV-sharing – whether for round trips or one-way journeys – provides a new public transportation option that reduces the number of gas-powered vehicles on the road, in addition to freeing up more parking spaces. This helps ease the strain on in-city traffic and lowers pollution, while promoting greener and more sustainable living spaces.

As of April 30, 2025, Envoy City’s customer base consisted of approximately 26 public partners across seven cities. Our Envoy City public partners seek innovative solutions to allocate resources effectively, enhance community mobility, and drive EV adoption initiatives. We believe our experience, expertise, and track record of facilitating effective public EV-sharing services will further increase our ability to penetrate urban areas. We have a strong history of collaborating with community leaders bringing our services to underserved areas. In addition, we believe our platform offers a distinct advantage in terms of upfront infrastructure investment and operational management compared to other public transit services. Our comprehensive approach encompasses advanced technology and operational support. We believe our solution simplifies the process for our public partnerships, streamlining their efforts to provide efficient and accessible transportation solutions to their communities.

To generate revenue from our Envoy City operations, we work with public, non-profit and private partners that provide us with subsidies and grants to cover the direct costs of our EV-sharing services. These programs are designed and budgeted by us to ensure that the revenue generated from such programs exceeds the variable costs associated with the operations. Depending on the program, additional revenue is generated from end-users who book on-demand or schedule an hourly, daily, or weekly rate. See “Our Revenue Model” for more information.

Most of our grant funding is obtained as part of a six to 12-month request for proposal process conducted by city and state governmental agencies and non-profits which solicit applications and competitively select projects based on specific evaluation criteria and program priorities. Examples include our collaborations with the Los Angeles Cleantech Incubator, a private non-profit incubator for cleantech startups (“LACI”), and the California Air Resources Board – as well as housing authorities such as the Housing Authority of the City of Los Angeles (“HACLA”) and the Sacramento Housing and Redevelopment Agency. In March 2024, we partnered with HACLA and LACI to provide residents of Rancho San Pedro public housing with access to our service platform as part of an existing electric car share program. We have also launched innovative rebate programs with utility companies, including the Anaheim Public Utilities, the Los Angeles Department of Water and Power, and Austin Energy, incentivizing private property owners to install EV charging infrastructure.

In March 2023, we were awarded $8.5 million, combined, to develop electric car-sharing programs in New Jersey, to be funded by the State of New Jersey’s Region Greenhouse Gas Initiative. With this award, we plan to launch a statewide publicly accessible electric car-sharing program featuring car-sharing services at subsidized rates in overburdened communities. We also anticipate deploying roughly 16 EVs for a car-sharing pilot serving affordable housing units in Jersey City and other nearby cities, covering six buildings. Both projects are currently in the planning phase. We expect the projects to be launched and funded later in 2025, which will further expand our nationwide reach.

Grant funding from municipalities and other public partners typically includes material obligations that we must satisfy to remain in compliance with the programs. While these obligations vary by grant, they generally require us to deliver our EV-sharing services—such as mobile applications, fleet management, and customer support—within a specified geographic area, adhere to the program’s approved budget, provide regular reports on key metrics (e.g., usage rates, environmental impact such as emissions reductions, and user demographics), and ensure the program is accessible to underserved communities or other target populations. Although we have not yet entered into a grant agreement with respect to New Jersey’s Regional Greenhouse Gas Initiative, we expect such an agreement will contain the material obligations outlined above.

Since 2017, Envoy City has been awarded approximately $13 million in grant funding from various state and local government programs. Envoy City has and will continue to leverage state and local government grants and subsidies for proposed expansion.

Electric Car-Sharing and EV Fleet Technology Platform

Our proprietary technology platform, developed and refined through extensive experience over eight years of operations, is purpose-built using a scalable, modern technology stack to deliver a complete, secure end-to-end driver experience for the shared mobility space. The platform provides a mobile-centric driver experience on the Android and iOS platforms for sign-up, vehicle reservations, keyless vehicle access (lock and unlock), and payment systems. Leveraging our insights from over a decade of combined experiences, our dynamic platform accommodates both round-trip and one-way EV-sharing, offering drivers the flexibility to reserve an electric vehicle instantly or for future use, and allowing them to drive to their destination without having to return to their original pick-up location. Currently, there are a total of approximately 300 EVs registered on the platform, all of which are used as part of our private mobility or city public service.

In addition to the driver experience, the platform provides real-time analytics and integration with payment systems, charging stations, and individual automakers’ EV software systems to round out all the features available to meet the demands of modern consumers seeking user-friendly experiences. We have simplified the process to provide users with an easier platform to find and reserve a vehicle, resulting in a hassle-free experience that promotes customer satisfaction and loyalty.

Our platform incorporates an advanced fleet management system, which is central to our business. It is designed to optimize operations while maintaining service standards, leveraging telematics for real-time vehicle diagnostic monitoring. In addition to our technical advantages, we prioritize security and trust. Robust user verification and end-to-end encryption safeguard user personal data, ensuring that operations are coupled with a commitment to user protection. Our platform integrates seamlessly with the Blink Charging network, offering a unified solution for managing EV charging infrastructure, electric fleets, and drivers. This integration underscores our commitment to innovation, operational efficiency, and growth.

Our full-stack technology platform for EV fleet management is versatile and can be deployed for a wide range of vehicles and fleet types worldwide, available for use by other car-sharing operators or fleet managers under a franchise or licensing fee structure. Our platform currently services a total of approximately 300 EVs, which are managed by us, Kowa America (our licensed partner) and BlueLA (a public car-sharing affiliate). We believe we can leverage our platform for use by other third-party operators and fleet managers for a fee in the future. We recognize the growing demand from riders and individual operators seeking to share vehicles, and our platform is designed to support this shift in mobility to services including, but not limited to, EV fleet sharing, peer-to-peer sharing, and private fleet management.

By enabling seamless virtual connectivity, our platform also empowers end-users to participate in the “gig economy,” such as leveraging our vehicles for work with third-party service providers like Uber, UberEats, and Lyft, thereby broadening its application across a diverse shared mobility sector.

Private Mobility Partners and City Public Partnerships

From June 2017 through February 2025, our private mobility and public end-users collectively booked over 1,200,000 hours and embarked on approximately 220,000 trips using our platform. Over the past three years, end-users booked 21,701 trips in 2022, 31,774 trips in 2023, and 56,375 trips in 2024, amounting to 175,508 hours, 265,318 hours, and 241,633 hours of usage, respectively. Usage hours increased by 37.7% and trip bookings increased by 159.8% from 2022 to 2024. Usage hours refer to the total duration of the completed trips, while trips or bookings (used interchangeably) refer to the number of sessions in which an end-user operates an EV through our EV-sharing platform.

This diverse group of private mobility and public end-users represents various demographics, socioeconomic backgrounds, and community types, all of whom book EVs for everything from grocery runs, medical appointments, leisure getaways, and temporary and permanent car replacements, to income-generating usage for food delivery services and extended “try-before-you-buy” test drives. Our EVs are regularly customized with a car door decal bearing the name of the private mobility partner or the name of the sponsoring municipality.

Our Revenue Model

We believe our car-sharing services present a sustainable, cost saving alternative to car ownership, ride-hailing, and traditional car rentals while maintaining the autonomy of driving on demand. Our value proposition extends to our users, property owners, and the communities in which we operate, offering significant advantages to attract and retain tenants, and reduce parking demands, thereby easing car traffic congestion and lowering emissions. Our revenue was $3,870,817 for the year ended December 31, 2024 and $3,231,225 for the pro forma (which represents the combination of Predecessor and Successor (each as defined below) information) year ended December 31, 2023.

Our net losses were $14,441,230 and $8,461,017 for the same periods, respectively, which raised substantial doubt about our ability to continue as a going concern. Consequently, our independent auditor has included a going concern qualification in its report with respect to our audited financial statements for the years ended December 31, 2024 and 2023.

In our Envoy Amenity operations, we generate revenue through long-term agreements with national and local property owners and real estate developers. Our private mobility partners agree to pay a monthly service fee to us in order to have dedicated community vehicles. In addition, our private mobility partners typically pay an initial start-up fee. The start-up fee covers our cost of equipping the vehicle with our hardware and delivering it to the site. The service fee typically covers our monthly amortized costs for the vehicle, including insurance, car cleaning, and maintenance. The property owner also provides parking and electricity to charge the vehicles. These service arrangements with property owners yield positive gross margins for us. We lease vehicles only after we have contracted with the property owner and generally do not hold vehicles in inventory, resulting in a capital-light business model. Additional revenue is generated by the end-users who book on-demand or schedule an hourly, daily or weekly rate. We will typically share with our private mobility partners 50% of the revenue generated from end-users to assist them with reducing their operating costs. Revenues from our Envoy Amenity operations represented 94% and 96% for the year ended December 31, 2024 and the pro forma year ended December 31, 2023, respectively.

For our Envoy City operations, we work with public, non-profit and private partners that provide us with subsidies and grants to cover the direct costs of our EV-sharing services. These programs are designed and budgeted by us to ensure that the revenue generated from such programs exceeds the variable costs associated with the operations. Depending on the program, additional revenue is generated from end-users who book on-demand or schedule an hourly, daily, or weekly rate. We will not typically share any revenue generated from end-users who book through these programs. Revenues from our Envoy City operations represented 3% and 2% for the year ended December 31, 2024 and the pro forma year ended December 31, 2023, respectively.

What Sets Us Apart

We believe that we set ourselves apart from our competition and have been able to grow our business as a result of the following competitive strengths:

Our EV Expertise — Our team’s working experience in electric car-sharing spans over a decade, setting us apart as industry pioneers. We have been at the forefront of the industry since the early days when electric car ranges were below 95 miles, and we have spearheaded educational, marketing, and outreach initiatives to facilitate drivers’ transition to electric vehicles. We have made substantial strides, installing hundreds of electric vehicle chargers and deploying EVs in more than 50 U.S. cities across 23 states despite the backdrop of a global pandemic and the closure of most competitors. We believe our success is driven by our focus on unit economics and sustainable business models, among other things.

We possess proprietary data from over 15 million miles driven by EVs on our platform. Our extensive dataset, which includes telematics, gives us unique and invaluable insights into how our vehicles are used in various communities and demographics. We rely on our dataset to continually enhance our platform to respond to market-specific demands, allowing us to tailor customized incentives for drivers in local markets.

Our Proprietary Technology — Using our advanced proprietary technology platform, developed entirely in-house since 2016, we provide our customers with turnkey car-sharing solutions that include an app to register, book, and access our EVs, use EV chargers, the ability to obtain driver insurance, and a connection to a 24 hours a day, 7 days a week live mobility concierge service for roadside assistance, maintenance, and similar services. We collect and utilize telematics and additional data to optimize our operations and track deep insights into localized mobility trends.

Our Strategic Partnerships — Over the past five years, we have built strategic alliances with leading real estate firms, government entities and other significant partners across the United States. Examples include our collaborations with the property management groups at Douglas Elliman Inc., Greystar Global Enterprise, LLC, LeFrak Organization Inc., The Related Companies L.P., the LACI, the California Air Resources Board, the Housing Authority of the City of Los Angeles, the Sacramento Housing and Redevelopment Agency, the Anaheim Public Utilities, the Los Angeles Department of Water and Power, and Austin Energy.

In March 2023, we were awarded $8.5 million, combined, to develop electric car-sharing programs in New Jersey, to be funded by the State of New Jersey’s Region Greenhouse Gas Initiative. With this funding, we plan to launch a statewide publicly accessible electric car-sharing program featuring car-sharing services at subsidized rates in overburdened communities. We also anticipate deploying roughly 16 electric vehicles for a car-sharing pilot serving affordable housing units in Jersey City and other nearby cities, covering six buildings. Both projects are currently in the planning phase. We expect the projects to be launched and funded later in 2025, which will further expand our nationwide reach.

We have also entered into strategic agreements with licensees, enabling them to operate under our trusted Envoy brand within a designated territory. For example, in June 2021, Envoy entered into a license agreement with Kowa America Corp. to develop a community-based EV-sharing service in Hawaii. The license permits Kowa America to utilize our full technology platform and brand in connection with the Hawaii operations (“Envoy Hawaii operations”), for which it is responsible for obtaining, maintaining, and insuring the EVs. Under the agreement, we received an upfront license fee to set up in-vehicle hardware and embedded software, branding, and signage, and we receive a monthly per-vehicle license fee and minority share of the car-sharing booking fees. The initial four-year term of the agreement expires in June 2025, and Kowa America has informed us that it does not intend to extend or renew the agreement. However, we are currently in negotiations to assume operational control of all of Kowa America’s locations. While we are confident in the outcome of our negotiations, no assurance can be given that we will successfully reach an agreement. with Kowa America to continue this operation. We anticipate that licensing arrangements and other strategic partnerships will play an increasingly significant part of our business in future periods.

Strategic partnerships like our agreement with Kowa America are built on adhering to our branding guidelines and exclusive use of our proprietary platform and advanced technologies. The essence of this collaboration lies in its asset-light nature, with our licensees shouldering the responsibility for operational costs, including fleet procurement, insurance, and maintenance, while committing to minimum levels of EV deployments during the contract term. This model empowers both parties to grow together, expanding our reach and delivering exceptional mobility solutions to communities worldwide. It also demonstrates the demand for our platform and technologies for a shared economy application.

One of our EVs at a partner hotel property in Hawaii, operated by Kowa America

Finally, we have an exclusive alliance with Blink Charging for EV chargers. We have agreed to procure essential charging station requirements, including hardware, network services, operational infrastructure, and comprehensive support, exclusively from Blink Charging. The term of this reseller agreement will extend for five years after our common stock begins trading on Nasdaq.

Our Advanced Platform — We continually enhance our platform with new capabilities and features that make it easier to use and set new benchmarks in the industry. We believe that customer demands will continue to evolve and require different solutions. We expect our technology (and further investment in our technology) to continue providing us with a competitive edge. We also believe that self-driving cars are a part of our future and that these autonomous vehicles will likely be fleet-owned EVs – providing a unique opportunity for property owners and cities to leverage their parking infrastructure. We believe our innovation-driven, continually improving platform is well-positioned to play a key role in this autonomous vehicle future.

Our Strong Alignment with Blink Charging — We believe a strong alignment of interests exists between Blink Charging and our future stockholders through the ownership of a significant percentage of our outstanding shares by Blink Charging immediately following our direct listing and, after the potential distribution by Blink Charging of a substantial portion of its shares in our company, by all Blink Charging stockholders. Two of our directors will also be affiliates of Blink Charging. Since our acquisition by Blink Charging in April 2023, Blink Charging has financed our company. Blink Charging shares the same strategic vision and commitment to market expansion and continued growth of the U.S. and global EV infrastructure. Blink Charging has entered into a transition services agreement to provide us with experienced personnel and related resources in connection with administrative, management, and technical services, as well as all our charging station requirements, incentivizing and supporting our continued focus on optimizing our company’s performance. By providing strategic, structural, and economic alignment with the performance of our company, the continuing controlling interests of Blink Charging and its stockholders are directly aligned with those of our investors.

One of our EVs that was launched as an amenity at the FIAT House in Fort Lee, New Jersey

Our Growth Strategies

We anticipate growing demand from state and local governmental bodies—particularly in urban centers and progressive jurisdictions—for accessible, affordable, and environmentally friendly mobility alternatives. We intend to deploy our Mobility as an Amenity service in many multi-family dwellings, office buildings, hotels, and private communities. To fully capitalize on this opportunity, with the proper funding, we are pursuing the following growth strategies:

Pursue a Combined Organic and Acquisition Growth Path — Our strategic blueprint calls for organic expansion and acquisition growth in favorable territories across the United States, Canada, and potentially certain European cities. We are increasing our focus on developing a pipeline of commercial opportunities with real estate developers and government organizations. We also believe expanding our business through potential opportunistic acquisitions of existing EV and conventional car-sharing companies and businesses will accelerate the scaling of our operations, allowing us to gain access to new markets and enrich the array of services we offer. Such acquisitions will provide an opportunity to consolidate the market and enhance our position while leveraging the expertise of acquired teams and their technology and infrastructure, strengthening our overall value proposition.

Increase Marketing to Further Penetrate Existing Markets — Our sales and marketing strategy involves an intensified focus on digital marketing to expand our reach within established markets. We plan to increase our digital marketing efforts to reach a broader audience through social media, online advertising, and search engine optimization to attract new building owners and public partners. We will launch targeted promotions and referral programs to incentivize existing users to refer new customers, fostering word-of-mouth growth and building a loyal community of electric car-sharing enthusiasts. By enhancing our marketing communication and highlighting the unique benefits of our sustainable service, we aim to strengthen our brand presence, attract new users, enhance usage (and associated usage fees), and solidify our position in the car-sharing market.

Develop Car-Sharing Territorial Franchising Opportunities — We intend to develop a new facet of our business, similar to what we have in Hawaii, where we would franchise our EV-sharing platform business. By offering franchise opportunities, we believe we can leverage local entrepreneurs’ expertise and resources to roll-out our business model in new territories without significant capital investment. This strategy is designed for scalability and would allow us to rapidly expand our footprint, reach a broader audience, and promote the adoption of EV-sharing on a larger scale.

Enter into SaaS Platform Licenses with Third Parties — We intend to develop another facet of our business where we would license our software platform to other companies as a subscription-based, enterprise software-as-a-service (“SaaS”) solution, eliminating the need for third parties to buy, maintain and upgrade their software on-premises or for their end-users. This approach would provide us with access to new markets and demographics that would otherwise not be available to us independently. This would allow us to leverage a strategic partner’s strengths, increase adoption of our technology, and foster potential co-marketing initiatives to drive growth. Licensing also enhances our brand visibility as an innovator in the EV-sharing industry and reinforces our commitment to shaping the future of sustainable mobility solutions.

Industry Trends and Opportunities

We believe our fully developed car-sharing platform positions our company to capitalize on accelerating trends that favor the adoption of sustainable shared transportation solutions, while also navigating the challenges inherent in this rapidly evolving industry. While our current focus is exclusively on electric car-sharing, our platform is designed to be flexible and can support various vehicle types, regardless of their fuel source, allowing us to adapt to changing demands.

Evolving Consumer and Worker Expectations on Mobility

Consumer demands and work dynamics constantly evolve with mobility services and technology improvements.

	●	Modern consumers increasingly prioritize accessibility and experiences, such as those offered by EV-sharing, over long-term commitments, such as car ownership.

	●	Smartphones have fundamentally altered how consumers engage with services where people are accustomed to on-demand solutions catering to their every need – including mobility – with just a button. We believe this dynamic is a driving force behind the growth of our EV-sharing platform.

	●	Car ownership is often the second-highest expense for most households, trailing only behind rent or mortgage payments. Recognizing this financial strain, more people are turning to shared mobility solutions – such as our EV-sharing service – for significant cost-of-living reductions.

	●	A 2023 survey conducted by Full Spectrum Insights, a market research firm engaged by us, revealed significant shifts in consumer attitudes about car ownership. For example, among urban respondents, 57% expressed that they would be likely or very likely to consider reducing their number of personal vehicles and using a car-sharing service when needed. Further, 76% of respondents residing in households with more than two cars would be likely or very likely to consider reducing the number of cars in their household and using a car-sharing service when needed. We believe our convenient EV-sharing platform provides a desirable means to achieve those goals.

●

The Covid-19 pandemic has reshaped work dynamics, with many employers embracing remote work. According to data from the U.S. Census Bureau’s Household Pulse Survey (2023) and the Survey of Working Arrangements and Attitudes (Barrero et al., 2023), full days worked from home accounted for 28% of paid workdays in October 2023, four times the estimated share for 2019. As the need for daily commuting diminishes, the necessity of car ownership as a means of transportation to work fades. Flexible work arrangements allow EV-sharing to grow as a compelling alternative, aligning with today’s workforce’s evolving preferences and lifestyles.

Additionally, concerns about the desirability, safety, or reliability of EVs can undermine their appeal to key stakeholders, including local governments, property owners, and end-users. Negative perceptions may reduce interest in EV-sharing services, hinder adoption rates, and complicate efforts to secure partnerships or funding. Addressing these challenges requires demonstrating the safety and reliability of EV technology and fostering positive experiences through our offerings.

Rapid Changes in the Real Estate Industry

The real estate industry, particularly in urban residential developments, is experiencing transformative trends that present significant growth opportunities.

	●	Property owners are engaged in an amenity battle to differentiate themselves from competitors. Offering an exclusive EV-sharing amenity appeals to apartment owners and renters.

	●	Challenging interest rates and occupancy challenges have compelled the real estate industry to become more budget-sensitive by trimming expenses and replacing costly expenditures with differentiating services – such as Envoy’s Mobility as an Amenity – that enrich residents’ experiences while fostering longer-term customer retention with minimal cost.

	●	The property technology sector is undergoing meaningful growth. Real estate market participants increasingly recognize the profound impact of technology and data on their business strategies. The data generated from our services, in particular, offers property owners invaluable insights into customer movement patterns and preferences.

	●	Real estate developers are actively exploring strategies to meet the growing demand for electric vehicle charging solutions among residents and tenants.

	●	The substantial expense associated with parking spaces, which can escalate to as much as $75,000 per stall in dense urban areas according to the article “Calculating the Cost of Excess Parking in Transit-Oriented Developments,” Urban Land Institute (February 2017), compels real estate developers to seek alternatives. Car-sharing initiatives, such as our services, maximize current spots while mitigating the demand for excess parking spaces.

	●	Today’s real estate customers increasingly prioritize environmentally conscious living. They are drawn to communities with green initiatives, incentivizing the real estate industry to deploy sustainable initiatives to highlight their sustainability commitment.

	●	Evolving building codes increasingly focus on EV charging infrastructure, parking requirements, and EV mobility plans, according to the 2024 Model Energy Conservation Code of the International Code Council, the largest global developer of model building codes adopted by state and local governments and private companies. Some cities, like San Francisco, now mandate on-site car-sharing for all new residential developments. This trend is exemplified by developments like Culdesac in Tempe, Arizona, which boasts zero residential parking, relying exclusively on our on-site electric cars and other on-demand mobility options. We believe this trend to create EV-ready requirements for buildings is rapidly gaining momentum and impacting the future of real estate development.

	●	Offering exclusive car-sharing as an amenity can increase a property’s value by enhancing its appeal to tech-savvy and eco-conscious tenants. In addition, properties that feature forward-thinking, modern amenities are often perceived as more desirable, helping to command higher rents and attract premium tenants.

	●	Younger generations, particularly millennials and Gen Z, are less likely to own cars due to environmental concerns, high ownership costs, and the availability of alternative mobility solutions. Providing an EV-sharing service addresses the transportation needs of these groups, helping developers tap into a growing demographic that prioritizes convenience and sustainability.

	●	EV-sharing fosters a sense of community by promoting shared resources and encouraging social interaction. Offering this amenity not only appeals to eco-conscious renters but also strengthens tenant loyalty and increases retention rates. By addressing residents’ mobility needs conveniently and cost-effectively, developers create a more positive living experience, leading to higher satisfaction and longer-term tenancy.

	●	Real estate developers that invest in innovative amenities like electric car-sharing can leverage this investment as a key differentiator in their marketing and branding strategies. By highlighting a commitment to sustainability, modern living solutions, and convenience, developers can enhance their brand image and attract media coverage, setting themselves apart from competitors.

	●	Car-sharing platforms can easily scale to meet the needs of different property types, from luxury high-rises to mixed-use developments and affordable housing projects. This scalability allows developers to integrate car-sharing services across their entire portfolio, creating a consistent, high-quality experience for tenants while optimizing operating costs.

Support for EV Adoption

Federal, state, and local governments have allocated funding or grants to support the adoption of electric mobility. However, the regulatory landscape is evolving, with changes that may affect the timing and availability of certain funding sources. For example, recent policy decisions have placed a temporary pause on the approval of some federal grants for highway EV charging infrastructure. Despite these shifts, other funding sources remain available, including utility company rebates for charging infrastructure, regional cap-and-trade funds, municipal sustainability grants, and support from private or non-profit organizations.

In 2024, new EV sales increased 7.3% and accounted for approximately 8.1% of total U.S. market share, according to Cox Automotive. Car manufacturers face significant challenges in meeting U.S. and global government objectives and convincing customers to test drive and purchase battery electric vehicles. These challenges encompass both education and the development of EV charging infrastructure. Our on-demand service provides users with a “try-before-you-buy” opportunity, enabling those individuals to immerse themselves in real-world EV experiences. In doing so, we help them overcome the hurdle of “range anxiety” and contribute to the successful adoption of EVs in alignment with these objectives.

Political and regulatory changes, such as the reduction or elimination of EV-related grants and subsidies, or shifts in environmental, energy, or trade policies, can increase costs and impact the financial viability of EV initiatives. These changes may create uncertainty for businesses and slow the adoption of EVs, making it more difficult to scale EV-focused mobility solutions. However, private mobility partners typically integrate EV amenities and infrastructure costs into broader property development budgets or operating expenses, reducing direct reliance on government funding. Private mobility partners view EV amenities as value-added features that enhance property appeal and align with sustainability goals, making them less dependent on external funding to implement these solutions.

For our Envoy City initiative, we remain well-positioned to leverage a diverse array of alternative funding sources to support public EV-sharing programs. These include state and local incentives, utility rebates for charging infrastructure, regional cap-and-trade programs, municipal sustainability grants, and contributions from private and non-profit organizations. Additionally, while federal funding for certain EV infrastructure projects is under review, other national initiatives focused on clean energy and sustainable transportation may still provide support. By fostering strategic partnerships and staying ahead of evolving policies, we are committed to ensuring access to these resources and driving the growth of sustainable mobility solutions.

The Envoy Technologies Acquisition and Stock Issuance

On April 18, 2023, Blink Charging acquired all of our outstanding shares of capital stock from the former Envoy Technologies stockholders pursuant to an Agreement and Plan of Merger, dated as of April 18, 2023, among Blink Charging, its acquisition subsidiary Blink Mobility LLC (now known as Envoy Mobility, Inc. (“Mobility”)), and our company (as amended, the “Envoy Technologies Merger Agreement”), which resulted in our company becoming a wholly owned subsidiary of Mobility and an indirect wholly owned subsidiary of Blink Charging (the “Envoy Technologies Acquisition”).

Under the terms of the Envoy Technologies Merger Agreement, Mobility paid $6,000,000 in cash, of which approximately $2,600,000 was retained to repay the outstanding convertible and other notes payable held by Blink Charging, and delivered to the former Envoy Technologies stockholders two promissory notes: (i) a promissory note in the principal amount of $5,000,000 due on the earlier of April 18, 2024 and the closing date of a “qualified IPO,” and (ii) a promissory note in the principal amount of $2,000,000 due on the earlier of October 18, 2024 and the closing date of a “qualified IPO.” In April 2024, Mobility repaid the full principal and accrued interest owing under both promissory notes.

Additionally, Mobility agreed that in the event an initial public offering or a direct listing occurred on or before August 18, 2024, to issue $18,500,000 of shares of its common stock or of its successor’s common stock to the former Envoy Technologies stockholders (the “Envoy Acquisition Stock Issuance”). The dollar amount value of shares of common stock would increase to $21,000,000 or $23,000,000 worth of shares if the offering or listing occurs after August 18, 2024 through December 18, 2024 or after December 18, 2024 through June 2, 2025, respectively. We are the successor of the EV-sharing business and assets of Mobility and have entered into an Intracompany Transfer Agreement with Blink Charging and other subsidiaries to consolidate all of the properties, assets, business and goodwill relating to EV-sharing into our company. The payment of shares of our common stock will be at $8.00 per share, assuming an initial reference price of $8.00 per share in our direct listing, and will be issued prior to the effectiveness of the registration statement of which this prospectus forms a part. Among the larger former Envoy Technologies stockholders receiving shares include venture capital and strategic investors General Motors Ventures LLC, The Goodyear Tire & Rubber Company, Built Environment Innovation Fund, L.P., Denso Corporation, New Valley Ventures, and Shell Ventures.

In the event we consummate our direct listing on or before June 2, 2025, we will issue 2,875,000 shares of our common stock to the former Envoy Technologies stockholders, assuming an initial reference price of $8.00 per share. In the event we do not consummate our direct listing on or before June 2, 2025, Blink Charging may be required to issue up to $21,000,000 worth of its shares of common stock based on the 60-day VWAP of Blink Charging’s common stock immediately prior to issuance. We reasonably believe we can consummate our direct listing on or before June 2, 2025. If we anticipate not being able to meet this deadline, we believe, based on discussions with the representative of the former Envoy Technologies stockholders, that we will reach an agreement with the former Envoy Technologies stockholders to extend the June 2, 2025 deadline. However, there can be no assurance that such an agreement will be reached.

The shares of our common stock to be issued to the former Envoy Technologies stockholders will initially be “restricted securities” and issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act and are being registered for resale by the registered stockholders identified in this prospectus.

The Recapitalization Transactions

SILLC Merger. Prior to the effectiveness of the registration statement of which this prospectus forms a part, we will effect the merger of SILLC(D) Acquisition Corp. (“SILLC”) with and into a wholly owned subsidiary of our company (the “SILLC Merger”). At the time of the SILLC Merger, SILLC will be subject to a bankruptcy proceeding and have minimal assets, no equity owners and no liabilities, except for claims of approximately 600 holders of allowed unsecured claims and a holder of allowed administrative expenses (collectively, the “Claim Holders”). Pursuant to the SILLC Merger, and in accordance with the bankruptcy plan, we will issue 195,313 shares of our common stock (the “Merger Shares”) to the Claim Holders as full settlement and satisfaction of their respective claims. As provided in the bankruptcy plan, the Merger Shares will be issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 1145 of the U.S. Bankruptcy Code. As a result of the SILLC Merger, the separate corporate existence of SILLC will end. We intend to enter into the SILLC Merger to increase our shareholder base to, among other things, assist us in satisfying the listing standards of a national securities exchange.

Forward Stock Split. Prior to the SILLC Merger and the Envoy Technologies Stock Issuance, we will effect a 36,875-for-1 forward stock split of our common stock. The par value and authorized shares of our common stock will not be adjusted as a result of the forward stock split. As a result, Blink Charging will beneficially own 3,687,500 shares of our common stock.

Unless otherwise indicated, this prospectus gives effect to the forward stock split and SILLC Merger transactions (together, the “Recapitalization”). The financial statements of our company in this prospectus do not reflect the Recapitalization transactions. The effect of the Recapitalization transactions on the financial statements will essentially be to adjust all share and per share amounts of our common stock and increase the number of our outstanding shares of common stock by an additional 195,313 shares. See “Capitalization” and “Business—SILLC Bankruptcy Merger Issuance.”

Our Strategic Relationship with Blink Charging

Since April 18, 2023, we have been an indirect wholly owned subsidiary of Blink Charging. Blink Charging owns all the outstanding shares of common stock of Mobility, which in turn owns all our outstanding shares of common stock. After giving effect to the Recapitalization transactions and the Envoy Acquisition Stock Issuance, Blink Charging will continue to indirectly own a substantial portion of our common stock.

In connection with our transition to a stand-alone public company, we have entered into a transition services agreement with Blink Charging under which Blink Charging will provide us with experienced personnel and related resources in connection with administrative, management, and technical services, as may be necessary or desirable, or as we may reasonably request or require, to help facilitate the business and operations of our company as a stand-alone public entity, for up to 12 months following the listing of our common stock on Nasdaq.

Additionally, we have entered into an exclusive supply agreement to procure essential charging station requirements, including hardware, network services, operational infrastructure, and comprehensive support, exclusively from Blink Charging. The term of this agreement will extend for five years after our common stock begins trading on Nasdaq.

The Potential Distribution

Blink Charging has informed us that, following the listing of our common stock on Nasdaq, it may make a tax-free distribution to its stockholders of a portion of its remaining common stock ownership in our company, which may include one or more distributions effected as a dividend to all Blink Charging stockholders, one or more distributions in exchange for Blink Charging shares or other securities, or any combination thereof. Any potential distribution is not guaranteed, and we refer to any such potential distribution as the “Distribution.” The Distribution will occur, if at all, when Blink Charging determines to spin-off a portion of its continuing ownership of our shares to Blink Charging’s stockholders but not before the listing of our common stock on Nasdaq.

Blink Charging has no obligation to pursue or consummate any disposition of its common stock ownership in our company, including through the Distribution, by any specified date or at all. If the Distribution is pursued, Blink Charging may require various conditions be met, including receipt of any necessary regulatory or other approvals, the existence of satisfactory market conditions and the receipt of a private letter ruling from the Internal Revenue Service (“IRS”), and favorable opinions of Blink Charging’s tax advisors or counsel to the effect that the Distribution will qualify as a transaction that is tax-free to Blink Charging and its stockholders for U.S. federal income tax purposes. These conditions to the Distribution may not be satisfied, Blink Charging may decide not to consummate the Distribution even if the conditions are satisfied, or Blink Charging may decide to waive one or more of these conditions and consummate the Distribution even if all the conditions are not satisfied.

Selected Risks Associated with Our Business

An investment in our common stock involves a high degree of risk. Our ability to execute on our growth strategies is also subject to certain risks. The risks described under the heading “Risk Factors” immediately following this prospectus summary may have an adverse effect on our business, cash flows, financial condition, and results of operations or may cause us to be unable to execute all or part of these strategies successfully. Below are the principal factors that make an investment in our company speculative or risky:

	●	We have a history of net losses, and we may be unable to achieve or sustain profitability in the future.

	●	We will require capital to support business growth, and this capital may not be available on favorable terms, if at all.

	●	The car-sharing industry is dynamic and evolves rapidly, making it difficult to evaluate our current business and future prospects, which may increase the risk of your investment.

	●	If we fail to retain existing private mobility partners and public partners, add new private mobility partners and public partners, or increase EV reservations and use, our business, results of operations, reputation, and financial condition will be materially and adversely affected.

	●	Because many of our expenses are fixed, we may be unable to limit our losses if we fail to achieve our forecasted revenue.

	●	We face intense competition and may not be able to compete successfully with current or future competitors in the car-sharing business, which could negatively impact our financial condition and results of operations.

	●	Our customer support function is critical to the success of our business, and any failure to provide high-quality service could affect our ability to retain and attract real estate owners, public partners, and users.

	●	If our efforts to build a strong brand identity and maintain a high level of user satisfaction and loyalty are unsuccessful, we may not be able to attract or retain users, and our operating results may be adversely affected.

	●	We face significant risks as we expand our operations in the United States, which could harm our business, operating results, and financial condition.

	●	Future acquisitions could disrupt our business and harm our financial condition and operating results.

	●	We face risks related to liabilities resulting from the use of our EVs by users.

	●	Our business depends on attracting and retaining capable management and operating personnel.

	●	Our efforts to minimize the likelihood and impact of adverse cybersecurity incidents and to protect data and intellectual property may not be successful, and our business, operations, and reputation could be negatively affected by a cyberattack, security incident, or other operational disruption.

	●	Failure to adequately protect our intellectual property could substantially harm our business and operating results.

	●	We may not realize the anticipated benefits of being a stand-alone public company, which could harm our business.

	●	We have no history of operating as an independent company, and our historical and unaudited pro forma financial information does not necessarily represent the results we would have achieved as an independent, publicly traded company and may not be a reliable indicator of our future results.

	●	Until the completion of the Distribution, Blink Charging will control the direction of our business, and its concentrated ownership of our common stock will prevent you and other stockholders from influencing significant decisions.

	●	After our direct listing, some of our directors and officers may have actual or potential conflicts of interest because of their equity ownership in Blink Charging, and some of our directors may have actual or potential conflicts of interest because they also serve as directors or officers of Blink Charging.

	●	Our listing differs significantly from a traditional underwritten initial public offering.

	●	The public trading price of our common stock may be volatile and could, upon listing on Nasdaq, decline significantly and rapidly.

	●	The Distribution or future sales by Blink Charging or others of our common stock, or the perception that the Distribution or such sales may occur, could depress our common stock price.

Implications of Being an Emerging Growth Company

We qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). We may take advantage of specified reduced reporting requirements and other burdens that generally apply to other public companies as long as we remain an emerging growth company. These provisions include, but are not limited to:

	●	reduced obligations with respect to financial data, including presenting only two years of audited financial statements and selected financial data, and only two years of related Management’s Discussion and Analysis of Financial Condition and Results of Operations disclosure in our initial registration statement;

	●	an exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002, as amended;

	●	reduced disclosure about executive compensation arrangements in our periodic reports, registration statements, and proxy statements; and

●

exemptions from the requirements to seek non-binding advisory votes on executive compensation or stockholder approval of any golden parachute arrangements.

For example, we have taken advantage of the reduced reporting requirements with respect to disclosure regarding our executive compensation arrangements, have presented only two years of audited financial statements and only two years of related “Management’s Discussion and Analysis of Financial Condition and Results of Operations” disclosure in this prospectus, and have taken advantage of the exemption from auditor attestation on the effectiveness of our internal control over financial reporting. To the extent that we take advantage of these reduced burdens, the information we provide stockholders may be different than you might obtain from other public companies where you hold shares.

In addition, the JOBS Act permits emerging growth companies to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We have elected to use this extended transition period. As a result of this election, our timeline to comply with new or revised accounting standards will, in many cases, be delayed as compared to other public companies that are not eligible to take advantage of this election or have not made this election. Therefore, our financial statements may not be comparable to those of companies that comply with the public company effective dates for these accounting standards.

We will remain an emerging growth company until the earliest of (i) the last day the fiscal year following the fifth anniversary of the trading of our common stock on Nasdaq, (ii) the last day of the first fiscal year in which our annual gross revenues exceed $1.235 billion, (iii) the date on which we have, during the immediately preceding three-year period, issued more than $1.0 billion in non-convertible debt securities and (iv) the date on which we are deemed to be a large accelerated filer under the SEC’s rules.

Corporate Information

We were incorporated on July 11, 2016 as a Delaware corporation. On April 18, 2023, Blink Charging acquired, through an acquisition subsidiary, all our outstanding shares of capital stock from the former Envoy Technologies stockholders. Since then, we have been an indirect subsidiary of Blink Charging. Following the listing of our common stock on Nasdaq, and after giving effect to the Recapitalization transactions and the Envoy Acquisition Stock Issuance, Blink Charging will continue to own a significant portion of our outstanding common stock.

Our principal executive office is located at 8575 Washington Blvd., Culver City, California 90232, and our telephone number is (888) 610-0506. Our website address is www.envoythere.com.

Channels for Disclosure of Information

Investors and others should note that we use social media to communicate about our company, car-sharing services, new business developments, and other matters with the public. Any information we consider to be material to an evaluation of our company will be included in filings on the SEC website, http://www.sec.gov, and may also be disseminated using our investor relations website, which can be found at http://www.envoythere.com, and press releases. However, we also encourage investors, the media, and others interested in our company also to review our social media channels.

The information contained on, or that can be accessed through, our website is not incorporated by reference into this prospectus, and you should not consider any information contained on, or that can be accessed through, our website as part of this prospectus or in deciding whether to purchase our common stock.

Summary of the Offering

Common stock offered		7,812,500 shares.

Common stock outstanding immediately before this offering		3,687,500 shares.

Common stock to be outstanding immediately after the Envoy Acquisition Stock Issuance, the SILLC Merger and this offering		8,007,813 shares.⁽¹⁾⁽²⁾

Common stock to be held by Blink Charging immediately after this offering		3,687,500 shares.

Use of proceeds		We will not receive any proceeds from the sale of the shares of common stock held by the registered stockholders being registered in this prospectus.

Risk factors		You should carefully read the “Risk Factors” section of this prospectus for a discussion of factors that you should consider before deciding to invest in our common stock.

Proposed listing and ticker symbol		We intend to list our shares of common stock for trading on The Nasdaq Capital Market under the symbol “EVOY.” This listing is a condition to completing the offering.

(1)	The number of shares of our common stock to be outstanding immediately after this offering includes (i) $23,000,000 of shares of our common stock (or 2,875,000 shares based on an initial reference price of $8.00 per share) to be issued by us to the former stockholders of Envoy Technologies pursuant to the Envoy Technologies Merger Agreement and (ii) 195,313 shares of our common stock to the Claim Holders pursuant to the SILLC Merger, each to occur prior to the effectiveness of the registration statement of which this prospectus forms a part. See “The Envoy Technologies Acquisition and Stock Issuance” and “Business—SILLC Bankruptcy Merger Issuance.”

(2)	The number of shares of our common stock to be outstanding immediately after this offering excludes 3,000,000 shares of our common stock reserved for future issuance under our 2025 Incentive Compensation Plan.

Prior to the SILLC Merger and the Envoy Acquisition Stock Issuance, we will effect a 36,875-for-1 forward stock split of our outstanding shares of common stock. Unless otherwise indicated, share and per share information presented in this prospectus reflects a 36,875-for-1 forward stock split of our outstanding shares of common stock.

SUMMARY FINANCIAL DATA

In the following tables, we provide our summary financial data. We have derived the summary statements of operations for the years ended December 31, 2024 and 2023 from our audited financial statements appearing in this prospectus. Our historical results are not necessarily indicative of the results to be expected in the future. This summary financial data must be read together with “Capitalization” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in conjunction with the financial statements, related notes and other financial information included in this prospectus.

As a result of the Envoy Technologies Acquisition, a new basis of accounting was created on April 18, 2023. In our financial statements, our results of operations for the periods ended on or prior to April 17, 2023 are referred to in this prospectus as “Predecessor” financial information, and our results of operations beginning on April 18, 2023 and our financial position as of balance sheet dates subsequent to April 17, 2023 are referred to in this prospectus as “Successor” financial information.

For the Predecessor and Successor periods, our financial statements were prepared on a basis derived from the consolidated financial statements and accounting records of Blink Charging as if we had been operating as a stand-alone company. The statements of operations include allocations of expenses for the use of certain intangible assets and related impairment of goodwill. Management believes the assumptions underlying the financial statements, including the assumptions regarding the allocation of assets and liabilities, are reasonable and applied consistently for the periods presented. Nevertheless, the financial statements may not include all actual expenses that would have been incurred by us and may not reflect the results of operations had we been a stand-alone company during the Predecessor and Successor periods presented. Actual costs that would have been incurred if we had been a stand-alone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure.

For the Successor periods, the financial statements included certain assets and liabilities that were historically held at the Blink Charging level but are specifically identifiable or otherwise attributable to our company. Except for support provided by Blink Charging during the Successor period, all intercompany transactions and accounts within our businesses have been eliminated.

To facilitate comparability of the Predecessor period from January 1, 2023 to April 17, 2023 and the Successor period from April 18, 2023 to December 31, 2023 to the year ended December 31, 2024, we have also included summary unaudited pro forma condensed combined financial information for results of operations for the year ended December 31, 2023 (the “Unaudited Pro Forma Condensed Combined 2023 Period”), which gives effect to the Envoy Technologies Acquisition as if it had occurred on January 1, 2023. The summary unaudited pro forma condensed combined financial data has been derived from our unaudited pro forma condensed combined statement of operations included elsewhere in this prospectus. The summary unaudited pro forma condensed combined financial data is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have occurred if the Envoy Technologies Acquisition had been consummated on the date indicated, nor it is indicative of future operating results. See “Unaudited Pro Forma Condensed Combined Financial Information” for a complete description of the adjustments and assumptions underlying the summary unaudited pro forma condensed combined financial data.

	Predecessor			Successor			Combined			Successor
	2023 Period			2023 Period			Unaudited Pro Forma Condensed Combined 2023 Period			2024 Period
	Period from January 1, 2023 to April 17, 2023			Period from April 18, 2023 to December 31, 2023			Year Ended December 31, 2023			Year Ended December 31, 2024
Revenues	$	946,932		$	2,284,293		$	3,231,225		$	3,870,817
Cost of revenues		851,251			2,214,838			3,066,089			3,456,105
Gross Profit		95,681			69,455			165,136			414,712
Operating Expenses:
General and administrative		1,648,788			2,506,100			4,304,550			4,021,664
Research and development		504,273			1,112,011			1,616,284			830,534
Sales and marketing		84,170			305,056			389,226			334,747
Goodwill impairment		-			2,778,929			2,778,929			9,639,000
Total Operating Expenses		2,237,231			6,702,096			9,088,989			14,825,945
Loss From Operations		(2,141,550	)		(6,632,641	)		(8,923,853	)		(14,411,233	)
Other Income (Expense):
Interest expense		(78,373	)		(2,055	)		-			-
Other income		453			462,383			462,836			(29,997	)
Total Other Income (Expense)		(77,920	)		460,328			462,836			(29,997	)
Net Loss	$	(2,219,470	)	$	(6,172,313	)	$	(8,461,017	)	$	(14,441,230	)

	As of December 31, 2024
	Actual (1)		Pro Forma (2)
			(unaudited)
Balance Sheet Data:
Cash and cash equivalents	$	291,763	$
Total assets	$	22,071,648	$
Total liabilities	$	11,044,458	$
Total stockholders’ equity	$	11,027,190	$

(1) Actual balance sheet data presents balance sheet data on an actual basis without any adjustments to reflect subsequent or anticipated events.

(2) Presents balance sheet data on a pro forma basis, giving effect to the (i) 36,875-for-1 forward stock split of our common stock and (ii) issuance of (a) $23,000,000 of shares of our common stock (or 2,875,000 shares based on an initial reference price of $8.00 per share) to be issued by us to the former stockholders of Envoy Technologies, (b) 195,313 shares of our common stock to the Claim Holders pursuant to the SILLC Merger and (c) an aggregate of 1,250,000 shares of our common stock to unaffiliated third parties in connection with certain contemplated transactions, which may include acquisitions, strategic investments and/or provision of services, each to occur prior to the effectiveness of the registration statement of which this prospectus forms a part.

You should carefully review and consider the risk factors described below and the other information contained in this prospectus, including the financial statements and notes to the financial statements and matters addressed in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The occurrence of one or more of the events or circumstances described in these risk factors, alone or in combination with other events or circumstances, may have an adverse effect on our business, cash flows, financial condition, and results of operations. We may face additional risks and uncertainties that are not presently known to us, or, or that we currently deem immaterial, which may also harm our business, financial condition, results of operations, and prospects.

We have a history of net losses, and we may be unable to achieve or sustain profitability in the future, and we received a going concern qualification in our 2024 audit.

As of December 31, 2024 2023, we had cash and cash equivalents of $291,763 and $240,682, respectively, and a working capital deficit of $9,491,875 and $4,945,205, respectively. During the year ended December 31, 2024, we incurred a net loss of $14,441,230. During the Successor period from April 18, 2023 to December 31, 2023 and the Predecessor periods from January 1, 2023 to April 17, 2023, we incurred net losses of $6,172,313 and $2,219,470, respectively. We expect to incur a net operating loss for the year ending December 31, 2025. We do not know if our business operations will become profitable or if we will continue to incur net losses in 2026 and beyond. We expect to incur significant future expenses as we develop and expand our business, which will make it harder for us to achieve and maintain future profitability. We may incur significant losses in the future for a few reasons, including the other risks described in this prospectus, and we may encounter unforeseen expenses, difficulties, complications, delays, and other unknown events. Accordingly, we may not be able to achieve or maintain profitability. Our independent auditor, in its report dated April 2, 2025 with regard to our financial statements for the years ended December 31, 2024 and 2023, indicated that these conditions raise substantial doubt about our company’s ability to continue as a going concern for at least one year from the date these financial statements were issued.

We will require capital to support business growth, and this capital may not be available on favorable or acceptable terms, if at all.

We have, to date, financed our ongoing operations and technology development efforts through direct equity investments, loans from Blink Charging, our indirect sole stockholder, and revenue generated from our platform. We cannot be certain when or if our operations will generate sufficient cash to fully fund our ongoing operations or the growth of our business. We intend to continue to make investments to support our business growth. We will require funds to respond to business challenges, including the need to develop new products and services or enhance our existing products and services, enhance our operating infrastructure, and acquire complementary businesses and technologies. We have always been committed to expanding the number of geographic areas in which our services are offered, and we may make future commitments of capital resources. Accordingly, promptly following this direct listing, we intend to seek equity and/or debt financing and evaluate financing alternatives in order to meet these cash requirements for the foreseeable future. If we raise additional funds through further issuances of equity or convertible debt securities, our existing stockholders could be adversely affected by significant dilution, and any new equity securities we issue could have rights, preferences, and privileges superior to those of holders of our common stock. Any additional debt financing secured by us in the future could involve restrictive covenants relating to our capital raising activities and other financial and operational matters, which may make it more difficult for us to obtain additional capital and pursue business opportunities, including potential acquisitions. In addition, we may not be able to get additional financing on terms favorable to us, if at all. If we cannot obtain adequate financing or financing on terms satisfactory to us when we require it, our ability to continue to support our business growth and to respond to business challenges could be significantly limited. In particular, the recent macroeconomic downturn, recission fears, tariffs and extreme stock market volatility have caused disruption in the credit and financial markets in the United States and worldwide, which may reduce our ability to access capital and negatively affect our liquidity in the future. If we cannot obtain adequate financing or financing on terms satisfactory to us, our ability to develop our platform, support our business growth, and respond to business challenges could be significantly impaired, and our business may be adversely affected.

The car-sharing industry is dynamic and evolves rapidly, making it difficult to evaluate our current business and future prospects, which may increase the risk of your investment.

Since our incorporation in 2016, we have operated in the rapidly evolving car-sharing industry, where our business model continues to adapt to shifting market dynamics. We have encountered and will continue to encounter risks and difficulties frequently experienced by growing companies in rapidly changing industries, including, in our case:

We cannot assure you that we will successfully address these and other challenges we may face in the future. If we do not manage these risks successfully, our business and results of operations may be adversely affected. You should consider our business and prospects together with the risks and difficulties we may encounter as we continue to grow our business. Further, as our business matures, sustaining our current growth rate may become challenging. While we achieved growth in Envoy Amenity and Envoy City revenues of 20% for December 31, 2024 compared to December 31, 2023, there is no assurance that this level of growth will continue. We may not achieve sufficient revenue to achieve or maintain positive cash flow from operations or profitability in any given period.

If we fail to retain existing private mobility partners and public partners, add new private mobility partners and public partners, or increase EV reservations and use, our business, results of operations, reputation, and financial condition would be materially and adversely affected.

Our business depends on apartments, office buildings, and hotels providing our EVs as an amenity and engaging in practices that encourage their residents, office workers, and guests to reserve our EVs, as well as public communities to use our EVs. If we fail to retain the apartments, office buildings, and hotels that currently provide our EVs as an amenity or the public communities that use our EVs, our revenue will decline, and our business, results of operations, reputation, and financial condition would be materially and adversely affected. Further, if we fail to add new apartments, office buildings, and hotels that will provide our EVs as an amenity or the public communities that use our EVs, our growth rate will decrease and our revenue would stagnate, which could materially and adversely affect our business, financial condition, and results of operations.

In addition, our business depends on users reserving and using our EVs through our platform. If we fail to retain existing users because they elect to use a competitor’s platform or an alternative transportation option or if we are unable to sustain the value of car-sharing and the number of reservations for our EVs, we will experience diminished usage rates and our revenues will decrease, which could adversely affect our business, results of operations, reputation, and financial condition.

Our goodwill has been subject to impairment and may be subject to further impairment in the future, which could have a material adverse effect on our results of operations, financial condition, or future operating results.

We have elected to perform our annual goodwill impairment review on November 1 of each year utilizing a qualitative assessment to determine if it was more likely than not that the fair value of our reporting unit was less than their respective carrying values. Goodwill is the excess of consideration paid for an acquired entity over the fair value of the amounts assigned to net assets acquired, including other identifiable intangible assets, and liabilities assumed in a business combination. To determine the amount of goodwill resulting from a business combination, we perform an assessment to determine the acquisition date fair value of the acquired company’s tangible and identifiable intangible assets and liabilities assumed. Indicators that are considered include macroeconomic and industry conditions, cost factors, overall financial performance and other relevant entity-specific events. We are required to make certain subjective and complex judgments in assessing whether an event of impairment of goodwill has occurred, including assumptions and estimates used to determine the fair value of our reporting unit. While we believe the assumptions and estimates used in determining whether there was impairment and the amount of any resulting impairment were reasonable and commensurate with the views of a market participant, one or more changes in these assumptions in future periods due to changes in circumstances could result in future impairments in one or more reporting units. During the years ended December 31, 2024 and 2023, we considered the decline in our parent company Blink Charging’s stock price to be an indicator of impairment and, accordingly, performed a quantitative impairment assessment of our goodwill and intangible assets. This assessment involved comparing the estimated fair value of each of our reporting units to the reporting unit’s carrying value, inclusive of the goodwill balance allocated to the reporting unit. We have incurred impairment charges in the current period, and we cannot predict if or when additional future goodwill impairments may occur. During the year ended December 31, 2024 and the Successor period from April 18, 2023 to December 31, 2024, we recorded an impairment of goodwill charge of $9,639,000 and $2,778,929, respectively. Although goodwill impairments are non-cash charges, they may negatively impact our reported earnings and may affect investor perception of our financial performance. Future goodwill impairments could be triggered by various factors, including declines in our stock price or market capitalization, deterioration in macroeconomic conditions, changes in our business strategy or underperformance of acquired businesses. Any such future impairments could have a material adverse effect on our financial condition, results of operations and ability to access capital markets on favorable terms, or at all. See Note 4, Summary of Significant Accounting Policies, for additional information.

Because many of our expenses are fixed, we may be unable to limit our losses if we fail to achieve our forecasted revenue.

We must invest significantly in vehicles and parking to fulfill the anticipated demand for our car-sharing services. This build-up before actual reservations exposes us to significant up-front fixed costs. If market demand for our services does not increase as quickly as we have anticipated, or if there is a rapid and unexpected decline in demand for our services, we may be unable to offset these fixed costs and to achieve economies of scale, and our operating results may be adversely affected because of high operating expenses, reduced margins, underutilization of capacity and asset impairment charges.

We face intense competition and may not be able to compete successfully with current or future competitors in the car-sharing business, which could negatively impact our financial condition and results of operations.

The travel and mobility industries in general, and the markets for car-sharing services in particular, are intensely competitive, with frequently rapid changes in technology, consumer expectations and requirements, industry standards and regulations, and new products and services. Our competitors include largely analog companies such as peer-to-peer car-sharing marketplaces like Turo and Getaround, car ride and limousine services like Uber and Lyft, traditional asset-heavy rental car companies such as Hertz and Avis Budget, as well as Zipcar, and other regional car-sharing competitors in the United States. Additionally, we compete with the status quo of personal car ownership and other equivalent means of transportation.

Many of our current and potential competitors have significant competitive advantages over us, including longer operating histories, larger marketing and operating budgets, greater brand name recognition, higher amounts of available capital or access to such capital, larger vehicle bases for users, more users to reserve vehicles, more well-established regulatory environments and permitting regimes, preferential treatment by credit card companies, insurance policies or personal insurance policies that may provide coverage to renters, which are not equally available to customers of car-sharing, and more resources devoted to research and development of new and existing products and technology. As a result, our competitors may be better positioned to provide superior offerings to consumers and respond more rapidly and effectively than we can to new or existing business opportunities, products, technologies, and requirements and preferences from users, real estate owners, and operators. Many competitors offer discounted services, incentives, or alternative pricing models or focus on a particular geographic location or market segment. Our competitors may also make acquisitions or establish cooperative or other strategic relationships among themselves or with other complementary companies.

We compete to attract and retain real estate owners and operators who provide our EVs as an amenity, as real estate owners and operators have other options should they choose to generate income from car-sharing, may not be aware of car-sharing, its benefits or the economic opportunities it provides, or may not be motivated to monetize using a third parties’ vehicles as an amenity. We compete to attract, engage, and retain real estate owners and operators based on numerous factors, such as ease of access to and use of the app and marketplace, fleet management functions and tools, the flexibility of services to match various use cases, the level of revenue yield to real estate owners and operators, real-time insights from platform and marketplace data, insurance coverage and claims handling, safety, brand recognition, and user experience.

We also compete to attract, engage, and retain residents, office workers, and public communities to reserve EVs through our platform. Users have many travel and mobility options besides reserving an EV through our platform, including reserving vehicles through a competitor’s platform, renting vehicles through traditional car rental companies, using their own vehicle or borrowing a friend’s vehicle, or choosing to use vehicles other than automobiles. We compete for users based on numerous factors, such as adequacy and quality of EVs, density and proximity of EVs to prospective users, ease of access to and use of the app and marketplace, pricing to users, insurance coverage, brand recognition, and user experience.

As we and our competitors introduce new offerings and as existing offerings evolve, we expect to become subject to additional competition. In addition, our competitors may adopt certain of our platform features or innovations that our customers and users value more highly than ours, rendering our business less attractive and reducing our ability to differentiate our business and platform. Increased competition could result in, among other things, reductions of the revenue we generate, the number of customers and users, the frequency of use of platform, and our margins.

For all of these reasons, we may not be able to compete successfully. If we lose existing private mobility partners and public partners, fail to attract or retain new private mobility partners and public partners, fail to provide our private mobility partners and public partners with the experience or service they expect from us, or are forced to make pricing concessions because of increased competition, our business, financial condition, and results of operations would be adversely affected.

The market for online car-sharing platforms for providing vehicles as an amenity is relatively new and rapidly evolving. If we fail to predict the way the market develops, or if car-sharing as an amenity does not achieve market acceptance, our business, results of operations and prospects may be materially and adversely affected.

The market for online car-sharing platforms to provide vehicles as an amenity is relatively new and unproven, with little data or research available regarding the market and industry. It is uncertain whether this market will continue to develop or if our services will achieve and sustain a level of demand and market acceptance sufficient for us to generate meaningful revenue, net income, and free cash flow growth. Our success will depend to a substantial extent on the willingness of real estate owners and operators to provide vehicles as an amenity through online platforms. Further, some real estate owners and operators may be reluctant or unwilling to use an online platform for providing vehicles as an amenity because of concerns regarding the cost structure, tax or regulatory implications, data privacy and security concerns, adequacy of insurance coverage, compliance with restrictive provisions in lease or financing agreements, or possible damage to their property.

If real estate owners and operators do not recognize the benefits of providing vehicles as an amenity through our platform, then our market may not develop as we expect, or it may develop more slowly than we expect, either of which would significantly harm our business and results of operations.

In addition, our success will depend on users’ use of our platform to reserve EVs, which will depend on their willingness to use our platform and their belief in the integrity of our products and services. Users may be reluctant or unwilling to use a platform and provide personally identifiable information, including credit card information and driver’s license details, or submit to background, credit or other checks, which would significantly harm our business and results of operations. Users may have concerns regarding the cost structure, data privacy and security (including payment security) concerns, or adequacy of insurance coverage. Further, users may be reluctant to reserve EVs containing telematics or monitoring devices accessible by real estate owners and operators, our company, or both, or to use our platform at all due to the perception of the use of such devices.

Our customer support function is critical to the success of our business, and any failure to provide high-quality service could affect our ability to retain and attract real estate owners, public partners and users.

Meeting the customer experience expectations of our real estate owners, public partners and users requires investing significant time and resources in staffing, technology, including automation and machine learning to improve efficiency, infrastructure, policies, and customer experience tools. Most of our customer support is performed by our customer support organization. A robust customer experience effort is costly, and we expect such costs to continue to rise in the future as we grow our business.

If our efforts to build strong brand identity and maintain a high level of user satisfaction and loyalty are unsuccessful, we may not be able to attract or retain users, and our operating results may be adversely affected.

We must continue to build and maintain a strong brand identity. User awareness of, and the perceived value of, our brand will depend largely on the success of our marketing efforts and our ability to provide a consistent, high-quality user experience. Failure to provide our users with high-quality reservation and driving experiences for any reason could substantially harm our reputation and adversely affect our efforts to develop as a trusted brand. To promote our brand, we have incurred and expect to continue to incur substantial expense related to advertising and other marketing efforts, but we cannot be sure that this investment will be profitable.

From time to time, our users express dissatisfaction with our service levels, including our EV inventory, available reservation times, and response time with respect to questions or incidents with our EVs. Users who return EVs late or in an unclean condition adversely affect other users’ experiences, which can also cause dissatisfaction with our service. To the extent dissatisfaction with our service is widespread or not adequately addressed, our reputation could be harmed, and our efforts to develop the company’s name as a trusted brand would be adversely impacted. If our efforts to promote and maintain our brand are unsuccessful, our operating results and our ability to attract and retain users may be adversely affected.

We have benefited from EV-related grant programs and other government incentives to support our growth, and any reduction or elimination of these programs and incentives could adversely affect our financial condition and results of operations.

Our business has benefited from various government grant programs and incentives designed to support the adoption of EVs and EV-related infrastructure, having been approximately $13 million in grant funding from various state and local government programs since 2017. We have successfully secured grants through partnerships with organizations such as the LACI, the California Air Resources Board, and housing authorities, including the HACLA and the Sacramento Housing and Redevelopment Agency. Our reliance on these grant programs exposes us to risks associated with shifts in government priorities, funding availability, and policy changes. If the new presidential administration or future legislative actions reduce, modify, or eliminate EV-related grant programs, subsidies or other government incentives—including federal tax credits or state-level funding allocations—we may face challenges in obtaining future funding or fulfilling existing commitments. Additionally, jurisdictions that have awarded grants to us may not ultimately receive the necessary funding allocations from federal or state sources. For example, in March 2023, we were awarded $8.5 million to develop EV-sharing programs in New Jersey under the state’s Regional Greenhouse Gas Initiative. While we expect these projects to be launched and funded in 2025, any disruption or reduction in funding availability could delay or prevent their implementation, which would adversely affect our financial condition and results of operations. If we are unable to offset any funding losses through alternative revenue sources, cost reductions, or private partnerships, our business, financial condition, and results of operations could be adversely affected.

Further, if government policies shift to prioritize internal combustion engine vehicles over EVs, or if key subsidies and incentives for EV adoption are eliminated, consumer demand for EV-sharing services could decline, making it more difficult for us to expand our operations and remain cost-competitive. As a result, our financial condition and results of operations would be adversely affected.

We face significant risks as we expand our operations in the United States, which could harm our business, operating results, and financial condition.

Our efforts to expand our operations into new U.S. markets involve various risks, including the need to invest significant resources in such expansion, the possibility that returns on such investments will not be achieved in the near future or at all and competitive environments with which we are unfamiliar. Our expansion into new markets may not prove to be successful in markets where public transportation systems are limited or where awareness and adoption of car-sharing by the local population is limited.

Any future international operations or expansion efforts may also fail to succeed due to other risks, including:

As a result of these obstacles, we may find it impossible or prohibitively expensive to expand in North America or we may be unsuccessful in our attempt to do so, which could harm our business, operating results, and financial condition.

Future acquisitions could disrupt our business and harm our financial condition and operating results.

Our success will depend, in part, on our ability to expand our markets and grow our business in response to changing technologies, user needs and competitive pressures. We may seek to grow our business by acquiring complementary businesses, solutions or technologies. Identifying suitable acquisition candidates can be difficult, time-consuming, and costly, and we may not be able to successfully complete identified acquisitions. In addition, we may be unable to successfully assimilate and integrate the business, technologies, solutions, personnel or operations of any company we acquire. Acquisitions may also involve entry into geographic or business markets in which we have little or no prior experience. Moreover, the anticipated benefits of any acquisition, investment or business relationship may not be realized or we may be exposed to unknown liabilities. For one or more of those transactions, we may:

We rely on automakers to supply us with EVs, but there may be shortages of lithium and other critical minerals for EV batteries and disruptions in EV battery supply chains that could negatively impact the availability of EVs when ordered for a new customer project.

The EVs used by our business are leased by us and we bear the risk that EV orders are delayed, limited or periodically unavailable. Possible shortages of lithium, cobalt, nickel and other critical minerals for EV batteries and disruptions in EV battery supply chains could delay automakers’ ability to supply us EVs in the number that we require to implement a new customer project. Although we have not experienced any supply shortfalls to date, future shortages, disruptions, delays or limits on our EV orders could have a material adverse effect on our business and results of operations in the event we are unable to promptly satisfy customer demands.

Users or third-party actions that are criminal, violent, inappropriate, dangerous or fraudulent may undermine the trust and safety or perception of trust and safety of our business and our ability to attract and retain customers and users, which could materially and adversely affect our reputation, business, results of operations and financial condition.

We have no control over or ability to predict the actions of our users and other third parties, such as additional passengers in, or drivers of, EVs reserved through our platform, and therefore we cannot guarantee the safety of our users and such third parties. From time to time, we are subject to legal proceedings, including personal injury suits, claims, arbitrations, administrative proceedings, and government investigations or enforcement actions in the ordinary course of business. The actions of users and other third parties may result in fatalities, injuries, other bodily harm, assault, fraud, invasion of privacy, property damage, theft, including cases in which we are unable to recover the EV, discrimination, harassment, and libel, among other negative impacts, which could create potential legal or other substantial liabilities for us, real estate owners and operators, or users. Depending on the circumstances, real estate owners or operators or users may also attempt to assert that we should be liable for unlawful actions stemming from the use of EVs available on our platform. Such liabilities could materially and adversely affect our reputation, business, results of operations and financial condition.

Moreover, we cannot conclusively verify the identity of all users, nor do we verify or screen third parties who may be present during a trip using an EV reserved through our platform. Our trust and safety processes focus primarily on users to reduce the risk of vehicle theft and motor vehicle accidents. Our identity verification processes rely on, among other things, information provided by users at sign up and reservation, and our ability to validate that information and the effectiveness of third-party service providers that support our verification processes may be limited. In addition, we do not currently, and may not in the future, require users to re-verify their identity following their successful completion of the initial verification process or require users to provide documentation of or any updates regarding their driving record or license status. We conduct certain trust and safety screening processes to flag and investigate suspicious activities and in an attempt to prevent users with certain criminal backgrounds from accessing our services. These processes are beneficial but not exhaustive and have limitations due to a variety of factors, including laws and regulations that prohibit or limit our ability to conduct effective background checks in some jurisdictions, the unavailability of information, and the inability of our systems to detect all suspicious activity or human or technical error or delay in addressing suspicious activity. In addition, there may be times when someone is misidentified as a person with a criminal background, when in fact they are not. There can be no assurances that these measures will significantly reduce criminal or fraudulent activity on our platform. In addition, such checks may not identify instances of identity fraud where a user reserves an EV under another person’s identity for criminal or other unlawful purposes. The background checks and other screening processes we rely on, among other things, information provided by users, our ability to validate that information, the accuracy, completeness, and availability of the underlying information relating to criminal records, the digitization of certain records, the evolving regulatory landscape in this area such as personal data protection and privacy laws, and the effectiveness of third-party service providers that may fail to conduct such background checks adequately or disclose information that could be relevant to a determination of eligibility, and we do not run criminal background checks and other screening processes on additional parties who may be present in an EV reserved through our platform. If unexpected and more burdensome laws and regulations regarding identity verification or screening are introduced, including with respect to screenings of restricted parties, we would have to implement new screening and verification policies, tools, and procedures, and we could face increased costs. As a result, we may have to increase the costs of our services for real estate owners and operators and users, which may make our services less attractive to our existing or potential future customers and users.

If users or other third parties engage in misconduct or actions that are criminal, violent, fraudulent, negligent, or inappropriate, or if they use our platform as a conduit for criminal activity, users and prospective users may not consider our platform and the EVs listed on our platform as safe, and we may receive negative media coverage, or be subject to involvement in a government investigation concerning such activity, which could adversely impact our brand and reputation, cause real estate owners and operators and users not to use our platform at the rates we expect, and lower the adoption rate of our platform. While we recognize that we need to continue to build trust and invest in innovations that will support trust when it comes to our policies, tools and procedures to protect real estate owners, operators, and users, we may not be successful in doing so.

We and users or other third parties may further be subject to claims of liability based on traffic or motor vehicle violations or accidents, fatalities, injuries, property damage, or other similar incidents that are caused during or after a reservation booked on our platform, including by unauthorized drivers. These incidents may subject us to liability, which would increase our operating costs and materially and adversely affect our business, results of operations, and financial condition. Even if these claims do not result in liability to us or our users, we could incur significant costs in investigating and defending against them, and such claims, if made public, could deter users or other third parties from continuing to use our platform. If we are found to be subject to liability or claims of liability relating to the acts of users, or for failure to pay fees, fines, or taxes owed by them, we may be subject to negative publicity or other reputational harm, even if we are not found to be subject to such liability, and incur additional expenses, which could harm our business, results of operations, and financial condition.

Our EVs may be subject to safety recalls by their manufacturers. Under certain circumstances, the recalls may cause us to attempt to retrieve EVs in our fleet or to decline to allow users to reserve such EVs until we can arrange for the steps described in the recalls to be taken. If a large number of EVs are the subject of simultaneous recalls, or if needed replacement parts are not in adequate supply, we may not be able to use the recalled EVs in our active fleet for a significant period of time. Depending on the severity of the recall, it could materially adversely affect our revenues, create bad will with some of our users, reduce the residual value of the EVs involved, and harm our general reputation and brand.

We face risks related to liabilities resulting from the use of our EVs by users.

Our business can expose us to claims for personal injury, death, and property damage resulting from the use of our EVs by our users. For example, a user may be using an EV that has worn tires or a technological, mechanical, or other problem, including a manufacturing defect or lithium-ion battery malfunction, which contributes to a motor vehicle accident that results in a death or significant property damage for which we may be liable. In addition, we depend on our users and third-party service providers to inspect the EVs before driving to identify any potential damage or safety concern with the EV. If we are found at fault or otherwise responsible for an accident, our insurance coverage may not be sufficient in catastrophic events.

We could be negatively impacted if losses for which we do not have third-party insurance coverage increase or our insurance coverage proves to be inadequate.

We have automobile liability and property damage insurance coverage, as well as general liability insurance. We also maintain first party property coverage and excess liability insurance. We account for vehicle damage or total loss at the time such damage or loss is incurred. Also, because we are responsible for damage to our vehicles, a deterioration in claims management, whether by our management or by a third-party claims administrator, could lead to delays in settling claims, thereby increasing claim costs. In addition, catastrophic uninsured claims filed against us or the inability of our insurance carriers to pay otherwise-insured claims would have an adverse effect on our financial condition.

Further, many cities and municipalities prefer to do business with parties with significant financial resources who can provide substantial insurance coverage. Should we be unable to renew our excess liability insurance and other commercial insurance policies at competitive rates, this loss could have an adverse effect on our financial condition and results of operations. In the future, we may be exposed to liability for which we self-insure at levels in excess of our historical levels and to liabilities for which we are insured that exceed the level of our insurance.

The impact of adverse or changing economic conditions, particularly in the United States, including the resulting effect on consumer spending, may adversely affect our business, operating results and financial condition.

Our performance is subject to adverse or changing economic conditions, particularly those in the United States, and in particular their impact on levels of consumer spending. Consumer purchases of discretionary items generally decline during recessionary periods and other periods in which disposable income is adversely affected. Because a significant portion of spending for our services may be considered discretionary, declines in consumer spending may have a more negative effect on our business than on those businesses that sell products or services considered to be necessities.

Moreover, the majority of our users are located in major metropolitan areas such as Los Angeles, San Francisco, Miami, New York and Chicago, and to the extent any one of these geographic areas experiences any of the above-described conditions to a greater extent than other geographic areas, the adverse effect on our financial condition and operating results could be exacerbated.

We expect a number of factors may cause our operating results to fluctuate on a quarterly basis, which may make it difficult to predict our future performance.

Our revenues and operating results could vary significantly from quarter to quarter because of a variety of factors, many of which are outside of our control. As a result, comparing our operating results on a period-to-period basis may not be meaningful. In addition to other risk factors discussed in this section, factors that may contribute to the variability of our quarterly results include:

As a result of these and other factors, the results of any prior periods should not be relied upon as indications of our future operating performance. In addition, our operating results may not meet the expectations of investors or public market analysts who follow our company.

Managing our growth will require significant expenditure and allocation of valuable management resources. If we fail to achieve the necessary level of efficiency in our organization as it grows, our business, operating results and financial condition would be harmed.

Our business depends on attracting and retaining capable management and operating personnel.

Our success depends in large part on our ability to attract and retain high-quality management and operating personnel. In particular, we are highly dependent on Aric Ohana, our Chief Executive Officer, who has been instrumental in devising and leading our strategies for growth. His in-depth knowledge of, and deep relationships with, the customers, vendors and other participants in our industry is extremely valuable to us. Our business also requires skilled technical, sales and marketing, and customer support personnel, who are in high demand and are often subject to competing offers.

Competition for qualified employees is intense in our industry. Our employees, including members of our management team, could leave our company with little or no prior notice and would be free to work for a competitor. The loss of even a few qualified employees, or an inability to attract, retain, and motivate additional highly skilled employees required for the planned expansion of our business could harm our operating results and impair our ability to grow.

We do not maintain “key person” life insurance on Mr. Ohana or any of our other employees. The departure of one or more of our senior management team members or other key employees could be disruptive to our business until we are able to hire qualified successors.

We use various measures to attract and retain key personnel, including an equity incentive compensation program for key executive officers and other employees. These measures may not be enough to attract and retain the personnel we require to operate and grow our business effectively.

Certain of our performance and operational metrics may not accurately reflect certain details of our business, are subject to inherent challenges in measurement, and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business.

We track key performance and operational metrics, principally service and booking revenues, revenue per EV, unique active users and number of EVs deployed, with internal systems and tools that are not independently verified by any third party and which may differ from estimates or similar metrics published by third parties due to differences in sources, methodologies, or the assumptions on which we rely. Our internal systems and tools have a number of limitations, and our methodologies for tracking these metrics may change over time, which could result in unexpected changes to our metrics, including the metrics we publicly disclose, or our estimates of our category position. If the internal systems and tools we use to track these metrics undercount or over-count performance or contain algorithmic or other technical errors, the data we report may not be accurate. While these numbers are based on what we believe to be reasonable estimates of our metrics for the applicable period of measurement, there are inherent challenges in measuring how our products are used across large populations globally. In addition, limitations or errors with respect to how we measure data or with respect to the data that we measure may affect our understanding of certain details of our business, which could affect our long-term strategies. If our performance and operational metrics are not accurate representations of our business or perceived to be accurate, or if we discover material inaccuracies with respect to these figures, our reputation may be significantly harmed, and our operating and financial results could be negatively impacted.

We generally experience some effects of seasonality due to increases in travel during the summer months and lighter bookings over the winter holidays (with the exception of our Envoy Hawaii operations). Accordingly, the number of EV reservations and associated revenue have generally increased or decreased at a higher or lower rate during those periods. Our revenue fluctuates due to inclement weather conditions, such as snow or rainstorms. In the future this seasonality may cause fluctuations in our financial results. In addition, other seasonality trends may develop, and the existing seasonality and user behavior may change.

Failure to comply with federal and state laws and regulations relating to privacy, data protection and consumer protection, or the expansion of current laws and regulations or the enactment of new laws or regulations in these areas, could adversely affect our business and our financial condition.

We are subject to a wide variety of laws in the United States related to privacy, data protection, and consumer protection that are often complex and subject to varying interpretations. As a result, these privacy, data protection and consumer protection laws may change or develop over time through judicial decisions or as new guidance, or interpretations are provided by regulatory and governing bodies and such changes or developments may be contrary to our existing practices. This may cause us to expend resources on updating, changing, or eliminating some of our privacy and data protection practices.

We receive, collect, store, process, transmit, share, and use personal information, and other customer data, including health information, and we rely in part on third parties that are not directly under our control to manage certain of these operations and to receive, collect, store, process, transmit, share, and use such personal information, including payment information. A variety of federal, state, local, and municipal laws and regulations, as well as industry standards (such as the payment card industry standards) govern the collection, storage, processing, sharing, use, retention and security of this information, including the California Online Privacy Protection Act, the Personal Information Protection and Electronic Documents Act, the Controlling the Assault of Non-Solicited Pornography and Marketing Act, the Telephone Protection and Electronic Protection Act of 1991 (“TCPA”), Section 5 of the Federal Trade Commission Act, and the California Consumer Privacy Act (“CCPA”). Laws and regulations relating to privacy and data protection are continually evolving and subject to potentially differing interpretations. These requirements may not be harmonized, may be interpreted and applied in a manner that is inconsistent from one jurisdiction to another, or may conflict with other rules or our practices. As a result, our practices may not have complied or may not comply in the future with all such laws, regulations, requirements, and obligations. The failure to comply with such data protection and privacy regulations can result in fines, penalties, and the enforcement of any non-compliance, which could significantly impact our business operations.

In January 2020, CCPA took effect, which provides new data privacy rights for consumers in California and new operational requirements for companies doing business in California. Compliance with the new obligations imposed by the CCPA depends in part on how particular regulators interpret and apply them, and because the CCPA is relatively new, there is still some uncertainty about how the CCPA will be interpreted, applied, and enforced. If we fail to comply with the CCPA or if regulators assert that we have failed to comply with the CCPA, we may be subject to certain fines or other penalties (up to $2,500 per violation, or up to $7,500 per violation if the violation is intentional) and litigation, any of which may negatively impact our reputation, require us to expend significant resources, and harm our business. Furthermore, California voters approved the California Privacy Rights Act (“CPRA”) on November 3, 2020, which will amend and expand the CCPA, including by providing consumers with additional rights with respect to their personal information. The CPRA came into effect on January 1, 2023, applying to information collected by businesses on or after January 1, 2022. We believe that the personal information we collect from California residents that use our app, the car-sharing services we have offered in California in the past and direct marketing to California residents for those services, as well as our plans to offer future services in California, have made and in the future will make us subject to compliance with the CCPA and CPRA.

We could be in the future subject to data breaches. A significant data breach or any failure, or perceived failure, by us to comply with any federal or state privacy laws, regulations or other principles or orders to which we may be subject could adversely affect our reputation, brand and business, and may result in claims, investigations, proceedings or actions against us by governmental entities, litigation, including class action litigation, from our fliers, fines, penalties, or other liabilities, or require us to change our operations or cease using certain data sets. Depending on the nature of the information compromised, we may also have obligations to notify users, law enforcement, government authorities, payment companies, consumer reporting agencies or the media about the incident and may be required to expend additional resources in connection with investigating and remediating such an incident, and otherwise complying with applicable privacy and data security laws.

Our efforts to minimize the likelihood and impact of adverse cybersecurity incidents and to protect data and intellectual property may not be successful, and our business, operations, and reputation could be negatively affected by a cyberattack, security incident, or other operational disruption.

We are at risk for interruptions, outages and breaches of: operational systems, including business, financial, accounting, product development, data processing or production processes, owned by us or our third-party vendors or suppliers; facility security systems, owned by us or our third-party vendors or suppliers; in-product technology owned by us or our third-party vendors or suppliers; the integrated software and firmware in our products; or customer or guest data that we process or our third-party vendors or suppliers process on our behalf. Such cyber incidents could materially disrupt operational systems; result in loss of intellectual property, trade secrets or other proprietary or competitively sensitive information; compromise certain information of customers, employees, suppliers, guests or others; jeopardize the security of our facilities; or affect the performance of in-product technology and the integrated software in our solutions. A cyber incident could be caused by disasters, insiders (through inadvertence or with malicious intent) or malicious third parties (including nation-states or nation-state supported actors) using sophisticated, targeted methods to circumvent firewalls, encryption and other security defenses, including hacking, fraud, trickery or other forms of deception.

The techniques used by cyber attackers change frequently and may be difficult to detect for long periods of time. Although we maintain information technology measures designed to protect us against intellectual property theft, data breaches, and other cyber incidents, such measures will require updates and improvements, and we cannot guarantee that such measures will be adequate to detect, prevent or mitigate cyber incidents. The implementation, maintenance, segregation and improvement of these systems requires significant management time, support and cost. Moreover, there are inherent risks associated with developing, improving, expanding and updating current systems, including the disruption of our data management, procurement, production execution, finance, supply chain and sales and service processes. These risks may affect our ability to manage our data and inventory, procure parts or supplies or produce, sell, deliver and service our solutions, adequately protect our intellectual property or achieve and maintain compliance with, or realize available benefits under, applicable laws, regulations and contracts. We cannot be sure that the systems upon which we rely, including those of our third-party vendors or suppliers, will be effectively implemented, maintained or expanded. Our reliance on third-party vendors for critical systems and services exposes us to risks if their cybersecurity measures fail, potentially compromising our data or operations.

If we do not successfully implement, maintain, or expand these systems, our operations may be disrupted, our ability to accurately and timely report our financial results could be impaired, and deficiencies may arise in our internal control over financial reporting, which may impact our ability to certify our financial results. Moreover, our proprietary information or intellectual property could be compromised or misappropriated and our reputation may be adversely affected. If these systems do not operate as we expect them to, we may be required to expend significant resources to make corrections or find alternative sources for performing these functions.

A significant cyber incident could impact production capability, harm our reputation, cause us to breach our contracts with other parties or subject us to legal and regulatory actions, including fines, penalties, and lawsuits, especially if customer data or intellectual property is compromised, any of which could materially affect our business, prospects, financial condition and operating results. In addition, our insurance coverage for cyber-attacks may not be sufficient to cover all the losses we may experience because of a cyber incident.

If the security of our EV drivers’ confidential information stored in our systems is breached or otherwise subjected to unauthorized access, our reputation or brand may be harmed, and we may be exposed to liability and a loss of customers.

Our system stores, processes, and transmits our EV drivers’ confidential information, including credit card information, driver license numbers, and other sensitive data. We rely on encryption, authentication and other technologies licensed from third parties, as well as administrative and physical safeguards, to secure such confidential information. Any compromise of our information security could damage our reputation and brand and expose us to a risk of loss, costly litigation, and liability that would substantially harm our business and operating results. We and our third-party data center facilities may not have adequately assessed the internal and external risks posed to the security of our company’s systems and information and may not have implemented adequate preventative safeguards or take adequate reactionary measures in the event of a security incident. In addition, most states have enacted laws requiring companies to notify individuals and often state authorities of data security breaches involving their personal data. These mandatory disclosures regarding security breaches often lead to widespread negative publicity, which may cause our EV drivers to lose confidence in the effectiveness of our data security measures. Any security breach, whether successful or not, would harm our reputation and brand, and it could cause the loss of EV users.

The risk of loss of our intellectual property, trade secrets or other sensitive business or customer confidential information, and disruption of operations due to cyberattacks or data breaches could negatively impact our financial results.

Cyberattacks or data breaches could compromise confidential, business-critical information, cause disruptions in our operations, expose us to potential litigation or harm our reputation. We have important assets, including intellectual property, trade secrets, and other sensitive business-critical and/or confidential information which may be vulnerable to such incidents. While we have a comprehensive cybersecurity program that is continually reviewed, maintained and upgraded, we cannot assure that we are invulnerable to cyberattacks and data breaches which, if significant, could negatively impact our business and financial results.

Failure to adequately protect our intellectual property could substantially harm our business and operating results.

Because our business depends substantially on our intellectual property, including our proprietary Envoy technology platform, the protection of our intellectual property rights is crucial to the success of our business. We rely on a combination of trademark, trade secret and copyright law and contractual restrictions to protect our intellectual property. These afford only limited protection. Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy aspects of our website features, software and functionality or obtain and use information that we consider proprietary, such as the technology used to operate our website, our content and our trademarks. Moreover, policing our proprietary rights is difficult and may not always be effective. In particular, we may need to enforce our rights under the laws of countries that do not protect proprietary rights to as great an extent as do the laws of the United States.

We have obtained registered trademarks for “Mobility as an Amenity,” with respect to downloadable software for finding, reserving and renting vehicles, and our “Envoy” name (excluding use in and around airports), in the United States. Competitors have adopted and may adopt trade or service names similar to ours, thereby impeding our ability to build brand identity and possibly leading to confusion. In addition, there could be potential trade name or trademark infringement claims brought by owners of other registered trademarks or trademarks that incorporate variations of the terms “Mobility as an Amenity” or “Envoy.” From time to time, we have acquired or attempted to acquire Internet domain names held by others when such names were causing consumer confusion or had the potential to cause consumer confusion.

Litigation or proceedings before the U.S. Patent and Trademark Office or other governmental authorities and administrative bodies in the United States and abroad may be necessary in the future to enforce our intellectual property rights, to protect our patent rights, trade secrets, trademarks and domain names and to determine the validity and scope of the proprietary rights of others. Our efforts to enforce or protect our proprietary rights may be ineffective and could result in substantial costs and diversion of resources and could substantially harm our operating results.

Our exposure to risks associated with the use of intellectual property may increase as a result of acquisitions, as we have a lower level of visibility into the development process with respect to acquired technology or the care taken to safeguard against infringement risks. Third parties may make infringement and similar or related claims after we have acquired technology that had not been asserted prior to our acquisition.

Confidentiality agreements with employees and others may not adequately prevent disclosure of trade secrets and other proprietary information.

We principally rely on trade secrets to protect our proprietary technologies. We have devoted substantial resources to the development of our proprietary technology, including our proprietary Envoy technology platform. To protect our proprietary technology and processes, we rely in significant part on confidentiality agreements with our employees, licensees, independent contractors and other advisors. These agreements may not effectively prevent disclosure of confidential information and may not provide an adequate remedy in the event of unauthorized disclosure of confidential information. In addition, others may independently discover trade secrets and proprietary information, and in such cases, we would not be able to assert any trade secret rights against such parties. Costly and time-consuming litigation could be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain trade secret protection could adversely affect our competitive business position.

Our contracts with governmental agencies are subject to audit and other material obligations, which could result in adjustments to reimbursable contract costs or, if we are charged with wrongdoing, possible temporary or permanent suspension from participating in government programs.

Our books and records are subject to audit by the various governmental agencies we serve and their representatives. These audits can result in adjustments to the amount of contract costs we believe are reimbursable by the agencies and the amount of our overhead costs allocated to the agencies. If such matters are not resolved in our favor, they could have a material adverse effect on our business. In addition, if one of our subsidiaries is charged with wrongdoing as a result of an audit, that subsidiary, and possibly our company as a whole, could be temporarily suspended or could be prohibited from bidding on and receiving future government contracts for a period of time. Further, as a government contractor, we are subject to an increased risk of investigations, criminal prosecution, civil fraud actions, whistleblower lawsuits, and other legal actions and liabilities to which purely private sector companies are not, the results of which could materially adversely impact our business. For example, from time to time we may be subject to qui tam lawsuits, which typically allege that we have made false statements or certifications in connection with claims for payment, or improperly retained overpayments, from the government. These suits may remain under seal (and hence, be unknown to us) for some time while the government decides whether to intervene on behalf of the qui tam plaintiff.

We are also subject to other material obligations, such as adherence to a government program’s approved budget and key metric reporting requirements (e.g., usage rates, environmental impact such as emissions reductions, and user demographics). If we fail to comply with these obligations, we could face penalties, loss of funding or incentives, and/or reputational damage. In addition, non-compliance may result in the termination of contracts or exclusion from future government programs, which could have an adverse effect on our business operations, financial performance and growth prospects.

We may become engaged in legal proceedings that could cause us to incur unforeseen expenses and could occupy a significant amount of our management’s time and attention.

From time to time, we are subject to litigation or claims that could negatively affect our business operations and financial position. As we have grown, we have seen a rise in the number of litigation matters against us. Most of these matters relate to incidents involving our drivers while operating EVs. Litigation disputes could cause us to incur unforeseen expenses, could occupy a significant amount of our management’s time and attention and could negatively affect our business operations and financial position.

While we seek to partner with organizations that mitigate their business risks associated with climate change, we recognize that there are inherent risks wherever business is conducted. Access to clean water and reliable energy in the communities where we conduct our business, whether for our offices or for our vendors, is a priority. Our major sites in Los Angeles, San Francisco, Miami, New York and Chicago are vulnerable to climate change effects. For example, in California, increasing intensity of drought throughout the state and annual periods of wildfire danger, as well as recent flood risk and storm intensity, increase the probability of planned power outages in the communities where we work and live. While this danger may have a low-assessed risk of a long-term effect, it has the potential impact of disrupting our normal EV-sharing operations and employees’ abilities to commute to work or to work from home and stay connected effectively. Climate-related events, including the increasing frequency of extreme weather events and their impact on critical infrastructure throughout the United States where we have operations, have the potential to disrupt our EV-sharing business, and may cause us to experience higher attrition, losses and additional costs to maintain or resume our EV-sharing operations.

Our business is subject to the risks of earthquakes, fires, floods, other natural catastrophic events, and to interruption by man-made problems such as computer viruses and terrorism.

Our systems and operations are vulnerable to damage or interruption from earthquakes, volcanoes, fires, floods, power losses, telecommunications failures, terrorist attacks, acts of war, human errors, break-ins, and similar events. For example, a significant natural disaster, such as an earthquake, fire or flood, could have a material adverse impact on our business, operating results and financial condition, and our insurance coverage may be insufficient to compensate us for losses that may occur. Acts of terrorism, which may be targeted at metropolitan areas that have higher population density than rural areas, could cause disruptions in our business or the economy as a whole. Our servers may also be vulnerable to computer viruses, break-ins and similar disruptions from unauthorized tampering with our computer systems, which could lead to interruptions, delays, loss of critical data or the unauthorized disclosure of confidential user data. We may not have sufficient protection or recovery plans in certain circumstances and our business interruption insurance may be insufficient to compensate us for losses that may occur. As we rely heavily on our servers, computer and communications systems, and the Internet to conduct our business and provide a high-quality user experience, such disruptions could negatively impact our ability to run our business, which could have an adverse effect on our operating results.

We will incur significant increased costs as a result of operating as a public company, and our management will be required to devote substantial time to public company compliance requirements.

As a public company, we will incur significant legal, accounting, and other expenses that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, and rules subsequently implemented by the SEC and The Nasdaq Capital Market, require public companies to meet certain corporate governance standards. Our management and other personnel will need to devote a substantial amount of time to these requirements. Moreover, these rules and regulations will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. For example, these rules and regulations may make it more expensive for us to obtain directors and officers liability insurance coverage and more difficult for us to attract and retain qualified persons to serve as directors or executive officers. We currently are unable to estimate these costs with any degree of certainty.

In addition, the Sarbanes-Oxley Act requires that we maintain effective internal control over financial reporting and disclosure controls and procedures. In particular, for the year ended December 31, 2024, we must perform system and process evaluation and testing of our internal control over financial reporting to allow management and our independent public accounting firm to report on the effectiveness of our internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act. Our testing, or the subsequent testing by our accounting firm, may reveal deficiencies in our internal control over financial reporting that are deemed to be material weaknesses. To comply with Section 404, we may incur substantial accounting expense, expend significant management time on compliance-related issues, and hire additional finance and accounting staff with appropriate public company experience and technical accounting knowledge. Moreover, if we are not able to comply with the requirements of Section 404 in a timely manner, or if we or our accounting firm identify deficiencies in our internal control over financial reporting that are deemed to be material weaknesses, the market price of our stock would likely decline and we could be subject to lawsuits, sanctions or investigations by regulatory authorities, which would require additional financial and management resources.

We identified certain misstatements to our previously issued financial statements and have restated certain of our financial statements, which may create additional risks and uncertainties.

In connection with the preparation of our financial statements for the year ended December 31, 2024, our management identified and determined that such financial statements should no longer be relied upon due to errors related to the presentation of our equity accounts, as well as the classification of a liability in our previously issued financial statements as of December 31, 2023 and for the Successor period from April 18, 2023 to December 31, 2023 and Predecessor period from January 1, 2023 to April 17, 2023 (the “Affected Period”). Our audited financial statements for the years ended December 31, 2024 and 2023, included in this registration statement, contain corrected financial information for the Affected Period. See Note 3, “Restatement of Previously Issued Financial Statements,” for more information.

Restatements can create various risks and uncertainties, including loss of investor confidence, increased regulatory scrutiny, and potential legal or accounting expenses. In addition, we cannot assure you that additional restatements of financial statements will not arise in the future. Any of these factors, individually or in combination, could materially and adversely affect our business, financial condition, and results of operations.

Risks Related to Our Transition to a Stand-alone Public Company and the Potential Distribution

We may not realize the anticipated benefits of being a stand-alone public company, which could harm our business.

We have operated as a subsidiary of Blink Charging. We may not be able to achieve the full strategic and financial benefits expected to result from our operation as a stand-alone public company, or such benefits may be delayed or not occur at all. As a stand-alone public company, we expect to benefit from enhanced strategic and managerial focus, a distinct investment identity and greater flexibility in resource allocation and capital deployment. We may not achieve these and other anticipated benefits for a variety of reasons, including, among others:

If we fail to achieve some or all of the benefits expected to result from our transition to stand-alone public company, or if such benefits are delayed, our business could be harmed.

We have no history of operating as an independent company, and our historical and unaudited pro forma financial information does not necessarily represent the results we would have achieved as an independent, publicly traded company and may not be a reliable indicator of our future results.

Our historical and unaudited pro forma financial information included in this prospectus is not necessarily indicative of our future results of operations, financial condition or cash flows, nor does it reflect what our results of operations, financial condition or cash flows would have been as an independent public company during the periods presented. In particular, the historical financial information included in this prospectus is not necessarily indicative of our future results of operations, financial condition or cash flows primarily because of the following factors:

We based the pro forma adjustments included in this prospectus on available information and assumptions that we believe are reasonable; actual results, however, may vary. In addition, our unaudited pro forma financial information included in this prospectus may not give effect to various ongoing additional costs we may incur in connection with being an independent public company. Accordingly, our unaudited pro forma financial statements do not reflect what our results of operations, financial condition or cash flows would have been as an independent public company and are not necessarily indicative of our future financial condition or future results of operations.

Please refer to “Summary Consolidated Financial Data,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited historical financial statements and the notes to those statements included elsewhere in this prospectus.

Following our direct listing, we will rely on Blink Charging as our exclusive supplier of EV charging stations, and any disruption in Blink Charging’s ability to supply such equipment could materially and adversely affect our business, results of operations and relationships with our public and private mobility partners.

We have entered into an exclusive supply agreement with Blink Charging for the procurement of EV charging stations, along with associated network services, operational infrastructure and support. Under this agreement, we are generally prohibited from sourcing EV charging stations from third-party suppliers, except in limited circumstances and only with Blink’s prior written consent. As a result, our ability to fulfill our obligations to public and private mobility partners—including contractual commitments to deploy charging infrastructure—is highly dependent on Blink’s ability to deliver charging stations in a timely manner and in accordance with our technical and operational requirements.

Blink Charging may experience equipment order delays and chip shortages and relies on a limited number of vendors for the manufacture of its charging equipment. If Blink experiences manufacturing delays, supply chain disruptions, component shortages, or other operational or financial difficulties, we may be unable to procure the necessary charging stations on the timelines or at the volumes required to fulfill our obligations to partners. Given our limited ability to procure charging stations from alternate suppliers during the term of the agreement, we may be unable to mitigate supply interruptions or cost increases through supplier diversification. Any sustained or significant disruption in Blink’s operations could materially and adversely affect our ability to fulfill existing contracts, pursue new customer opportunities and achieve our growth strategy. Such disruptions could also impair our reputation, damage our relationships with key mobility partners and result in financial and operational setbacks.

Blink Charging has no obligation to pursue or consummate any disposition of its common stock ownership in our company, including through the Distribution, by any specified date or at all. If the Distribution is pursued, in whole or in part, Blink Charging may require a number of conditions be met, including but not limited to the receipt of any necessary regulatory or other approvals, the existence of satisfactory market conditions, and the receipt of an opinion of counsel to the effect that such Distribution will be tax-free to Blink Charging and its stockholders. The Distribution is not guaranteed. Blink Charging may choose to abandon or change the structure of the Distribution if Blink Charging determines, in its sole discretion, the Distribution is not in the best interests of Blink Charging and its stockholders. Further, if the Distribution does not occur, or if Blink Charging does not otherwise dispose of its shares of our common stock, the risks relating to Blink Charging’s control of us and the potential business conflicts of interest between Blink Charging and us will continue to be relevant to our stockholders. The liquidity of shares of our common stock in the market may be constrained for as long as Blink Charging continues to hold a significant position in our stock. A lack of liquidity in our common stock could depress the price of our common stock.

Until the completion of the Distribution, Blink Charging will own a significant portion of our company, and its concentrated ownership of our common stock may prevent you and other stockholders from influencing significant decisions.

After our common stock begins trading on Nasdaq, Blink Charging will own approximately 46.0% of our outstanding common stock. Although Blink Charging will not own a majority of our common stock, its substantial ownership position may allow it to exert significant influence over the outcome of all corporate actions requiring stockholder approval, including the election and removal of directors. If Blink Charging does not complete the Distribution or otherwise dispose of its shares of our common stock, it could it could retain this significant influence for an extended period of time or indefinitely.

Blink Charging’s interests may not be the same as, or may conflict with, the interests of our other stockholders. Current and future stockholders may not be able to affect the outcome of any stockholder vote while Blink Charging controls a significant portion of our outstanding common stock. As a result, Blink Charging will be able to influence, directly or indirectly and subject to applicable law, all matters affecting us, including:

Because Blink Charging’s interests may differ from ours or from those of our other stockholders, actions that Blink Charging takes with respect to us may not be favorable to us or our other stockholders. See “Certain Relationships and Related Party Transactions—Relationship with Blink Charging.”

If Blink Charging sells a significant portion of its interest in our company to a third party in a private transaction, you may not realize any change of control premium on shares of our common stock and we may become subject to the influence of a presently unknown third party.

After our common stock begins trading on Nasdaq, Blink Charging will continue to own a significant equity interest in our company. Blink Charging will have the ability, should it choose to do so, to sell some or all of its shares of our common stock in a privately negotiated transaction. Depending on the size and nature of any such sale, a third party could acquire a significant equity interest in our company, which may enable it to influence or potentially control certain decisions, particularly if other stockholders are not aligned.

The ability of Blink Charging to privately sell its shares of our common stock, with no requirement for a concurrent offer to be made to acquire all of the shares of our common stock that will be publicly traded hereafter, could prevent you from realizing any change of control premium on your shares of our common stock that may otherwise accrue to Blink Charging on its private sale of our common stock. Additionally, if Blink Charging privately sells its significant equity interests in our company, we may become subject to the influence of a presently unknown third party. Such third party may have interests that conflict with those of other stockholders.

After our direct listing, some of our directors and officers may have actual or potential conflicts of interest because of their equity ownership in Blink Charging, and some of our directors may have actual or potential conflicts of interest because they also serve as directors or officers of Blink Charging.

Because of their current or former positions with Blink Charging, following our direct listing, some of our directors and executive officers may own shares of Blink Charging common stock or have options to acquire shares of Blink Charging common stock, and the individual holdings may be significant for some of these individuals compared to their total assets. In addition, following our direct listing, certain of our directors will also serve as officers or directors of Blink Charging. Although all transactions with related parties after our direct listing will be approved by a committee of non-Blink Charging-affiliated directors, this ownership or service may create the appearance of conflicts of interest when the Blink Charging-affiliated directors and officers are faced with decisions that could have different implications for Blink Charging or us. For example, potential conflicts of interest could arise in connection with the resolution of any dispute that may arise between Blink Charging and us regarding the terms of the transition services agreement or other agreements governing their relationship after our direct listing.

Overlapping director and officer relationships will exist between our company and Blink Charging, which pose potential conflicts of interest.

Michael P. Rama, our Chief Financial Officer, also serves as the Chief Financial Officer of Blink Charging and devotes a more significant portion of his business and professional time and efforts to the business of Blink Charging. Michael C. Battaglia and Jack Levine (the “Blink Directors”), both of whom are directors of our company, also serve as directors of Blink Charging and Mr. Battaglia is Blink Charging’s President and Chief Executive Officer. While we believe that our business and technologies are distinguishable from those of Blink Charging, and that we do not compete in the markets in which Blink Charging competes, Mr. Rama and the Blink Directors may have potential conflicts of interest with respect to, among other things, potential corporate opportunities, business combinations, joint ventures and/or other business opportunities that may become available to them, our company and/or Blink Charging.

Additionally, in connection with our direct listing, we have entered into a transition services agreement with Blink Charging under which Blink Charging will provide us with experienced personnel and related resources in connection with administrative, management, and technical services, as may be necessary or desirable, or as we may reasonably request or require, to help facilitate the business and operations of our company as a stand-alone public entity, for up to 12 months following the listing of our common stock on Nasdaq. We are also entering into an exclusive supply agreement to procure essential charging station requirements, including hardware, network services, operational infrastructure, and comprehensive support, exclusively from Blink Charging. The term of this agreement will extend for five years after the listing of our common stock on Nasdaq. These arrangements present the possibility of significant conflicts between the interests of stockholders of our company and of Blink Charging, including Mr. Rama and the Blink Directors, following our direct listing. Such potential conflicts include issues related to decisions that could have different implications for us or Blink Charging. For example, potential conflicts of interest could arise in connection with the resolution of any dispute that may arise between us and Blink Charging regarding the terms of the transition services agreement or exclusive supply agreement or the expenditure of funds and efforts on projects in which we are involved that require the allocation of responsibilities to Blink Charging.

We may be materially adversely affected if Mr. Rama and/or the Blink Directors choose to place the interests of Blink Charging before those of our company. Our Board of Directors has adopted a policy whereby any future transactions between us and any of our subsidiaries, affiliates, officers, directors, principal stockholders or any affiliates of the foregoing will be on terms no less favorable to us than could reasonably be obtained in “arm’s-length” transactions with independent third parties, and any such transactions will also be approved by a majority of our disinterested outside directors. Mr. Rama and the Blink Directors also owe fiduciary duties of care and loyalty to our company under Delaware law. However, the failure of our management to resolve any conflicts of interest in favor of our company could materially adversely affect our business, financial condition and results of operations.

If Blink Charging chooses to pursue and complete the Distribution, and there is a determination that the Distribution is taxable for U.S. federal income tax purposes, then Blink Charging and its stockholders could incur significant U.S. federal income tax liabilities, and we could incur significant liabilities.

If pursued by Blink Charging, completion of the Distribution would likely be conditioned on, among other things, the receipt of a tax opinion from counsel that the Distribution will qualify as a tax-free “reorganization” within the meaning of Section 368(a)(1)(D) of the Internal Revenue Code (the “Code”) and a tax-free distribution within the meaning of Section 355 of the Code. The opinion will rely on certain facts, assumptions, representations, and undertakings from Blink Charging and us regarding the past and future conduct of the companies’ respective businesses and other matters. If any of these facts, assumptions, representations, or undertakings are incorrect or not otherwise satisfied, Blink Charging and its stockholders may not be able to rely on the opinion of counsel and could be subject to significant tax liabilities. Notwithstanding the opinion of counsel, the IRS could determine on audit that the Distribution is taxable if it determines that any of these facts, assumptions, representations, or undertakings is not correct or has been violated or if it disagrees with the conclusions in the opinion, or for other reasons, including as a result of certain significant changes in the stock ownership of Blink Charging or us after the Distribution. If the Distribution is determined to be taxable for U.S. federal income tax purposes, Blink Charging and/or its stockholders could incur significant U.S. federal income tax liabilities, and we could incur significant liabilities under applicable law.

We will be subject to numerous restrictions to preserve the tax-free nature of any potential Distribution, which may reduce our strategic and operating flexibility.

To preserve the tax-free treatment to Blink Charging and its stockholders of any potential Distribution, we will generally be restricted from taking certain actions including:

If we wish to take any such restricted action, we intend to cooperate with Blink Charging to obtain an IRS ruling or obtain an unqualified tax opinion, in each case to the effect that the action will not affect the tax-free treatment to Blink Charging and its stockholders of the Distribution. In the event such actions result in tax-related losses to Blink Charging, we intend to indemnify Blink Charging for such tax-related losses. See “Certain Relationships and Related Party Transactions — Relationship with Blink Charging.” Due to these restrictions and indemnification obligations, we may be limited in our ability to pursue strategic transactions, equity or convertible debt financings, or other transactions that may otherwise be in our best interests. Also, our potential indemnity obligation to Blink Charging might discourage, delay, or prevent a change of control that our stockholders may consider favorable.

We potentially could have received better terms from unaffiliated third parties than the terms we received in our agreements with Blink Charging.

The agreements we entered into with Blink Charging in connection with our transition to a stand-alone public company were negotiated while we were still part of Blink Charging’s business. See “Certain Relationships and Related Party Transactions—Relationship with Blink Charging.” Accordingly, during the period in which the terms of those agreements will have been negotiated, we did not have an independent board of directors or a management team independent of Blink Charging. The terms of the agreements negotiated in the context of our transition to a stand-alone public company relate to, among other things, the allocation of assets, intellectual property, liabilities, rights, and other obligations between Blink Charging and us, and arm’s-length negotiations between Blink Charging and an unaffiliated third party in another form of transaction, such as a buyer in a sale of a business, may have resulted in more favorable terms to the unaffiliated third party.

Blink Charging may fail to perform under the transition services agreement, or we may fail to have replacement systems and services in place when the transition services agreement expires.

We expect that Blink Charging will continue to provide us with services related to certain historically shared functions pursuant to the transition services agreement for a transitional period following the listing of our common stock on Nasdaq. These services, which will include certain information technology, supply chain, human resources, finance, regulatory, sales and marketing, research and development, real estate, legal operations, government affairs, distribution and tax services, will be provided for terms of varying duration following the listing of our common stock on Nasdaq. We will rely on Blink Charging to satisfy its obligations during the term of the transition services agreement. Failure by Blink Charging to perform these obligations, or any delay in or disruption to Blink Charging’s ability to perform these obligations, could increase our costs of procuring these services, result in system or service interruptions, divert our management’s focus, or otherwise adversely affect our business, results of operations or financial condition, potentially for an extended period of time. Further, pursuant to the transition services agreement, Blink Charging will agree to perform the services for us in a manner consistent with the past practice of our business. As a result, our operational flexibility to implement changes with respect to these services or the amounts we pay for them will be limited, and we may not be able to implement changes in a manner desirable to us. In addition, we have historically received informal support from Blink Charging, which may not be addressed in the transition services agreement. The level of this informal support will diminish or be eliminated following the listing of our common stock on Nasdaq.

The services that Blink Charging will provide to us pursuant to the transition services agreement are transitional in nature. We are in the process of creating our own, or engaging alternative third-party sources to provide, systems and services to replicate or replace many of the systems and services that Blink Charging currently provides to us. However, we may not be able to successfully replicate or replace these services or obtain the services at the same or better quality, at the same or lower costs, or otherwise on the same or more favorable terms and conditions from third parties. For example, implementing our own information technology framework will be a complex, time-consuming, and costly process, and could make us more vulnerable to cyberattacks, network disruptions, or other information security or cybersecurity incidents. Further, to the extent we decide to engage one or more third parties to provide these services to us in the future, we could encounter additional risks associated with reliance on third parties. See “— Risks Related to Our Operations — We rely on third parties in many aspects of our business, including to manufacture certain of our products, which exposes us to additional risks that could adversely affect our business, results of operations, or financial condition.” If we do not have our own systems and services, or comparable agreements with alternative third-party sources, in place when the transition services agreement expires, our business, results of operations, or financial condition could be adversely affected, including in the manner described in the preceding paragraph.

In connection with our direct listing, Blink Charging will indemnify us for certain liabilities. However, we cannot assure you that the indemnity will be sufficient to protect us against the full amount of such liabilities or that Blink Charging’s ability to satisfy its indemnification obligation will not be impaired in the future.

Pursuant to agreements that we will enter into with Blink Charging in connection with our direct listing, Blink Charging will agree to indemnify us for certain liabilities. However, third parties could also seek to hold us responsible for any of the liabilities that Blink Charging has agreed to retain, and we cannot assure you that the indemnity from Blink Charging will be sufficient to protect us against the full amount of such liabilities, or that Blink Charging will be able to fully satisfy its indemnification obligations. In addition, Blink Charging’s third-party insurance policies may not be available to us, for liabilities associated with occurrences of indemnified liabilities prior to our direct listing, and in any event Blink Charging’s insurers may deny coverage to us for liabilities associated with certain occurrences of indemnified liabilities prior to our direct listing. Moreover, even if we ultimately succeed in recovering from Blink Charging or its insurance providers any amounts for which we are held liable, we may be temporarily required to bear these losses. The occurrence of any of these events could adversely affect our business, results of operations, or financial condition.

Our listing differs significantly from a traditional underwritten initial public offering.

This is not a traditional underwritten initial public offering of our common stock. This listing of our common stock on Nasdaq differs from an underwritten initial public offering in several significant ways, which include, but are not limited to, the following:

Such differences from an underwritten initial public offering could result in a volatile trading price for our common stock and uncertain trading volume, which may adversely affect your ability to sell any shares of our common stock that you may purchase.

An active, liquid and orderly market for our common stock may not develop or be sustained, and you may be unable to resell your shares at or above the price you paid for them.

We currently expect our common stock to be listed and traded on The Nasdaq Capital Market. Prior to listing on Nasdaq, there has been no public market for our common stock. Moreover, consistent with Regulation M and other federal securities laws applicable to our listing, we have not consulted with registered stockholders or other existing stockholders regarding their desire or plans to sell shares in the public market following the listing or discussed with potential investors their intentions to buy our common stock in the open market following the listing. While our common stock may be sold after our listing on Nasdaq by the registered stockholders pursuant to this prospectus or by our other existing stockholders in accordance with Rule 144 of the Securities Act, unlike an underwritten initial public offering, there can be no assurance that any registered stockholders or other existing stockholders will sell any of their shares of common stock and there may initially be a lack of supply of, or demand for, our common stock on Nasdaq. Conversely, there can be no assurance that the registered stockholders and other existing stockholders will not sell all of their shares of common stock, resulting in excess supply of our common stock on the NYSE.

In the case of a lack of supply of our common stock, the trading price of our common stock may rise to an unsustainable level. Further, institutional investors may be discouraged from purchasing our common stock if they are unable to purchase a block of our common stock in the open market due to a potential unwillingness of our existing stockholders to sell a sufficient amount of common stock at the price offered by such institutional investors and the greater influence individual investors have in setting the trading price. If institutional investors are unable to purchase our common stock, the market for our common stock may be more volatile without the influence of long-term institutional investors holding significant amounts of our common stock. In the case of a lack of demand for our common stock, the trading price of our common stock could decline significantly and rapidly after our listing. Therefore, an active, liquid and orderly trading market for our common stock may not initially develop or be sustained, which could significantly depress the public trading price of our common stock and result in significant volatility, which could affect your ability to sell your shares of common stock.

The public trading price of our common stock may be volatile and could, upon listing on Nasdaq, decline significantly and rapidly.

The listing of our common stock and the registration of the registered stockholders’ shares of common stock is a process that is not an underwritten initial public offering. We have engaged Roth Capital Partners LLC as our financial advisor. In connection with the direct listing, there will be no traditional book building process and no price at which traditional underwriters initially sold shares to the public to help inform efficient price discovery with respect to the opening trades on Nasdaq. On the day that our shares of common stock are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute “Display Only” period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the “Display Only” period, a “Pre-Launch” period begins, during which Roth Capital Partners, in its capacity as our financial advisor, must notify Nasdaq that our shares are “ready to trade.” Once the financial advisor has notified Nasdaq that our shares of common stock are ready to trade, Nasdaq will confirm the Current Reference Price for our shares of common stock, in accordance with Nasdaq rules. If the Advisor then approves proceeding at the Current Reference Price, the applicable orders that have been entered will be executed at such price and regular trading of shares of our common stock on Nasdaq will commence, subject to Nasdaq conducting validation checks in accordance with Nasdaq rules. The financial advisor will determine when our shares of common stock are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the financial advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the financial advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate preopening buy and sell interest), the financial advisor will request that Nasdaq delay the open until such a time that sufficient price discovery has been made to ensure a reasonable amount of volume crosses on the opening trade. For more information, see “Plan of Distribution.”

Moreover, prior to the opening trade, there will not be a price at which any investment banks acting as underwriters initially sold shares of our common stock to the public as there would be in an underwritten initial public offering. The absence of a predetermined initial public offering price could impact the range of buy and sell orders collected by Nasdaq from various broker-dealers. Consequently, upon listing on Nasdaq, the public trading price of our common stock may be more volatile than in an underwritten initial public offering and could decline significantly and rapidly.

Further, because of our listing process, individual investors may have greater influence in setting the opening public trading price and subsequent public trading prices of our common stock on Nasdaq and may participate more in our initial and subsequent trading, leading to an increased amount of smaller orders at numerous prices, for example, than is typical for an underwritten initial public offering with more institutional investor influence. These factors could result in more volatility in the public trading price of our common stock and an unsustainable trading price if the price of our common stock significantly rises upon listing and institutional investors believe our common stock is worth less than retail investors, in which case the price of our common stock may decline over time. If the public trading price of our common stock is above the level that investors determine is reasonable for our common stock, some investors may attempt to short our common stock after trading begins, which would create additional downward pressure on the public trading price of our common stock. There will likely be more ability for investors to short our common stock in early trading than is typical for an underwritten initial public offering given increased availability of our common stock on the trading markets in part due to the lack of contractual lock-up agreements or other restrictions on transfer. To the extent that there is a lack of awareness among retail investors, such lack of awareness could reduce the value of our common stock and cause volatility in the public trading price of our common stock.

The public trading price of our common stock following the listing could be subject to fluctuations in response to various factors, including those listed in this prospectus, some of which are beyond our control. These fluctuations could cause you to lose all or part of your investment in our common stock since you might be unable to sell your shares at or above the price you paid. Factors that could cause fluctuations in the public trading price of our common stock include the following:

In addition, if the market for EV and technology sector stocks or the stock market in general experiences a loss of investor confidence, the trading price of our common stock could decline for reasons unrelated to our business, financial condition, or results of operations. If any of the foregoing occurs, it could cause our stock price to fall and may expose us to class action lawsuits that, even if unsuccessful, could be costly to defend and a distraction to management.

None of our stockholders are party to any contractual lock-up agreement or other contractual restrictions on transfer. Following our listing, sales of substantial amounts of our common stock in the public markets, or the perception that sales might occur, could cause the trading price of our common stock to decline.

In addition to the supply and demand and volatility factors discussed above, sales of a substantial number of shares of our common stock into the public market, particularly sales by the former Envoy Technologies stockholders, or the perception that these sales might occur in large quantities, could cause the trading price of our common stock to decline. None of our stockholders are subject to any contractual lock-up or other restriction on the transfer or sale of their shares.

As of April 30, 2025, we had 100 shares of common stock outstanding, all of which are “restricted securities” (as defined in Rule 144 under the Securities Act). After giving effect to and the Recapitalization transactions and the Envoy Technologies Stock Issuance, we will have 8,007,813 shares of common stock outstanding, of which 7,812,500 shares will be “restricted securities” (as defined in Rule 144 under the Securities Act), as such shares are held by affiliates or acquired from an affiliate or from us within the prior 12 months, and 195,313 shares will be unrestricted as such shares will be issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 1145 of the U.S. Bankruptcy Code. Section 1145 of the U.S. Bankruptcy Code exempts the offer and sale of securities under the bankruptcy plan from registration under Section 5 of the Securities Act and state laws if certain requirements are satisfied. The 7,812,500 shares may be immediately sold by the registered stockholders pursuant to this prospectus and the 195,313 Merger Shares may be immediately sold by the Claim Holders. Moreover, once we have been a reporting company subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act for 90 days and assuming the availability of certain public information about us, (i) non-affiliates who have beneficially owned our common stock for at least six months may rely on Rule 144 to sell their shares of common stock, and (ii) our directors, executive officers, and other affiliates who have beneficially owned our common stock for at least six months, including certain of the shares of common stock covered by this prospectus to the extent not sold hereunder, will be entitled to sell their shares of our common stock subject to volume limitations under Rule 144.

In addition, following the effectiveness of the registration statement of which this prospectus forms a part, we intend to file a registration statement on Form S-8 under the Securities Act to register 3,000,000 shares reserved for future issuance under our equity compensation plan. Accordingly, these shares will be able to be freely sold in the public market upon issuance, subject to applicable vesting requirements and compliance by affiliates with Rule 144.

The Distribution or future sales by Blink Charging or others of our common stock, or the perception that the Distribution or such sales may occur, could depress our common stock price.

After our common stock begins trading on Nasdaq, Blink Charging will indirectly own approximately 46.0% of our outstanding common stock. Future sales of these shares in the public market will be subject to the volume and other restrictions of Rule 144 under the Securities Act, for so long as Blink Charging is deemed to be our affiliate, unless the shares to be sold are registered with the SEC. See “Shares Eligible for Future Sale.” We are unable to predict with certainty whether or when Blink Charging will sell a substantial number of shares of our common stock to the extent it retains shares following the Distribution or in the event the Distribution does not occur. The Distribution or sale by Blink Charging of a substantial number of shares after our direct listing, or a perception that the Distribution or such sales could occur, could significantly reduce the market price of our common stock.

After our direct listing, we do not expect to declare any dividends in the foreseeable future.

After our direct listing, we do not anticipate declaring any cash dividends to holders of our common stock in the foreseeable future. Consequently, investors may need to rely on sales of their common stock after price appreciation, which may never occur, as the only way to realize any future gains on their investment. Investors seeking cash dividends should not purchase our common stock.

We are an “emerging growth company” and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors.

We are an “emerging growth company,” as defined in the JOBS Act, and we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, and reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements. We cannot predict if investors will find our common stock less attractive if we rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.

Our certificate of incorporation provides that certain courts in the State of Delaware or the federal district courts of the U.S. for certain types of lawsuits is the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.

Our certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or if no Court of Chancery located within the State of Delaware has jurisdiction, the Federal District Court for the District of Delaware) will be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by our directors, officers, or other employees to us or to our stockholders, (iii) any action asserting a claim against us or any director, officer or other employee arising pursuant to any provision of the Delaware General Corporation Law, our certificate of incorporation or bylaws or (iv) any action asserting a claim against us or any director, officer or other employee that is governed by the internal affairs doctrine; provided, however, that this provision will not apply to any causes of action arising under the Securities Act or the Exchange Act. In addition, our certificate of incorporation provides that, unless we consent to an alternative forum, the federal district courts of the United States will be the sole and exclusive forum for resolving any complaint asserting a cause of action under the Securities Act (the “Federal Forum Provision”).

Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed to have notice of and, to the fullest extent permitted by law, to have consented to the provisions of our certificate of incorporation described above. Although we believe this exclusive forum provision benefits us by providing increased consistency in the application of Delaware law and federal securities laws in the types of lawsuits to which each applies, the choice of forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, other employees or stockholders, which may discourage such lawsuits against us and our directors, officers, other employees, or stockholders. However, the enforceability of similar forum provisions in other companies’ certificates of incorporation has been challenged in legal proceedings. If a court were to find the exclusive choice of forum provision contained in our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could materially adversely affect our business, financial condition, and results of operations.

If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about us, our business or our market, or if they change their recommendation regarding our common stock adversely, the market price and trading volume of our common stock could decline.

The market price and trading volume for our common stock will depend in part on the research and reports that securities or industry analysts publish about us, our business, our market or our competitors. The analysts’ estimates are based upon their own opinions and are often different from our estimates or expectations. If any of the analysts who cover us change their recommendation regarding our common stock adversely, provide more favorable relative recommendations about our competitors or publish inaccurate or unfavorable research about our business, the price of our securities would likely decline. If few securities analysts commence coverage of us, or if one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets and demand for our securities could decrease, which could cause the price and trading volume of our common stock to decline.

Information set forth in this prospectus may contain various “forward-looking statements.” All information relative to future markets for our product candidates and trends in, and anticipated levels of, revenue, and expenses, as well as other statements containing words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “target,” “should” and “will” and other similar expressions constitute forward-looking statements. These forward-looking statements are subject to business, economic, and other risks and uncertainties, both known and unknown, and actual results may differ materially from those contained in the forward-looking statements. Examples of risks and uncertainties that could cause actual results to differ materially from historical performance and any forward-looking statements include, but are not limited to, the risks described under the section titled “Risk Factors.”

Given these risks, uncertainties, and other factors, you should not place undue reliance on these forward-looking statements. Also, these forward-looking statements represent our estimates and assumptions only as of the date such forward-looking statements are made. You should read carefully this prospectus and any related free writing prospectuses that we have authorized for use in connection with our direct listing, completely and with the understanding that our actual future results may be materially different from what we expect. We hereby qualify all of our forward-looking statements by these cautionary statements. Except as required by U.S. federal securities law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Registered stockholders may, or may not, elect to sell shares of our common stock covered by this prospectus. To the extent any registered stockholder chooses to sell shares of our common stock covered by this prospectus, we will not receive any proceeds from any such sales of our common stock. See the section titled “Principal and Registered Stockholders.”

We do not anticipate declaring or paying any cash dividends to holders of our common stock in the foreseeable future. We currently intend to retain future earnings, if any, to finance the growth of our business. Any future determination to pay dividends will be made at the discretion of our board of directors and will depend on various factors, including applicable laws, our results of operations, financial condition, future prospects, then applicable contractual restrictions, and any other factors deemed relevant by our board of directors. Investors should not purchase shares of our common stock with the expectation of receiving cash dividends.

The following table sets forth our cash and cash equivalents and capitalization as of December 31, 2024:

● on an actual basis without any adjustments to reflect subsequent or anticipated events; and

● on a pro forma basis giving effect to the (i) 36,875-for-1 forward stock split of our common stock and (ii) issuance of (a) $23,000,000 of shares of our common stock (or 2,875,000 shares based on an initial reference price of $8.00 per share) to be issued by us to the former stockholders of Envoy Technologies, (b) 195,313 shares of our common stock to the Claim Holders pursuant to the SILLC Merger and (c) an aggregate of 1,250,000 shares of our common stock to unaffiliated third parties in connection with certain contemplated transactions, which may include acquisitions, strategic investments and/or provision of services, each to occur prior to the effectiveness of the registration statement of which this prospectus forms a part.

You should read this table together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements and the related notes appearing in this prospectus.

OUR STRATEGIC RELATIONSHIP WITH BLINK CHARGING AND THE POTENTIAL DISTRIBUTION

Since April 2023, we have been an indirect wholly owned subsidiary of Blink Charging. Blink Charging owns all the outstanding shares of common stock of Mobility, which in turn owns all our outstanding shares of common stock. After giving effect to the Recapitalization transactions and the Envoy Acquisition Stock Issuance, Blink Charging will continue to indirectly own a substantial portion of our common stock.

In connection with transition to a stand-alone public company, we have entered into an intracompany transfer agreement and various other agreements with Blink Charging and/or its other subsidiaries, which provide for certain transactions to effect the transfer of the assets and liabilities of the EV-sharing business to us and will result in our transition to a stand-alone public company. In addition, these agreements will collectively govern various interim and ongoing relationships between us and Blink Charging following the listing of our common stock on Nasdaq.

Intracompany Transfer Agreement. We have entered into an intracompany transfer agreement to consolidate all of the properties, assets, business and goodwill relating to Blink Charging’s EV-sharing business into our company.

Transition Services Agreement. We have entered into a transition services agreement with Blink Charging under which Blink Charging will provide us with experienced personnel and related resources in connection with administrative, management, and technical services, as may be necessary or desirable, or as we may reasonably request or require, to help facilitate the business and operations of our company as a stand-alone public entity, for up to 12 months following the listing of our common stock on Nasdaq. We will pay Blink Charging monthly fees for each service area based on a fixed annual fee structure. We may terminate or reduce services with 30 days’ prior written notice, at which point our payment obligations for the affected services will cease. Blink Charging has the right to terminate this agreement six months after the effective date. Additionally, we may request certain special services outside our normal course of business, such as merger and acquisition advisory or litigation support, which will be billed separately at pre-established hourly rates on a case-by-case basis. We are also responsible for reimbursing Blink Charging for any third-party costs, materials, and pro-rata overhead expenses incurred in providing these services. There will be a pricing review within two months following the listing of our common stock on Nasdaq to ensure alignment of costs with the actual scope of services provided. Prior to termination or expiration, we will work with Blink Charging to create and execute a transition and exit plan, which will outline a timeline for winding down services, transferring responsibilities, and ensuring a seamless transition of ongoing projects. Designated key personnel will oversee the process and facilitate the transfer of information and documentation. Transition-related costs will be discussed and agreed upon in advance. Blink Charging has agreed to provide necessary support, including the orderly transfer of records, data, and other relevant information, to ensure a smooth and minimally disruptive transition to Envoy or an alternative provider.

Exclusive Supply Agreement. We have entered into a supply agreement to procure essential charging station requirements, including hardware, network services, operational infrastructure, and comprehensive support, exclusively from Blink Charging. The term of this agreement will extend for five years after the listing of our common stock on Nasdaq and automatically renew for up to three additional three-year terms unless either party chooses not to renew. In the event a customer specifically requests EV charging stations from a third party, we may fulfill such a request only with the prior written consent of Blink Charging. Blink Charging has agreed to supply its EV charging stations to us at its published distributor pricing less 10%, with any material change requiring mutual agreement. We will acquire and deploy the EV charging stations under one of the following business models: (i) an EVCSS model, pursuant to which we will acquire the EV charging stations for use and operation in our deployments of our services to our customer locations; or (ii) a distribution under one of Blink Charging’s sales models, pursuant to which, within 60 days of executing this agreement, we will enter into a non-exclusive distribution agreement with Blink Charging, allowing us to distribute the EV charging stations to our customers under one or more of Blink Charging’s business models. The selection of the applicable business model will be determined by us and/or our customers, subject to approval by Blink Charging.

Revolving Loan Agreement. We will enter into a revolving loan agreement with Blink Charging pursuant to which we may borrow from time to time up to $________ from Blink Charging to be used by us to fund our working capital needs, including technology development and other growth initiatives in connection with our EV-sharing service and platform. Borrowings under the agreement are unsecured and bear interest at a market rate reflecting Blink Charging’s cost of borrowing such funds (initially 5% per annum), with accrued interest added to the outstanding principal amount. The principal balance outstanding will be due on _________, 202___, subject to mandatory prepayment of principal and interest, in whole or in part, from the net cash proceeds of any public or private, equity or debt financing made by us at any time before maturity. Blink Charging’s obligation to lend funds to us is subject to a number of conditions, including review by Blink Charging of the proposed use of such proceeds by us. As of ______, 2025, the principal balance of the loan, together with accrued interest, totaled $_____.

Payables and Advances. As of December 31, 2024, Blink Charging made payments of certain operating expenses, investing activities and financing activities on our behalf in the aggregate amount of $8,196,795. During the Successor periods for the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023, we received net advances from Blink Charging in the aggregate amount of $4,470,374 and $3,726,421, respectively. This amount is a current liability on our balance sheets. While there is no stated interest rate or definitive repayment terms associated with this liability, the outstanding amount will be included in the outstanding balance under the revolving loan agreement we plan to enter into with Blink Charging and will be repaid in accordance with the terms thereof.

See also “Certain Relationships and Related Party Transactions—Related Party Transactions.”

Blink Charging has informed us that, following the listing of our common stock on Nasdaq, it may make a tax-free distribution to its stockholders of a portion of its remaining common stock ownership in our company, which may include one or more distributions effected as a dividend to all Blink Charging stockholders, one or more distributions in exchange for Blink Charging shares or other securities, or any combination thereof. The Distribution will occur, if at all, when Blink Charging determines to spin-off a portion of its continuing ownership of our shares to Blink Charging’s stockholders but not before the listing of our common stock on Nasdaq.

The Distribution is not guaranteed. Blink Charging has no obligation to pursue or consummate any disposition of its common stock ownership in our company, including through the Distribution, by any specified date or at all. If the Distribution is pursued, Blink Charging may require various conditions be met, including receipt of any necessary regulatory or other approvals, the existence of satisfactory market conditions and the receipt of a private letter ruling from the IRS, and favorable opinions of Blink Charging’s tax advisors or counsel to the effect that the Distribution will qualify as a transaction that is tax-free to Blink Charging and its stockholders for U.S. federal income tax purposes. These conditions to the Distribution may not be satisfied, Blink Charging may decide not to consummate the Distribution even if the conditions are satisfied, or Blink Charging may decide to waive one or more of these conditions and consummate the Distribution even if all the conditions are not satisfied.

On April 18, 2023, we, Blink Charging, Mobility and Mobility Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of Mobility, entered into the Envoy Technologies Merger Agreement, pursuant to which, the Envoy Technologies Acquisition was consummated.

As a result of the Envoy Technologies Acquisition, a new basis of accounting was created on April 18, 2023. In our historical financial statements, our results of operations for the periods ended on or prior to April 17, 2023 are referred to as “Predecessor” financial information, and our results of operations beginning on April 18, 2023 are referred to as “Successor” financial information. The unaudited pro forma condensed combined financial information has been derived from, and should be read in conjunction with, our financial statements for the Successor period from April 18, 2023 to December 31, 2023 and the Predecessor period from January 1, 2023 to April 17, 2023, which are included elsewhere in this prospectus.

The following unaudited pro forma condensed combined statement of operations for the fiscal year ended December 31, 2023 reflects adjustments to the historical financial results of our company in order to give effect to the Envoy Technologies Acquisition, as described above, as if such acquisition had occurred on January 1, 2023. This unaudited pro forma financial information is being included for the purpose of combining the 2023 Predecessor and Successor periods elsewhere in this prospectus

The unaudited pro forma financial statements as of and for the year ended December 31, 2024 include the following transactions:

Envoy Acquisition Stock Issuance. Pursuant to the Envoy Technologies Merger Agreement, Mobility agreed, that in the event an initial public offering or direct listing occurred on or before August 18, 2024, to issue $18,500,000 of shares of its common stock or of its successor’s common stock to the former Envoy Technologies stockholders. The dollar amount value of shares of common stock would increase to $21,000,000 or $22,500,000 worth of shares if the offering or listing occurs after August 18, 2024 through December 18, 2024 or after December 18, 2024 through April 18, 2025, respectively. We are the issuer as the successor of the EV-sharing business and assets of Mobility.

On each of March 10, 2025 and April 4, 2025, we entered into amendments (the “Merger Amendments”) to the Envoy Technologies Merger Agreement. The Merger Amendments extended the date by which we would need to complete an underwritten initial public offering or direct listing by 45 days (to June 2, 2025 from April 18, 2025) in order to issue shares of our common stock to the former Envoy Technologies stockholders under the terms of the Envoy Technologies Merger Agreement. In consideration for the extension, the value of our shares of common stock to be issued to the former Envoy Technologies stockholders was increased to $23,000,000 from $22,500,000.

SILLC Merger. Prior to the effectiveness of the registration statement of which this prospectus forms a part, we will effect the merger of SILLC with and into a wholly owned subsidiary of our company. At the time of the SILLC Merger, SILLC will be subject to a bankruptcy proceeding and have minimal assets, no equity owners and no liabilities, except for claims of approximately 600 Claim Holders. Pursuant to the SILLC Merger, and in accordance with the bankruptcy plan, we will issue 195,313 shares of our common stock to the Claim Holders as full settlement and satisfaction of their respective claims based on an $8.00 per share company valuation. As provided in the bankruptcy plan, the Merger Shares will be issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 1145 of the U.S. Bankruptcy Code. As a result of the SILLC Merger, the separate corporate existence of SILLC will end.

The following unaudited pro forma condensed combined balance sheet as of December 31, 2024 reflects adjustments to the historical financial results of our company in order to give effect to adjustments as described above as if they had occurred as of December 31, 2024. The following unaudited pro forma condensed combined statement of operations for the fiscal year ended December 31, 2024 reflects adjustments to the historical financial results of our company in order to give effect to adjustments as described above as if they had occurred as of January 1, 2024.

Assumptions underlying the pro forma adjustments are described in the accompanying notes, which should be read in conjunction with the unaudited pro forma condensed combined financial statements. The transaction accounting adjustments and other adjustments are based on available information and assumptions that our management believes are reasonable. Such adjustments are estimates and actual experience may differ from expectations.

The following unaudited pro forma financial information has been prepared in accordance with Article 11 of Regulation S-X, as amended by the final rule, Release No. 33-10786, “Amendments to Financial Disclosures about Acquired and Disposed Businesses.” Release No. 33-10786 replaces the existing pro forma adjustment criteria with simplified requirements to depict the accounting for the transaction (“Transaction Accounting Adjustments”) and present the reasonably estimable synergies and other transaction effects that have occurred or are reasonably expected to occur (“Management’s Adjustments”). Our management has elected not to present Management’s Adjustments and has only presented Transaction Accounting Adjustments in the unaudited pro forma condensed combined financial statements.

The 2023 unaudited pro forma condensed combined statement of operations is provided for informational purposes and do not purport to represent what the results of operations of our company would actually have been had the Envoy Technologies Acquisition occurred on January 1, 2023 or to project the results of operations of our company for any future periods. In the opinion of management, all necessary adjustments to the unaudited pro forma condensed combined financial statements have been made.

The 2024 unaudited pro forma condensed financial statements are provided for informational purposes and do not purport to represent what the financial position or results of operations of our company would actually have been had the transactions described above occurred on December 31, 2024 (unaudited pro forma condensed balance sheet) or January 1, 2024 (unaudited pro forma condensed statement of operations) or to project the results of operations of our company for any future periods. In the opinion of management, all necessary adjustments to the unaudited pro forma condensed financial statements have been made.

See accompanying notes to the unaudited pro forma condensed financial information.

Envoy Technologies, Inc.
Unaudited Pro Forma Condensed Combined Statement of Operations

See accompanying notes to the unaudited pro forma condensed combined financial information.

The pro forma notes and adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows:

In connection with the Envoy Technologies Merger Agreement, as amended, given that the pro forma condensed balance sheet assumes the consummation of the direct listing, we will issue 2,875,000 shares of our common stock with an aggregate value of $23,000,000, which assumes an initial reference price of $8.00 per share, to the former Envoy Technologies stockholders. Accordingly, we have recognized the following transaction accounting adjustments:

Unaudited Pro Forma Condensed Statement of Operations - For the Year Ended December 31, 2024

NOTES TO 2023 UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

The pro forma notes and adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows:

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to our plans and strategies for our business and our direct listing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of this prospectus, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

We believe our car-sharing services present a sustainable, cost saving alternative to car ownership and traditional car rentals while maintaining the autonomy of driving on demand. Our value proposition extends to our users, property owners, and the communities in which we operate, offering significant advantages to attract and retain tenants, and reduce parking demands, thereby easing car traffic congestion and lowering emissions. Our revenue was $3,870,817 for the year ended December 31, 2024 and $3,231,225 for the unaudited pro forma condensed combined (Predecessor and Successor periods) year ended December 31, 2023.

In our Envoy Amenity operations, we generate revenue through an initial amenity start-up fee and a recurring monthly service fee paid by the private mobility partner. The start-up fee covers our cost of retrofitting the vehicle with our hardware and delivering it to the site. The service fee covers our monthly amortized costs for the vehicle, including insurance, car cleaning, and maintenance. The property owner also provides parking and electricity to charge the vehicles. These service arrangements with property owners yield positive gross margins for us. We lease vehicles only after we have contracted with the property owner and generally do not hold vehicles in inventory, resulting in a capital-light business model. Residents, tenants, and guests book the vehicles on an hourly basis and pay a fee at an hourly, daily or weekly rate, which we typically share with the property owners. Revenues from our Envoy Amenity operations represented 94% and 96% for the year ended December 31, 2024 and the pro forma year ended December 31, 2023, respectively.

For our Envoy City public electric car-sharing programs, our public partners provide us with subsidies and grants to cover the direct costs of our EV-sharing services (other than actual usage fees paid by drivers, in most cases), in substantially the same way as property owners support our Envoy Amenity operations. Revenues from our Envoy City operations represented 3% and 2% for the year ended December 31, 2024 and the pro forma year ended December 31, 2023, respectively.

The primary challenges and trends that could affect or are affecting our financial results include:

● Our ability to identify, contract with, deploy EVs and operate a large number of private mobility partner sites and mobility hub locations, and attract new drivers to them;

● Our ability to enhance revenue at each EV-sharing location on an ongoing basis through additional driver volume and through strategic partnerships and revenue-sharing arrangements;

● Our ability to obtain additional financing for the projected costs associated with the acquisition, management and development of new EV-sharing projects, and the personnel involved, if and when needed;

● Our ability to attract competent, skilled technical, sales and marketing, and customer support personnel for our operations at acceptable compensation levels to manage our overhead; and

● Our ability to control our operating expenses as we expand our footprint in other parts of the United States.

We recognize revenue in accordance with two different accounting standards: (1) ASC Topic 606, Revenue from Contracts with Customers (which addresses revenue from contracts with customers) and (2) ASC Topic 842, Leases (which addresses revenue from leases). As discussed further in this section, the majority of our revenue is accounted for under ASC Topic 842. The discussion below addresses our primary revenue types, based on the accounting standard used, in order to determine the accounting. See “Critical Accounting Estimates and Policies – Revenue Recognition.”

Cost of revenue primarily consists of operating lease expenses for vehicles utilized to support vehicles used by our customers, as well as the depreciation of vehicles that were obtained and capitalized under leases.

Cost of revenue also includes uncapitalizable repairs and maintenance performed on the fleet of vehicles as necessary from time to time. In addition, cost of revenue also includes insurance, relocation expenses, electric charging expenses, vehicle registration fees and various other miscellaneous expenses in support of keeping our fleet of vehicles clean and in good operable condition for utilization by our customer base.

Operating expenses include the costs of the marketing and support staff, other marketing expenses, management and administrative personnel costs, payroll taxes, bonuses and employee benefits. Operating expenses also include facility costs, depreciation and amortization, professional services, legal and accounting fees and administrative operating costs. We expense operating costs when incurred.

The preparation of financial statements and related disclosures are in conformity with U.S. GAAP. These accounting principles require us to make estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the financial statements, as well as the reported amounts of revenue and expense during the periods presented. We believe that the estimates and judgments upon which we rely are reasonable based upon information available to us at the time that we make these estimates and judgments. To the extent that there are material differences between these estimates and actual results, our financial results will be affected. The accounting policies that reflect our more significant estimates and judgments and which we believe are the most critical to aid in fully understanding and evaluating our reported financial results are described below. We consider an accounting estimate to be critical if: (i) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate that are reasonably likely to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. Management has identified certain critical accounting estimates which are outlined below. In addition, there are other items within our financial statements that require estimation but are not deemed critical, as defined above. Changes in estimates used in these and other items could have a material impact on our financial statements.

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. We assess the recoverability of its long-lived assets by monitoring current selling prices of car charging units in the open market, the adoption rate of various auto manufacturers in the EV market and projected car charging utilization at various public car charging stations throughout its network in determining fair value. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Fair value is determined using various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as necessary.

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in our balance sheets. Finance lease right of use assets are included in finance lease ROU assets and finance lease liabilities are presented separately on the balance sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We provide charging services at designated locations on the hosts’ property at which the charging station is situated. In consideration thereof, the host shares in the monthly revenue generated by the charging station on a percentage basis. As the charging station monthly revenue generated is variable, the host’s monthly revenue derived therefrom is similarly variable. In accordance with ASC 842, the hosts’ portion of revenue is variable and not predicated on an index or rate, as defined, and these payments are not within the scope ASC 842.

Goodwill is the excess of consideration paid for an acquired entity over the fair value of the amounts assigned to net assets acquired, including other identifiable intangible assets, and liabilities assumed in a business combination. To determine the amount of goodwill resulting from a business combination, we perform an assessment to determine the acquisition date fair value of the acquired company’s tangible and identifiable intangible assets and liabilities assumed. Goodwill is required to be evaluated for impairment on an annual basis or whenever events or changes in circumstances indicate the asset may be impaired. An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. These qualitative factors include macroeconomic and industry conditions, cost factors, overall financial performance and other relevant entity-specific events. If the entity determines that this threshold is met, then we may apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. We determine fair value through multiple valuation techniques and weigh the results accordingly. We are required to make certain subjective and complex judgments in assessing whether an event of impairment of goodwill has occurred, including assumptions and estimates used to determine the fair value of our reporting unit. We have elected to perform our annual goodwill impairment review on November 1 of each year utilizing a qualitative assessment to determine if it was more likely than not that the fair value of our reporting unit was less than their respective carrying values. During the year ended December 31, 2024, the Company recorded an impairment charge of $9,639,000. The Company performs sensitivity analyses on significant assumptions to evaluate how changes in the estimated fair values of reporting units respond to changes in assumptions, specifically the revenue growth rates and the weighted-average cost of capital. The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment. Material changes in these estimates, such as our weighted average cost of capital, could occur and result in additional impairment in future periods.

Identifiable intangible assets primarily include trade name, customer relationships, internally developed technology, and non-compete agreements. Amortizable intangible assets are amortized on a straight-line basis over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the assets may be impaired. If an indicator of impairment exists, we will compare the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then impairment, if any, is measured as the difference between fair value and carrying value, with fair value typically based on a discounted cash flow model.

In order to facilitate the comparison between the various periods that, as a result of the Envoy Technologies Acquisition, contain varying periods of time, the dollar changes between statement of operations line item caption are derived from the results of operations table above and the changes in percentage points are derived from the following table that computes percentage of total net sales by statement of operations line item caption:

Year Ended December 31, 2024 (Successor) Compared with Period from April 18, 2023 to December 31, 2023 (Successor)

During the Successor periods for the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023, revenues were $3,870,817 and $2,284,293, respectively, an increase of $1,586,254, or approximately 69%, which was due to increased property fees and booking revenue from our Envoy Amenity operations.

During the Successor periods for the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023, cost of revenues was $3,456,105 and $2,214,838, respectively, an increase of approximately 8 percentage points primarily due to the increase in utilization of our vehicles, as well as an increase in the pricing of vehicles for relatively the same cost of leasing the vehicles.

During the Successor periods for the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023, general and administrative expenses were $4,021,664 and $2,506,100, respectively, a decrease of approximately 6 percentage points primarily due to increases in legal and consulting expenses.

During the Successor periods the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023, research and development expenses were $830,534 and $1,112,011 respectively, a decrease of approximately 27 percentage points primarily due to decreases in compensation and application development expenses.

During the Successor periods the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023, sales and marketing expenses were $334,747 and $305,056, respectively, a decrease of approximately 5 percentage points, which was primarily due to increases in compensation, consulting and conference expenses.

During the Successor period for the year ended December 31, 2024, we observed certain triggering events during the fourth quarter of 2024 relating to goodwill. As a result, we conducted a quantitative impairment analysis of our goodwill and intangible assets and determined that the fair value of this reporting unit was less than the carrying amount and recorded and impairment charge of $9,639,000 related to goodwill during such period. During the Successor period from April 18, 2023 to December 31, 2023, we observed certain triggering events during the third quarter of 2023 relating to goodwill. As a result, we conducted a quantitative impairment analysis of our goodwill and intangible assets and determined that the fair value of this reporting unit was less than the carrying amount and recorded an impairment charge of $2,778,929 related to goodwill during such period.

During the Successor periods the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023, other (expense) income was $(29,997) and $460,328, respectively, a decrease in other income of approximately 21 percentage points due to employee retention credits received during the 2023 period.

During the Successor periods the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023, net loss was $14,441,230 and $6,172,313, respectively, a decrease of approximately 103 percentage points primarily due to increases in operating expenses.

Year Ended December 31, 2024 (Successor) Compared with Period from January 1, 2023 to April 17, 2023 (Predecessor)

During the Successor period for the year ended December 31, 2024 and the Predecessor period from January 1, 2023 to April 17, 2023, revenues were $3,870,817 and $946,932, respectively, an increase of $2,293,885, or approximately 309% which was due to increased property fees and booking revenue from our Envoy Amenity operations.

During the Successor period for the year ended December 31, 2024 and the Predecessor period from January 1, 2023 to April 17, 2023, cost of revenues was $3,456,105 and $851,251, respectively, a decrease of approximately 1 percentage point, which was primarily due to the increased utilization of our vehicles as well as increases in the pricing of vehicles for relatively the same cost of leasing the vehicles.

During the Successor period for the year ended December 31, 2024 and the Predecessor period from January 1, 2023 to April 17, 2023, general and administrative expenses were $4,021,664 and $1,648,788, respectively, a decrease of approximately 70 percentage points, which was primarily due to increase in legal and consulting expenses.

During the Successor period for the year ended December 31, 2024 and the Predecessor period from January 1, 2023 to April 17, 2023, research and development expenses were $830,534 and $504,273, respectively, a decrease of approximately 32 percentage points, which was primarily due to increases in compensation and application development expenses.

During the Successor period for the year ended December 31, 2024 and the Predecessor period from January 1, 2023 to April 17, 2023, sales and marketing expenses were $334,747 and $84,170, respectively, a decrease of approximately less than 1 percentage point, which was primarily due to increases in consulting and conferences expenses, partially offset by decreases in compensation expense.

During the Successor period for the year ended December 31, 2024, and the Predecessor period from January 1, 2023 to April 17, 2023, other expense was $29,997 and $77,920, respectively, an increase of approximately 7 percentage points, which was due to interest expense recognized in the 2023 period.

During the Successor period for the year ended December 31, 2024 and the Predecessor period from January 1, 2023 to April 17, 2023, net loss was $14,441,230 and $2,219,470, respectively, an increase of approximately 139 percentage points primarily due to increases in goodwill impairment.

Year Ended December 31, 2024 (Successor) Compared with Pro Forma Year Ended December 31, 2023 (Unaudited Pro Forma Condensed Combined)

To facilitate comparability of the year ended December 31, 2024 to the year ended December 31, 2023 (such period being the “Unaudited Pro Forma Condensed Combined 2023 Period”), we present unaudited pro forma condensed combined financial information for results of operations for the Unaudited Pro Forma Condensed Combined 2023 Period to illustrate the effects of the Envoy Technologies Acquisition as if it had occurred on January 1, 2023. The unaudited pro forma condensed combined results of operations for the year ended December 31, 2023 have been prepared in accordance with Article 11 of Regulation S-X. The unaudited pro forma condensed combined results of operations are provided for informational purposes and do not purport to represent what the results of operations of our company would actually have been had the Envoy Technologies Acquisition occurred on January 1, 2023 or to project the results of operations of our company for any future periods. The unaudited pro forma condensed combined results of operations for the year ended December 31, 2023 include the following transaction accounting adjustments:

See “Unaudited Pro Forma Condensed Combined Financial Information” for more information.

During the Successor period for the year ended December 31, 2024 and the Unaudited Pro Forma Condensed Combined December 31, 2023 period, revenues were $3,870,817 and $3,231,225, respectively, an increase of $639,592, or 20%. The increase in revenues was primarily due to increases in property fees and booking revenue from our Envoy Amenity operations.

During the Successor period for the year ended December 31, 2024 and the Unaudited Pro Forma Condensed Combined December 31, 2023 period, cost of revenues was $3,456,105 and $3,066,089, respectively, an increase of $390,016, or 13%. The increase in cost of revenues was primarily due to an increase in leasing expense related to the increase in vehicle fleet to support the location growth.

During the Successor period for the year ended December 31, 2024 and the Unaudited Pro Forma Condensed Combined December 31, 2023 period, general and administrative expenses were $4,021,664 and $4,304,550 respectively, a decrease of $282,886, or 7%. The decrease was primarily attributable to increases in compensation expense and rent expense offset by a decrease in accounting and legal expenses.

During the Successor period for the year ended December 31, 2024 and the Unaudited Pro Forma Condensed Combined December 31, 2023 period, research and development expenses were $830,534 and $1,616,284 respectively, a decrease of $785,750, or 49%. The decrease was primarily attributable to the scaling of development efforts and backend architecture and support and maintenance of our platform.

During the Successor period for the year ended December 31, 2024 and the Unaudited Pro Forma Condensed Combined December 31, 2023 period, sales and marketing expenses were $334,747 and $389,226, respectively, a decrease of $54,479, or 14%. The decrease was primarily attributed to a reduction in headcount within the sales and marketing team during this period. This strategic shift reflected our decision to reallocate resources toward technology investments and improving the efficiency of our current fleet. These initiatives were aimed at maximizing revenue per vehicle deployed. By focusing on technology-driven solutions and operational efficiencies, we positioned ourselves to achieve greater revenue growth with fewer marketing-related expenditures.

During the Successor period for the year ended December 31, 2024 and the Unaudited Pro Forma Condensed Combined December 31, 2023 period, goodwill impairment was $9,639,000 and $2,778,929, respectively, an increase of $6,860,071, or 247%. As a result, we conducted a quantitative impairment analysis of our goodwill and intangible assets and determined that the fair value of this reporting unit was less than the carrying amounts.

During the Successor period for the year ended December 31, 2024 and the Unaudited Pro Forma Condensed Combined December 31, 2023 period, other (expense) income was $(29,997) and $462,836, respectively, a decrease of $412,405, or 106%. The decrease in other (expense) income primarily related to the related to employee retention credits received during the Unaudited Pro Forma Condensed Combined 2023 Period.

During the Successor period for the year ended December 31, 2024 and the Unaudited Pro Forma Condensed Combined December 31, 2023 period, net loss was $14,441,230 and $8,461,017 respectively, an increase of $5,980,213, or 71%. The increase was primarily attributable to an increase in general and administrative expenses, and research and development expenses, as well as the impairment of goodwill.

We believe our experienced employees and management team are our most valuable resources. Attracting, training, and retaining key personnel have been and will remain critical to our success. To achieve our human capital goals, we intend to remain focused on providing our personnel with entrepreneurial opportunities to increase client contact within their areas of expertise and to expand our business within our service offerings.

For the year ended December 31, 2024, net cash used in operating activities amounted to $3,897,740 primarily attributable to net loss of $14,441,230, adjusted for net non-cash expenses of $11,418,996, offset by $875,506 of net cash used in the changes in the level of operating assets and liabilities. For the period January 1, 2023 to April 17, 2023, net cash provided by operating activities amounted to $3,322 primarily attributable to net loss of $2,219,470, increases in accounts receivable of $52,762, prepaid expenses of $161,661 and accounts payable of $2,127,666. Additionally, during this period, net cash used in operating activities included non-cash charges from depreciation and amortization of $20,029 and $393,525 of amortization of operating and finance lease right-of-use assets. For the period April 18, 2023 to December 31, 2023, net cash used in operating activities amounted to $3,049,558 primarily attributable to net loss of $6,172,313, decreases in accounts payable and accrued liabilities of $435,697 and payments of operating lease of $410,823, partially offset by a decrease in accounts receivable of $42,153. Further, net cash used in operating activities included non-cash charges from depreciation and amortization of $381,546 and impairment of goodwill of $2,778,929.

For the year ended December 31, 2024, net cash used in investing activities was $283,953, which was from the purchase of intangible assets of $136,136 and $147,817 of purchases related to property and equipment. For the Successor period April 18, 2023 to December 31, 2023, net cash used in investing activities was $942, which was from the purchase of property and equipment. During the Predecessor period January 1, 2023 to April 17, 2023, there was no net cash used in investing activities.

For the year ended December 31, 2024, net cash provided by financing activities was $4,232,774, $4,470,374 of which was attributable to the net proceeds from Blink Charging, offset by $237,600 used to pay down our finance lease liability. For the period January 1, 2023 to April 17, 2023, net cash used in financing activities was $14,705, $348,848 of which was attributable to the net proceeds from the issuance of convertible and promissory notes, offset by $20,318 used to pay down notes payable and $318,545 used to pay down our finance lease liability. For the period April 18, 2023 to December 31, 2023, net cash provided by financing activities was $3,259,140, $3,726,421 of which was attributable to the net proceeds from Blink Charging, offset by $467,281 used to pay down our finance lease liability.

On ______, 2025, we entered into a revolving loan agreement with Blink Charging pursuant to which we may borrow from time to time up to $________ from Blink Charging to be used by us to fund our working capital needs, including technology development and other growth initiatives in connection with our electric car-sharing service and platform. Borrowings under the agreement are unsecured and bear interest at a market rate reflecting Blink Charging’s cost of borrowing such funds (initially 5% per annum), with accrued interest added to the outstanding principal amount. The principal balance outstanding is due on _________, 202___, subject to mandatory prepayment of principal and interest, in whole or in part, from the net cash proceeds of any public or private, equity or debt financing made by us at any time before maturity. Blink Charging’s obligation to lend funds to us is subject to a number of conditions, including review by Blink Charging of the proposed use of such proceeds by us. As of ______, 2025, the principal balance of the loan, together with accrued interest, totaled $_____.

In April 2023, pursuant to the terms of the Envoy Technologies Merger Agreement, Mobility delivered to the former Envoy Technologies stockholders a promissory note in the principal amount of $5,000,000 due on the earlier of April 18, 2024 or the closing date of a qualified IPO and a promissory note in the principal amount of $2,000,000 due on the earlier of October 18, 2024 or the closing date of a qualified IPO. The notes bear interest at an annual rate equal to 6%. In April 2024, Mobility repaid the full principal and accrued interest owing under both of these promissory notes.

Additionally, under the terms of the Envoy Technologies Merger Agreement, Mobility agreed that in the event an initial public offering or direct listing occurred on or before August 18, 2024, to issue $18,500,000 of shares of its common stock or of its successor’s common stock to the former Envoy Technologies stockholders. The dollar amount value of shares of common stock would increase to $21,000,000 or $22,500,000 worth of shares if the offering or listing occurs after August 18, 2024 through December 18, 2024 or after December 18, 2024 through April 18, 2025, respectively. We are the issuer as the successor of the EV-sharing business and assets of Mobility. The payment of shares of our common stock will be at $8.00 per share, assuming an initial reference price of $8.00 per share in our direct listing, and will be issued prior to the effectiveness of the registration statement of which this prospectus forms a part. As of the listing of our common stock on Nasdaq, there will be no further payment commitments under the Envoy Technologies Merger Agreement.

We believe our existing cash and cash equivalents, together with cash provided by operations and borrowings under the revolving loan agreement with Blink Charging, will be sufficient to meet our needs for the next 12 months. Our future capital requirements, however, will depend on many factors, including our growth rate, capital expenditures, and timing and extent of spending to support our efforts to develop our platform. In the event that additional financing is required from outside sources, we may seek to raise additional funds at any time through equity, equity-linked arrangements or debt. If we are unable to raise additional capital when desired and at reasonable rates, our business, results of operations, and financial condition would be adversely affected. See “Risk Factors—Risks Related to Our Business—We will require capital to support business growth, and this capital may not be available on favorable or acceptable terms, if at all.”

We have operating and finance lease obligations over the next five years of approximately $1,834,246 as of December 31, 2024. These lease obligations are primarily related to corporate office space, vehicles and parking spaces related to our ride-sharing services.

We are exposed to market risks principally from fluctuations in interest rates which could impact the leasing of vehicles in our business. We seek to minimize this risk, however there can be no assurance that future changes in interest rates will not have an adverse impact on our operating results and financial condition.

We generally experience some effects of seasonality due to increases in travel during the summer months and lighter bookings over the winter holidays (with the exception of our Envoy Hawaii operations). Accordingly, the number of EV reservations and associated revenue have generally increased or decreased at a higher or lower rate during those periods. Our revenue fluctuates due to inclement weather conditions, such as snow or rainstorms. In the future this seasonality may cause fluctuations in our financial results. In addition, other seasonality trends may develop and the existing seasonality and user behavior that we experience may change.

We do not have any off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenue, results of operations, liquidity or capital expenditures.

A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 2 to Notes to the Financial Statements appearing at the end of this prospectus.

The JOBS Act permits an emerging growth company such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. We have elected to avail ourselves of the extended transition period for complying with new or revised financial accounting standards.

We will remain an emerging growth company until the earliest of (i) the last day of our first fiscal year in which we have total annual gross revenues of $1.235 billion or more; (ii) the date on which we are deemed to be a “large accelerated filer” under the SEC’s rules with at least $700.0 million of outstanding equity securities held by non-affiliates; (iii) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the previous three years; or (iv) the last day of our fiscal year following the fifth anniversary of the date of our common stock begins trading on Nasdaq.

At Envoy, we redefine mobility by offering innovative alternatives to car ownership. By leveraging private and public electric car-sharing programs and our proprietary technology, we empower communities to embrace a smarter, more convenient and economically sustainable future—where access to personal vehicles is shared, seamless and designed for tomorrow.

We are a fast-growing EV-sharing operator and developer of electric fleet technologies based in Los Angeles. We provide electric car-sharing as a premium amenity for private properties like apartment buildings, hotels, and workplaces. We also collaborate with cities, municipalities, and non-profit organizations that fund programs to provide electric car-sharing services to broader public communities. We power our EV-sharing apps in all our operations through our advanced mobility platform. Nearly 17,000 drivers in select U.S. cities have used our car-sharing services since June 2017, consisting of approximately 14,000 drivers using our Envoy Amenity services and approximately 3,000 drivers using our Envoy City services. For the year ended December 31, 2024 compared to the year ended December 31, 2023, revenues from our Envoy Amenity and Envoy City operations grew 20% from $3,232,224 to $3,870,817. Under the Envoy Amenity and Envoy City agreements, partner revenue grew 12% from $2,246,720 to $2,521,289, and booking revenue grew 36% from $913,981 to $1,246,687.

In our Envoy Amenity operations, we enter into long-term strategic agreements with national and local property owners and real estate developers (“private mobility partners”) to offer exclusive access to private EV-sharing services to their residents, tenants, and guests available only to those connected to the property as a premium amenity. We tailor the vehicle selection to fit the unique needs of each community, offering a diverse range of both economy and luxury EVs. Our EVs are conveniently parked onsite with dedicated chargers and are exclusively available to residents and guests. Drivers can easily reserve and access EVs through our intuitive mobile app, available on both iOS and Android, all powered by Envoy’s advanced technology for a seamless experience.

We leverage revenue-sharing models to create novel income opportunities for our private mobility partners while fostering customer loyalty and boosting brand recognition This approach is reshaping how commercial real estate developers and property owners assess and optimize their properties and parking facilities. Moreover, our platform provides private mobility partners with granular real-time usage statistics and analytics, empowering them to evaluate and optimize the performance of their investments. Partnering with Envoy Amenity also helps property owners qualify for financial incentives and achieve sustainability goals. For example, including EV-sharing and charging services in property development plans provides development incentives and parking reduction opportunities and contributes to LEED (leadership in energy and environmental design) green building certification by the U.S. Green Building Council, aligning with ESG goals. We believe Envoy’s amenity is a cost-effective revenue-sharing model, delivering an environmentally impactful and useful service with minimal financial and administrative burdens.

Matt Peterson, CEO of Los Angeles Cleantech Incubator, with one of our EVs in the background

Our nationwide partnerships with government entities have resulted in deploying hundreds of electric vehicles and charging stations through various grant funding programs. Most of our grant funding is obtained as part of a six to 12-month request for proposal process conducted by city and state governmental agencies and non-profits which solicit applications and competitively select projects based on specific evaluation criteria and program priorities. Examples include our collaborations with the LACI and the California Air Resources Board – as well as housing authorities such as the Housing Authority of the City of Los Angeles and the Sacramento Housing and Redevelopment Agency. In March 2024, we partnered with HACLA and LACI to provide residents of Rancho San Pedro public housing with access to our service platform as part of an existing electric car share program. We have also launched innovative rebate programs with utility companies, including the Anaheim Public Utilities, the Los Angeles Department of Water and Power, and Austin Energy, incentivizing private property owners to install EV charging infrastructure.

Our proprietary technology platform, developed and refined through extensive experience over eight years of operations, is purpose-built using a scalable, modern technology stack to deliver a complete, secure end-to-end driver experience for the shared mobility space. The platform provides a mobile-centric driver experience on the Android and iOS platforms for sign-up, vehicle reservations, keyless vehicle access (lock and unlock), and payment systems. Leveraging our insights from over a decade of combined experiences, our dynamic platform accommodates both round-trip and one-way EV-sharing, offering drivers the flexibility to reserve an electric vehicle instantly or for future use, and allowing them to drive to their destination without returning to their original pick-up location. Currently, there are a total of approximately 300 EVs registered on the platform, all of which are used as part of our private mobility or city public service.

In addition to driver experience, the platform provides real-time analytics and integration with payment systems, charging stations, and individual automakers’ EV software systems to round out all the features available to meet the demands of modern consumers seeking user-friendly experiences. We have simplified the process to provide users with an easier platform to find and reserve a vehicle, resulting in a hassle-free experience that promotes customer satisfaction and loyalty.

We believe our car-sharing services present a sustainable, cost saving alternative to car ownership, ride-hailing, and traditional car rentals while maintaining the autonomy of driving on demand. Our value proposition extends to our users, property owners, and the communities in which we operate, offering significant advantages to attract and retain tenants, and reduce parking demands, thereby easing car traffic congestion and lowering emissions. Our revenue was $3,870,817 for the year ended December 31, 2024 and $3,231,225 for the pro forma (which represents the combination of Predecessor and Successor information) year ended December 31, 2023. Our net losses were $14,441,230 for the year ended December 31, 2024 and $8,461,017 for the pro forma year ended December 31, 2023.

In our Envoy Amenity operations, we generate revenue through long-term agreements with national and local property owners and real estate developers. Our private mobility partners agree to pay a monthly service fee to us in order to have dedicated community vehicles. In addition, our private mobility partners typically pay an initial start-up fee. The start-up fee covers our cost of equipping the vehicle with our hardware and delivering it to the site. The service fee typically covers our monthly amortized costs for the vehicle, including insurance, car cleaning, and maintenance. The property owner also provides parking and electricity to charge the vehicles. These service arrangements with property owners yield positive gross margins for us. We lease vehicles only after we have contracted with the property owner and generally do not hold vehicles in inventory, resulting in a capital-light business model. Additional revenue is generated by residents, tenants, and guests (the “end-user”) who book on-demand or schedule an hourly, daily or weekly rate. We will typically share with our private mobility partners 50% of the revenue generated from end-users to assist them with reducing their operating costs. Revenues from our Envoy Amenity operations represented 94% and 96% for the year ended December 31, 2024 and the pro forma year ended December 31, 2023, respectively.

For our Envoy City operations, we work with public, non-profit and private partners that provide us with subsidies and grants to cover the direct costs of our EV-sharing services. These programs are designed and budgeted by us to ensure positive unit economics. Depending on the program, additional revenue is generated from end-users who book on-demand or schedule an hourly, daily, or weekly rate. We will not typically share any revenue generated from end-users who book through these programs.

Revenues from our Envoy City operations represented 3% and 2% for the year ended December 31, 2024 and the pro forma year ended December 31, 2023, respectively.

We believe that we set ourselves apart from our competition and have been able to grow our business as a result of the following competitive strengths:

Our Proprietary Technology — Using our advanced proprietary technology platform, developed entirely in-house since 2016, we provide our customers with turnkey car-sharing solutions that include an app to register, book, and access our EVs, use EV chargers, the ability to obtain driver insurance, and a connection to a 24 hours a day, 7 days a week live mobility concierge service for roadside assistance, maintenance, and similar services. We collect and utilize telematics and additional data to optimize our operations and track deep insights into localized mobility trends.

Our Strategic Partnerships — Over the past five years, we have built strategic alliances with leading real estate firms, government entities and other significant partners across the United States. Examples include our collaborations with the property management groups at Douglas Elliman Inc., Greystar Global Enterprise, LLC, and LeFrak Organization Inc. The Related Companies L.P., the LACI, the California Air Resources Board, the Housing Authority of the City of Los Angeles, the Sacramento Housing and Redevelopment Agency, the Anaheim Public Utilities, the Los Angeles Department of Water and Power, and Austin Energy.

In March 2023, we were awarded $8.5 million, combined, to develop electric car-sharing programs in New Jersey, to be funded by the State of New Jersey’s Region Greenhouse Gas Initiative. With this funding, we plan to launch a statewide publicly accessible electric car-sharing program featuring car-sharing services at subsidized rates in overburdened communities. We also anticipate deploying roughly 16 electric vehicles for a car-sharing pilot serving affordable housing units in Jersey City and other nearby cities, covering six buildings. Both projects are currently in the planning phase. We expect the projects to be launched and funded later in 2025, which will further expand our nationwide reach.

We have also entered into strategic agreements with licensees, enabling them to operate under our trusted Envoy brand within a designated territory. For example, in June 2021, Envoy entered into a license agreement with Kowa America Corp. to develop a community-based EV-sharing service in Hawaii. The license permits Kowa America to utilize our full technology platform and brand in connection with the Envoy Hawaii operations, for which it is responsible for obtaining, maintaining, and insuring the EVs. Under the agreement, we received an upfront license fee to set up in-vehicle hardware and embedded software, branding, and signage, and we receive a monthly per-vehicle license fee and minority share of the car-sharing booking fees. The initial four-year term of the agreement expires in June 2025, and Kowa America has informed us that it does not intend to extend or renew the agreement. However, we are currently in negotiations to assume operational control of all of Kowa America’s locations. While we are confident in the outcome of our negotiations, no assurance can be given that we will successfully reach an agreement with Kowa America to continue this operation. We anticipate that licensing arrangements and other strategic partnerships will play an increasingly significant part of our business in future periods.

Our Advanced Platform — We continually enhance our platform with new capabilities and features that make it easier to use and set new benchmarks in the industry. We believe that customer demands will continue to evolve and require different solutions. We expect our technology (and further investment in our technology) to continue providing us with a competitive edge. We also believe that self-driving cars are a part of our future and that these autonomous vehicles will likely be fleet-owned EVs – providing a unique opportunity for property owners and cities to leverage their parking infrastructure. We believe our innovation-driven, continually improving platform is well-positioned to play a key role in this autonomous vehicle future.

Our Strong Alignment with Blink Charging — We believe a strong alignment of interests exists between Blink Charging and our future stockholders through the ownership of a significant percentage of our outstanding shares by Blink Charging immediately following our direct listing and, after the potential distribution by Blink Charging of a substantial portion of its shares in our company, by all Blink Charging stockholders. Two of our directors will also be affiliates of Blink Charging. Since our acquisition by Blink Charging in April 2023, Blink Charging has financed our company. Blink Charging shares the same strategic vision and commitment to market expansion and continued growth of the U.S. and global EV infrastructure. Blink Charging has entered into a transition services agreement to provide us with experienced personnel and related resources in connection with administrative, management, and technical services, as well as all our charging station requirements, incentivizing and supporting our continued focus on optimizing our company’s performance. By providing strategic, structural, and economic alignment with the performance of our company, the continuing controlling interests of Blink Charging and its stockholders are directly aligned with those of our investors.

Pursue a Combined Organic and Acquisition Growth Path — Our strategic blueprint calls for organic expansion and acquisition growth in favorable territories across the United States, Canada, and potentially certain European cities. We are increasing our focus on developing a pipeline of commercial opportunities with real estate developers and government organizations. We also believe expanding our business through potential opportunistic acquisitions of existing EV and conventional car-sharing companies and businesses will accelerate the scaling of our operations, allowing us to gain access to new markets and enrich the array of services we offer. Such acquisitions will provide an opportunity to consolidate the market and enhance our position while leveraging the expertise of acquired teams and their technology and infrastructure, strengthening our overall value proposition.

Increase Marketing to Further Penetrate Existing Markets — Our sales and marketing strategy involves an intensified focus on digital marketing to expand our reach within established markets. We plan to increase our digital marketing efforts to reach a broader audience through social media, online advertising, and search engine optimization to attract new building owners and public partners. We will launch targeted promotions and referral programs to incentivize existing users to refer new customers, fostering word-of-mouth growth and building a loyal community of electric car-sharing enthusiasts. By enhancing our marketing communication and highlighting the unique benefits of our sustainable service, we aim to strengthen our brand presence, attract new users, enhance usage (and associated usage fees), and solidify our position in the car-sharing market.

Develop Car-Sharing Territorial Franchising Opportunities — We intend to develop a new facet of our business, similar to what we have in Hawaii, where we would franchise our EV-sharing platform business. By offering franchise opportunities, we believe we can leverage local entrepreneurs’ expertise and resources to roll-out our business model in new territories without significant capital investment. This strategy is designed for scalability and would allow us to rapidly expand our footprint, reach a broader audience, and promote the adoption of EV-sharing on a larger scale.

Enter into SaaS Platform Licenses with Third Parties — We intend to develop another facet of our business where we would license our software platform to other companies as a subscription-based, enterprise software-as-a-service (“SaaS”) solution, eliminating the need for third parties to buy, maintain and upgrade their software on-premises or for their end-users. This approach would provide us with access to new markets and demographics that would otherwise not be available to us independently. This would allow us to leverage a strategic partner’s strengths, increase adoption of our technology, and foster potential co-marketing initiatives to drive growth. Licensing also enhances our brand visibility as an innovator in the EV-sharing industry and reinforces our commitment to shaping the future of sustainable mobility solutions.

We believe our fully developed car-sharing platform positions our company to capitalize on accelerating trends that favor the adoption of sustainable shared transportation solutions, while also navigating the challenges inherent in this rapidly evolving industry. While our current focus is exclusively on EV-sharing, our platform is designed to be flexible and can support various vehicle types, regardless of their fuel source, allowing us to adapt to changing demands.

Consumer demands and work dynamics constantly evolve with mobility services and technology improvements.

The real estate industry, particularly in urban residential developments, is experiencing transformative trends that present significant growth opportunities.

Our fleet of EVs is accessed through our mobile app. Our online platform removes the need for us to manually approve a reservation or to meet the user in person to hand over the car keys at pickup or return. Our mobile app and digital technology ensure a seamless and convenient experience when using one of our EVs through our Mobility as an Amenity car-sharing service or through Envoy City’s public car-sharing service.

Our Mobility as an Amenity Service — To utilize our EVs offered through Envoy’s Mobility as an Amenity service, individuals must be residents, guests or employees at the property where our EVs are stationed. The process begins by creating an account through our mobile app, which serves as the central hub for managing this unique amenity. During the account creation process, applicants are required to provide personal information, driver’s license details, a photo for identity verification and payment information.

Once the applicant’s identity and eligibility are verified by our team, they are then prompted to provide a community code, which is obtained from the property management staff. This community code serves as a vital security measure, ensuring that only authorized individuals from the property community gain access to our EVs. It helps safeguard the service and ensures that only residents, guests or employees at the property can utilize this amenity, enhancing security and promoting a sense of community.

With their account established and the community code secured, users gain access to our fleet of EVs stationed at their property. Through our mobile app, users can conveniently locate and reserve an available EV for as short as one hour or as long as the individual needs. When it is time to use the reserved EV, the user unlocks the vehicle using our mobile app and drives away. As they use the EV, billing and payment processes are streamlined through the app, simplifying financial transactions associated with this service. Users are charged by the hour or day for the full reservation time. To conclude the booking, users return the vehicle to the parking spot where they found it, plug the EV into its designated charger, remove all personal items and trash from the vehicle, and tap the “End Reservation” button on our app.

In the event of any questions, concerns or assistance needs, our dedicated support team is readily available through the mobile app or our designated customer support hotline, ensuring that users have a seamless and enjoyable experience when utilizing the EVs provided as an amenity.

Drivers use our mobile app to locate available EVs within close proximity of their current location or another specified location. Our app provides real-time updates on vehicle availability, making it effortless for users to locate an EV that suits their requirements. Once an EV is located, the user can reserve the EV for a specific period, which can extend up to 24 hours, all done seamlessly within our mobile app. This reservation ensures that the selected EV is reserved exclusively for the user’s use during the specified timeframe. When it’s time to use the reserved EV, the user unlocks the vehicle using our mobile app. This app-vehicle communication grants access to the EV, enabling the user to enter and drive away.

Throughout the reservation period, users have full access to the EV and can use it as needed, with any associated charging costs or additional fees billed through the app. Returning the EV is a straightforward process. Users locate a designated parking spot for the EV, plug it into a charger and lock the vehicle using the mobile app, completing the check-out procedure.

We secure the EVs used in our car-sharing programs through a structured and strategic procurement process designed to address the specific mobility requirements of our private mobility partners and public partners and their communities. Upon entry into an agreement with a private mobility partner or public partner, we place an order for EVs that will meet the needs of our partners and align with the requirements in the agreement. We obtain our EVs primarily through standard commercial lease structures (both capital and operating) with traditional fleet management companies (“FMCs”). Occasionally, we will lease EVs directly through original equipment manufacturers. The duration of the lease is aligned with the term of the car-sharing service agreement that we enter into with our partners, ensuring seamless integration, financial consistency and operational efficiency, with terms ranging from 24 to 72 months, the majority of which have a 36-month term.

Our lease obligations with FMCs vary but generally include the following: (i) payment by us of fees, such as an initial lease fee upon delivery, a monthly fee after delivery and through the lease term, and any additional charges for excessive mileage, late payments, maintenance, traffic violations or other expenses related to the EV lease, (ii) compliance with operational restrictions, ensuring the EVs are used and operated only as permitted under the lease terms, (iii) maintenance of minimum insurance coverage, (iv) returning the EVs in satisfactory condition at the end of the lease term, and (v) adherence to specific financial and delivery requirements outlined in the lease agreement.

We maintain strong relationships with leading car manufacturers to enhance our ability to access exclusive fleet incentives and competitive pricing. These partnerships enable us to offer high-quality EVs that meet the sustainability and performance expectations of our partners. Leveraging these relationships allows us to enhance value for our clients and their residents by providing high-performance and sustainable mobility solutions that align with their expectations at a cost-effective price.

Our proprietary technology platform is purpose-built using a scalable, modern technology stack to deliver a complete, secure end-to-end driver experience for the mobility space. The platform provides a mobile-centric driver experience on the Android and iOS platforms for sign-up, vehicle reservations, vehicle checkout and vehicle return, and payment systems. In addition to the driver experience, the platform provides real-time analytics and integration with payment systems, charging stations, and individual automakers’ EV software systems to round out all the features available on the platform.

Using our platform, we provide our customers with turn-key car-sharing solutions that include an app to register, book and access our EVs, the use of EV chargers, the ability to obtain driver insurance, and a connection to 24 hours a day, 7 days a week mobility concierge service for roadside assistance, maintenance and similar services. We collect and utilize telematics and additional data to optimize our operations and track deep insights into localized mobility trends. Since our acquisition by Blink Charging in April 2023, we have relaunched new apps for both Envoy Amenity and Envoy City, powered by Envoy’s advanced mobility technology.

Our full-stack technology platform for EV fleet management has the potential to be effectively used for other vehicle and shared mobility applications in the United States and internationally where a majority of vehicles are networked and connect to the cloud. There is an increasing demand from riders and individual operators who desire to share vehicles, and our platform is designed to support this shift in mobility to services including, but not limited to, EV fleet sharing, peer-to-peer sharing, and private fleet management. Being able to connect virtually, our platform also allows users to participate in the “gig economy,” leveraging our vehicles for work with third-party service providers like Uber, UberEats, and Lyft, thereby broadening its application across a diverse shared mobility sector

Our research and development expenses were $830,534 and $1,616,284 for the year ended December 31, 2024 and the pro forma year ended December 31, 2023, respectively. As a practice, we generally do not capitalize research and development, and these amounts were not capitalized, but expensed as incurred.

Currently, we are an indirect wholly owned subsidiary of Blink Charging. We have entered into a transition services agreement with Blink Charging under which Blink Charging will provide us with experienced personnel and related resources in connection with administrative, management and technical services, as may be necessary or desirable, or as we may reasonably request or require, in connection with the business and operations of our company as a stand-alone public entity, for up to 12 months following the listing of our common stock on Nasdaq.

Additionally, we have entered into an exclusivity agreement to procure essential charging station requirements, including hardware, network services, operational infrastructure, and comprehensive support, exclusively from Blink Charging. The term of this agreement will extend for five years after the listing of our common stock on Nasdaq.

Prior to the effectiveness of the registration statement of which this prospectus forms a part, we will effect the merger of SILLC with and into a wholly owned subsidiary of our company. At the time of the SILLC Merger, SILLC will be subject to a bankruptcy proceeding and have minimal assets, no equity owners and no liabilities, except for claims of approximately 600 Claim Holders. Pursuant to the SILLC Merger, and in accordance with the bankruptcy plan, we will issue 195,313 shares of our common stock to the Claim Holders as full settlement and satisfaction of their respective claims. As provided in the bankruptcy plan, the Merger Shares will be issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 1145 of the U.S. Bankruptcy Code. Section 1145 of the U.S. Bankruptcy Code exempts the offer and sale of securities under the bankruptcy plan from registration under Section 5 of the Securities Act and state laws if certain requirements are satisfied. As a result of the SILLC Merger, the separate corporate existence of SILLC will end. We intend to enter into the SILLC Merger to increase our shareholder base to, among other things, assist us in satisfying the listing standards of a national securities exchange.

We enter into our standardized contract with our private mobility partners at the property ownership level. In most cases, each property has its own standalone agreement to ensure services are tailored to the property’s needs. However, in certain cases, one agreement may encompass multiple properties owned or operated by the same private mobility partner. The term of such contracts is 36 months and includes an option to extend the term for another 12 months. Core provisions of the contract obligate the property owner to (i) promote Envoy Amenity to the community, (ii) maintain a Level 2 EV charging station at each parking space, (iii) provide continuous power to the stations, (iv) ensure that parking spaces are used solely for parking and charging Envoy vehicles, and (v) grant Envoy permission to use the property owner’s name or logo in Envoy marketing and promotional materials or on Envoy’s website.

Our obligations are centered around providing our mobility services at the designated property, ensuring that community members have on-demand access to EVs operated and maintained by us. We are responsible for delivering and maintaining the agreed-upon number of EVs at the property, including managing the fleet, ensuring the EVs are operational and offering a mobile application to facilitate seamless vehicle access for end-users. We are also responsible for maintaining the EVs during the term of the agreement and required to track and report on the performance and usage of our EVs, provide quarterly revenue share credits to our partners based on the service’s success, and maintain adequate insurance coverage for the operation and maintenance of EVs and other related activities.

The contract includes an initial amenity start-up fee to us and then a recurring monthly service fee from the property owner. The start-up fee covers our cost of equipping the vehicle with our hardware and delivering it to the site. The service fee covers our monthly amortized costs for the vehicle, including insurance, car cleaning, and maintenance. The property owner also provides parking and electricity to charge the vehicles. Further, with respect to each EV, the property owner agrees to pay an excess mileage fee of $0.65 per mile for each mile driven over the set cap.

Limitations on our liability under the contract include a disclaimer that our services, the Envoy vehicles, and the charging stations are provided “as is,” except as otherwise agreed in the contract. We indemnify the property owner against any damage, loss or expense incurred by the property owner in connection with claims and proceedings based on any bodily injury, death, or damage to real property or tangible personal property arising from gross negligence or willful misconduct of Envoy Amenity personnel. The property owner indemnifies us against any damage, loss or expense incurred by us in connection with claims against us arising from the condition of the property or the gross negligence or willful misconduct of any property owner personnel.

The property owner agrees that Envoy is the exclusive car-sharing provider, and no other car-sharing provider is permitted to park shared vehicles on the property during the contract term. The contract may be terminated prior to its expiration date by either the property owner or Envoy in the event of a material breach by the other party that remains uncured after 30 days’ written notice from the non-breaching party.

We typically enter into a standardized contract with each of our public community users, under which the user is granted a limited, personal license to use our car-sharing service. The contract includes usage fees that accrue based on the make and model of the vehicle (ranging from $12 to $30 per hour) and the length of time it is used.

Users agree to standard rules, including (i) operating the vehicles in compliance with applicable laws and regulations, (ii) not permitting any third party to operate the vehicle, and (iii) fulfilling certain eligibility criteria. Users accept financial responsibility for any loss of or damage to the vehicle caused by the user or their passengers (including the full cost of loss or damage resulting from reckless driving or breach of contract terms), any penalties and any fines or tickets received while using the vehicle.

Our obligations require us to (i) provide access to our EVs, our charging stations and our platform, (ii) maintain adequate insurance coverage for the EVs used by public community users, (iii) provide the services and support that such user subscribed to throughout their membership term, and (iv) ensure compliance with applicable laws and regulations.

Limitations on our liability under the contract include a disclaimer that our services are provided “as is.” All warranties regarding our services are disclaimed. We are not liable for any damages resulting from (i) use of our services or (ii) a user displaying, copying or downloading materials to or from our services. We are not liable for losses resulting from a user’s criminal, willful or grossly negligent conduct or omission regarding use of our services, and we are not liable for any person’s lost, stolen or damaged property in and from any vehicles. To the extent permitted by law, we are not liable for any type of damages beyond general damages. Total Envoy liability for damages is capped at the amount paid by a user for our services for the six months prior to the event resulting in the claim, or $50 if the user has not paid for the service during this period.

Users agree to indemnify us against loss, damages and expenses arising from user violations of the contract terms, member provision of false, inaccurate, or incomplete information and any criminal, willful or negligent user conduct.

We may terminate the contract for cause under certain circumstances. The contract will automatically terminate upon a user’s breach of any of the terms.

Our sales and marketing strategy has several components. Our primary strategy is to establish relationships with real estate owners, operators and, in particular, developers of luxury residential and commercial properties, seeking special amenities for their tenants. We believe that our Mobility as an Amenity service provides our private mobility partners with significant benefits such as attracting and retaining tenants and reducing parking requirements which save money for developers in terms of construction costs. Additionally, our mobile app is often complemented by co-branding with our private mobility partner.

The other components of our sales and marketing strategy include our direct government sales force and selected government consultants who have undertaken to market our car-sharing service to state, city and local governmental entities seeking a cheaper, more eco-friendly and sustainable transportation alternative for their citizens. This marketing strategy has historically targeted urban and concentrated areas.

We generally use a direct sales force to support both our real estate owner and public community arrangements and to take advantage of independent sales opportunities. We have direct sales representatives in Los Angeles, San Francisco and Sacramento, California, and we work remotely in other regions.

We intend to increase the marketing of our Mobility as an Amenity car-sharing service following our direct listing to elevate awareness of our brand and generate demand for our EV-sharing programs. This would include the hiring of additional sales and marketing personnel and increased digital marketing efforts to reach a broader audience through social media, online advertising, and search engine optimization, and a plan to launch targeted promotions and referral programs to incentivize existing users to refer new customers.

We believe that have established a reputation for excellent customer support because it is one of our top priorities. Customer support is provided to our private and public customers and users by our customer support organization. Our customer support educates consumers via personalized tutorials and assistance to familiarize our customers and users with EV technology, charging procedures and other unique aspects of driving an EV, as well as the benefits of using EVs and their impact for sustainable energy use. We provide around-the-clock live customer support to address any queries and concerns that first-time users may have, especially during their initial experiences with our service. We believe a responsive support team instills confidence in users and enhances their overall satisfaction. Based on internal survey data over the past year, approximately 65% of new drivers of our cars are first-time EV drivers, and frequently require training from our customer support organization.

None of our customers accounted for more than 10% of our revenue in the year ended December 31, 2024 or the pro forma year ended December 31, 2023.

We regard our Envoy technology platform as proprietary and rely primarily on a combination of copyright, trademark and trade secret laws of general applicability, employee confidentiality and invention assignment agreements, and software protection agreements and other intellectual property protection methods to safeguard our technology and software products. We have not obtained patents on any of our technology. We do not believe the lack of patents is material to our ongoing business. We believe that the long-term commercial usage of our platform and its component parts (dating back to 2016 for certain elements) provides us with material defensibility around our core intellectual property. We also rely upon our efforts to design and produce new technologies, software products and features, and upon improvements to existing technologies and software products, to maintain a competitive position in the marketplace.

We are subject to laws, rules and regulations in the jurisdictions in which we operate that involve matters central to our business. Some of these laws and regulations specifically relate to car sharing while others are generally applicable. These often differ by jurisdiction, and sometimes conflict, which may require us to implement jurisdictionally specific processes and policies. The states that have passed car-sharing legislation include Arizona, California, Connecticut, Colorado, Delaware, Florida, Georgia, Hawaii, Indiana, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia. In Europe, there are no regulations specific to car-sharing but the European Union’s “Platform to Business” regulation governs relations between online intermediation services (such as marketplaces) and business users who use them to offer their goods and services.

New and revised laws, rules and regulations are frequently proposed, adopted, implemented, and interpreted. We monitor such changes and have implemented responsible policies to ensure compliance with such laws, rules and regulations. In addition, we actively engage with municipal, state and national governments, and other relevant stakeholders, as appropriate, to advocate for public policies that ensure that the greatest number of real estate owners and operators, and public communities can benefit from our services.

We have automobile liability and property damage insurance coverage, as well as general liability insurance. We also maintain first party property coverage and excess liability insurance. Protection plans on our platform are an important factor in the success of our business and are intended to protect our real estate owners and operators, EVs and users. We work to comply with the various insurance laws and regulations in all of the jurisdictions where our services are available, which represents a substantial set of laws and regulations. For instance, states which have passed car-sharing legislation impose certain requirements on us to ensure that real estate operators and users are covered by liability insurance in the event of an accident during a trip. Separate from car-sharing laws, some states require insurance producer licenses in connection with the insurance that is included in protection plans that are available in connection with uses of our EVs. Because insurance is regulated at the state level in the United States, and because financial responsibility requirements vary among states, there is a patchwork of laws and regulations that we must or will be required to upon expansion of our operations, navigate.

We maintain non-resident licenses in several states. Insurance regulators have broad authority to restrict or revoke licenses of insurance producers that are found to be in violation of any applicable laws and regulations.

The McCarran-Ferguson Act of 1945 clarified that states regulate insurance. As a result, each state has its own body of law and regulatory authority with respect to insurance. These rules are subject to change as state legislatures and regulatory agencies update their laws and regulations to address real and perceived issues and concerns. These laws and regulations are also subject to interpretation by state courts. Insurance regulatory authorities have broad administrative powers to regulate all aspects of what may be deemed the offering of insurance, including the power to levy fines and monetary penalties, and restrict or revoke licenses for those found to be in violation of applicable laws and regulations. We cannot predict precisely whether or when regulatory inquiries or actions may be taken that could adversely affect us. Interpretations of regulations by regulators may change and statutes, regulations, and interpretations may be applied with retroactive effect. The National Association of Insurance Commissioners and the National Council of Insurance Legislators are the principal organizations tasked with establishing standards and best practices across the various states, the District of Columbia, and five U.S. territories, and from time to time promulgate model rules and regulations that often are the basis for insurance rules and regulations adopted by such jurisdictions.

We cannot predict precisely whether or when regulatory actions may be taken that could adversely affect us or the operations of our regulated insurance subsidiary. Interpretations of regulations by regulators may change, and statutes, regulations, and interpretations may be applied with retroactive effect, particularly in areas such as accounting or reserve requirements.

Our technology platform and the personal information and other customer data, including health information, we receive, collect, use, store, transmit and process in the ordinary course of our business are integral to our success. Additionally, we rely in part on third parties that are not directly under our control to manage certain of these operations and to receive, collect, store, process, transmit, share, and use such personal information, including payment information. As a result, our compliance with numerous domestic laws, regulations and standards regarding the collection, use, storage, transmission and processing of personal information is core to our strategy for improving our technology platform and building customer trust. The failure to comply with such data protection and privacy regulations can result in fines, penalties, and the enforcement of any non-compliance, which could significantly impact our business operations.

Regulators around the world have adopted or proposed requirements regarding the collection, use, transfer, security, storage, destruction and other processing of personal information relating to individuals, and these laws are increasing in number, complexity, enforcement, fines and other penalties. A few such domestic governmental regulations that may have significant implications for our business are the California Online Privacy Protection Act, the California Consumer Privacy Act of 2018, the California Privacy Rights Act of 2020, the Virginia Consumer Data Protection Act of 2021, the Colorado Privacy Act of 2021, the Connecticut Personal Data Privacy and Online Monitoring Act of 2022, and the Utah Consumer Privacy Act of 2022. If we expand our operations internationally, we will be subject to the European General Data Protection Regulation 2016/679, the UK GDPR (which incorporates EU GDPR into UK law with modifications), and the UK Data Protection Act 2018.

The laws and regulations that can impact us involve corporate taxation, corporate insurance, intellectual property, competition, consumer protection, payments, export taxation, airport permitting, arbitration agreements and class action waiver provisions, terms of service, money transmittal, background checks, marketplace facilitation and other matters. Many of the laws and regulations to which we are or may be subject are complex, fragmented, conflicting, subject to varying interpretations, and still evolving and being tested in courts. In addition, as new guidance and interpretations are provided by governing and regulating bodies such as federal, state and local administrative agencies, they could be interpreted in ways that could harm our business. Some states and foreign jurisdictions have not adopted any laws, rules or regulations which govern car-sharing specifically, and some foreign jurisdictions may outlaw it entirely. This uncertainty and fragmented regulatory environment can create significant complexities for our business and operating model.

Competition in the car-sharing industry in general, and the electric car-sharing industry in particular, is intense. Our competitors include many companies which are larger and more established and have substantially more resources than our company. In the United States, we compete in three basic markets within the transportation industry: the car-sharing, the car ride and the car rental markets. These markets have many competitors who are larger and more established than us and have access to greater resources. We consider our principal competitive advantages to be our fleet of fully electric vehicles and our mobile apps. We differentiate our services by the quality and features of our proprietary technology platform and attentiveness of our customer support personnel. Most often, our competitors include largely analog companies such as peer-to-peer car-sharing marketplaces like Turo and Getaround, car ride and limousine services like Uber and Lyft, traditional asset-heavy rental car companies such as Hertz and Avis Budget, as well as Zipcar, and other regional car-sharing competitors in the United States.

We believe that we distinguish ourselves among competitors and, in particular, car rental companies like Zipcar, because (i) we focus exclusively on EVs, rather than internal combustion engine vehicles, (ii) our Envoy private mobility partner operation is dedicated to creating exclusive small communities that can share our EVs, compared to other companies’ offerings made to the general public, (iii) Envoy’s revenue model yields positive gross margins due to its contracts with individual property owners that cover a vehicle’s cost of goods sold (e.g., lease payments, insurance, care, and cleaning), rather than incurring the fixed costs recaptured only through rental income by other companies, (iv) our Envoy City operation is based on long-standing relationships with government entities and collaborative grant funding programs, which differ significantly from the rental car model, and (v) we are a technology company that licenses our proprietary advanced technology platform to third parties, and not only a transportation service. We believe that our combination of an exclusive EV fleet, private mobility partnerships with property owners, and proprietary technology platform creates a model that is not only unique in the electric car-sharing industry but also has no direct competition in terms of scale or integration of these elements in the market today.

Additionally, we compete with the status quo of personal car ownership and other equivalent means of transportation. For a discussion of risks relating to our competitive environment, see “Risk Factors – We face intense competition and may not be able to compete successfully with current or future competitors in the car-sharing business, which could negatively impact our financial condition and results of operations.”

We believe the barriers to entry for the segment of the market in which we operate include: (i) the intellectual property, timeframe and costs to develop a commercially robust, feature-rich EV fleet technology platform for the mobility space, (ii) the established private mobility partnerships with some of the largest developers and owners of residential multi-family apartment buildings, hotels, and workplaces, as well as public partnerships with tens of U.S. cities and municipalities, and (iii) the time and resources involved to develop a professional services staff like ours with extensive experience in electric car-sharing.

Our experienced employees and management team are our most valuable resources. Attracting, training, and retaining key personnel has been and will remain critical to our success. We are committed to attracting, motivating, and retaining top professionals. To achieve our human capital goals, we intend to stay focused on providing our personnel with entrepreneurial opportunities to expand our business within their areas of expertise. We will also continue to provide our personnel with personal and professional growth opportunities, including additional training, performance-based incentives such as opportunities for stock ownership, and other competitive benefits.

We work to ensure that we provide a safe, inclusive, and positive employee environment for all our employees. As of April 30, 2025, we employed approximately 45 full-time employees and one part-time employee, of whom 19 individuals were in operations and customer and technical support, five individuals in finance and administration, four individuals in technology development, and three individuals in sales and marketing. Our employees are primarily located at our corporate office in Culver City, California. We also utilize the services of four independent contractors dedicated full-time to our information technology development. None of our employees or workers are represented by a union or covered by a collective bargaining agreement. We have not experienced any work stoppages, and we consider our relationship with our employees and other workers to be good.

Our success is directly related to the satisfaction, growth, and development of our employees and other workers. We strive to offer a work environment where employee opinions are valued and allow our employees to use and augment their professional skills. We endeavor to maintain workplaces that are free from discrimination or harassment on the basis of color, race, sex, national origin, ethnicity, religion, age, disability, sexual orientation, gender identification or expression or any other status protected by applicable law. The basis for recruitment, hiring, development, training, compensation and advancement is qualifications, performance, skills and experience. To achieve our human capital goals, we intend to remain focused on providing our personnel with entrepreneurial opportunities to expand our business within their areas of expertise and continue to provide our personnel with personal and professional growth. We emphasize several measures and objectives in managing our human capital assets, including, among others, employee safety and wellness, employee engagement, development and training, diversity and inclusion, and compensation and pay equity.

As of April 30, 2025, we occupied approximately 6,000 square feet of space in an office building located at 8575 Washington Blvd., Culver City, California under a lease agreement that expires in May 2026. This facility serves as our corporate headquarters and contains the executive office and certain administrative and sales functions.

We believe that our facilities are maintained in good operating condition and are adequate for our current operations and for near-term planned expansion.

We are not a party to any pending legal proceeding nor is our property the subject of a pending legal proceeding that is not in the ordinary course of business or otherwise material to the financial condition of our business.

The following table sets forth certain information regarding our executive officers, director and director nominees, and key employees as of the date of this prospectus:

The following information provides a brief description of the business experience of each executive officer, current director, director nominee, and key employee. We have undertaken to identify and elect additional independent directors before the listing of our common stock on Nasdaq.

Aric Ohana became the Chief Executive Officer of our company following the closing of Blink Charging’s acquisition of Envoy Technologies in April 2023 and a director of our company in February 2025. Mr. Ohana co-founded Envoy Technologies in January 2017 and served in multiple executive capacities including as its President and Chief Executive Officer, and as a member of its board of directors, from 2017 to April 2023. He served as the Chief Executive Officer of Osher Real Estate from February 2014 to November 2019, and director of asset management at real estate investment firms Concord Ventures from January 2013 to December 2015, Cambra Advisors from January 2009 to December 2012, and Pentaco Management from June 2006 to December 2009. Mr. Ohana earned a B.A. degree in management information systems from Yeshiva University.

Drew Hopkins became the Chief Operating Officer of our company following the closing of Blink Charging’s acquisition of Envoy Technologies in April 2023. Mr. Hopkins joined Envoy Technologies in August 2018 and served in multiple capacities including as its Chief Operating Officer from February 2022 to April 2023, Chief Growth Officer from July 2020 to February 2022, and Head of Marketing from August 2018 to July 2020, supporting the company’s business strategy, project management and sales operations. He served as a Marketing Manager for Tesla, Inc. from May 2017 to June 2018, where he was involved in developing marketing strategies, Director of Marketing and Operations (West Coast) for ED by Ellen DeGeneres from April 2014 to November 2016, where he managed marketing initiatives, and Global Sales and Marketing Manager-Apparel and similar positions for Arbor Collective from February 2004 to April 2014, where he managed sales teams and key accounts. Mr. Hopkins earned a B.A. degree from Boston College in finance and received a Managerial Development for Entrepreneurs certificate from the UCLA Anderson School of Management.

Michael P. Rama became our Chief Financial Officer in April 2023. He has served as the Chief Financial Officer of Blink Charging since February 2020. Prior to joining Blink Charging, Mr. Rama was an independent financial consultant (not associated with Blink) from July 2019 until he joined us on February 10, 2020. Mr. Rama served as the Vice President and Chief Financial Officer of NV5 Global, Inc., a Nasdaq Capital Markets-traded company that provides professional and technical engineering and consulting solutions for public and private sector clients in the infrastructure, energy, construction, real estate and environmental markets, from September 2011 to June 2019. At NV5 Global, Mr. Rama was responsible for all accounting, finance and treasury functions and the company’s SEC reporting. From October 1997 until August 2011, Mr. Rama held various accounting and finance roles with AV Homes, Inc. (formerly known as Avatar Holdings, Inc.), including as principal financial officer, chief accounting officer and controller. Mr. Rama has more than 20 years of experience with SEC compliance, establishment and maintenance of internal controls, and capital markets and acquisition transactions. Mr. Rama earned a Bachelor of Science degree in accounting from the University of Florida and is a Certified Public Accountant. Mr. Rama intends to spend approximately 25% of his working time, on average, performing services as an executive officer of our company.

Aric Ohana. See narrative description under the caption “Executive Officers” above.

Michael C. Battaglia became a director of our company in February 2025. He is currently the President and Chief Executive Officer of Blink Charging. Mr. Battaglia joined Blink Charging in July 2020 as the Vice President of Sales and was appointed to serve as Chief Operating Officer in September 2023. Prior to joining Blink Charging, Mr. Battaglia served in various management positions for J.D. Power & Associates from March 2006 to July 2020, assisting dealerships and automotive OEMs improve operations by utilizing data-driven insights and conducting comprehensive analyses. Mr. Battaglia is an automotive and EV charging veteran with more than 25 years of experience in the industry and has expertise in building high performing sales and operations teams. Throughout his time with Blink Charging, Mr. Battaglia has worked closely with the operations teams to streamline systems and processes related to order processing and fulfillment, customer support structures, and new product procurement, which has led to increases in Blink Charging’s operational efficiency. Mr. Battaglia led the effort to implement Salesforce CRM, tying together field service and accounting functions globally for Blink Charging. Additionally, Mr. Battaglia has led Blink Charging’s sales and business development efforts for over three years, resulting in record-high sales and revenue each of the last three years. Mr. Battaglia received a B.S. degree in finance from the Carroll School of Management at Boston College.

Mr. Battaglia’s more than 25 years of day-to-day operational experience in the EV charging and automotive industries and in-depth knowledge in the areas of EV technology and infrastructure development make him well qualified as a member of our board.

Andres Asion has agreed to join our Board of Directors upon the listing of our common stock on Nasdaq. Mr. Asion founded Miami Real Estate Group, LLC, a real estate agency specializing in real estate sales and leasing of residential and commercial properties in Miami, in October 2008, and has led the company as its real estate broker of record since August 2016. Mr. Asion has led the sales of more than 45 major condominium towers in Miami. His expertise spans residential development, project positioning and amenity strategy. Subsequent to founding Miami Real Estate Group, Mr. Asion was hired to serve as the Vice President of Sales for Fortune Development Sales, a subsidiary of Fortune International Group, a Miami real estate development, sales and marketing, and brokerage firm, from July 2009 to July 2016, where he oversaw more than 39 real estate developments. Mr. Asion serves on the Board of the Master Broker’s Forum, an invitation only organization comprised of South Florida’s top 250 real estate professionals and was the past president of the Rotary Club of Miami Granada, where he is listed as the youngest Rotary Club president in the United States when elected. Mr. Asion has also served as the Vice Chair of the City of Miami Beach Board of Adjustment and Board member of the Miami Beach Convention Center Advisory Board, City of Miami Beautification Committee and Global Empowerment Mission, and founded the Andres Asion Foundation to help needy children in South Florida. Mr. Asion holds a degree in marketing and international business from Florida International University.

Mr. Asion’s real estate expertise, business development acumen and board leadership experience make him qualified to serve as a member of our Board of Directors.

Dean Florez has agreed to join our Board of Directors upon the listing of our common stock on Nasdaq. Mr. Florez has a distinguished career in public policy, business, and environmental leadership, having served as a director of the California Air Resources Board since February 2016, where he contributes to shaping California’s clean air and climate policies, and a California State Senator from 2002 to 2010, where he represented the 16th District and championed policies focused on sustainability, renewable energy, and environmental protection. He also serves as the President and Chief Executive Officer of Balance Public Relations, a strategic consulting firm that supports premier firms in strategic communications with specialties in the areas of education, technology, procurement, and water, a position he has held since March 2014. Mr. Florez received a B.S. degree in political science from UCLA and an MBA from Harvard Business School.

Mr. Florez brings strategic expertise in transportation policy, clean energy, and emissions reduction, and his extensive experience in regulatory affairs and public-private partnerships will be instrumental in guiding our company’s growth and sustainability efforts.

Jack Levine has agreed to join our Board of Directors upon the listing of our common stock on Nasdaq. He has served as a member of the Blink Charging board since December 2019 where he acts as the Chair of its Audit Committee. He has been the President of Jack Levine, PA, a certified public accounting firm, since 1984. For more than 35 years, he has been advising corporations on financial and accounting matters and serving as an independent director on numerous boards, frequently as head of their audit committees. Since June 2021, Mr. Levine has served as a director, chairman of the audit committee and as a qualified SEC financial expert of Strawberry Fields REIT, Inc. (NYSE: STRW), a public company specializing in the acquisition, ownership and triple net leasing of skilled nursing facilities and other post-acute healthcare properties. In addition, Mr. Levine is currently a director and chairman of the audit committee of SignPath Pharma, Inc., a development-stage biotechnology company, since 2010.

Mr. Levine’s previous board memberships included Provista Diagnostics, Inc., a cancer detection and diagnostics company focused on women’s cancer, from 2011 to 2018 (also serving as chairman of its audit committee); Biscayne Pharmaceuticals, Inc., a biopharmaceutical company discovering and developing novel therapies based on growth hormone-releasing hormone analogs; Grant Life Sciences, a research and development company focused on early detection of cervical cancer, from 2004 to 2008 (also serving as chairman of its audit committee); and Pharmanet, Inc., a global drug development services company providing a comprehensive range of services to pharmaceutical, biotechnology, generic drug and medical device companies, from 1999 to 2007 (also serving as chairman of its audit and other committees). Mr. Levine also served as a director and audit committee chair of Beach Bank, a community bank, from 2000 to 2006, Prairie Fund, a mutual fund, from 2000 to 2006, and Bankers Savings Bank, a community bank, from 1996 to 1998, and was a member of the audit committee of Miami Dade County School Board, the nation’s third largest school system, from 2004 to 2006. Mr. Levine is a certified public accountant licensed by the States of Florida and New York. He also is a member of the National Association of Corporate Directors, Association of Audit Committee Members and American Institute of Certified Public Accountants. Mr. Levine received a B.A. degree from Hunter College of the City University of New York and an M.A. from New York University.

Mr. Levine has extensive knowledge of complex financial, accounting, tax and operational issues highly relevant to our growing business. Through his decades of service as a board member, he also brings significant working experience with public company best practices.

Rod Bertone joined our company as National Director of Sales in February 2024, responsible for sales and marketing of our Mobility as an Amenity and Public Partnership car-sharing services. He previously worked at Greystar Real Estate Partners, LLC, a global real estate developer and property manager, serving as its Director of Client Services from October 2022 to February 2024 and a Director of Real Estate from January 2017 to October 2022. Mr. Bertone has also served as Regional Director of Holland Partner Group, a real estate investment company focused on sustainable communities, from April 2014 to January 2017, Regional Manager - Los Angeles of Alliance Residential Company from August 2008 to April 2014, and Regional Manager of Western National Group from March 2005 to August 2008.

Blake Baker joined our company as Vice President of Technology and Engineering in May 2024. He is responsible for the company’s software development, technology product management and overall technology platform. Mr. Baker previously worked at Fisker Inc., a developer of electric vehicles, where he served as its Senior Manager, Backend Engineering from March 2022 to April 2024, and Lead Backend Engineer from September 2020 to March 2022. He also served as Lead Engineer (Backend) at Turn Car Subscriptions, a car subscription service, from July 2019 to August 2020, Software Engineer at AutoGravity, an online car financing platform, from December 2017 to July 2019, and Software Engineer at Evisions Inc., a higher education software developer, from October 2012 to December 2017. Mr. Baker earned a B.S. degree in Computer Science from California State University, Fullerton.

Our business and affairs are managed under the direction of our board of directors. The number of directors is determined by our board of directors, subject to the terms of our certificate of incorporation and bylaws. Upon the listing of our common stock on Nasdaq, we expect our board of directors will consist of five members.

After our direct listing, our common stock will be listed for trading on The Nasdaq Capital Market. Under Nasdaq rules for non-controlled companies, independent directors must comprise a majority of a listed company’s board of directors within a specified period after the listing of our common stock on Nasdaq. In addition, Nasdaq rules require that, subject to the controlled company exception, each member of a listed company’s audit, compensation and nominating and governance committees must be independent. Under Nasdaq rules, a director will only qualify as an “independent director” if, in the opinion of that company’s board of directors, that person does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

Audit committee members must also satisfy the independence criteria set forth in Rule 10A-3 under the Exchange Act. To be considered independent for purposes of Rule 10A-3, a member of an audit committee of a listed company may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee: (i) accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries; or (ii) be an affiliated person of the listed company or any of its subsidiaries.

Our board of directors undertook a review of its composition, the composition of its committees and the independence of each director. Based upon information requested from and provided by each director concerning his or her background, employment and affiliations, including family relationships, our board of directors has determined that Mr. Levine does not have any relationships that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that he is “independent” as that term is defined under Nasdaq’s listing rules. In making these determinations, our board of directors considered the relationships that each non-employee director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including the beneficial ownership of our common stock and Blink Charging’s common stock by each non-employee director. Mr. Battaglia is a senior executive officer of Blink Charging, which will own a substantial portion of the outstanding shares of our common stock upon the listing of our common stock on Nasdaq, and Mr. Ohana is our Chief Executive Officer, precluding them from being considered independent within the meaning of the Nasdaq’s listing rules.

Upon the listing of our common stock on Nasdaq, our board of directors will have three standing committees: an audit committee, a compensation committee and a nominating and corporate governance committee. Under Nasdaq rules, the membership of the audit committee is required to consist entirely of independent directors, subject to applicable phase-in periods. The following is a brief description of our committees.

Audit committee. In accordance with our audit committee charter, after our direct listing, our audit committee will: oversee our corporate accounting and financial reporting processes and our internal controls over financial reporting; evaluate the independent public accounting firm’s qualifications, independence and performance; engage and provide for the compensation of the independent public accounting firm; approve the retention of the independent public accounting firm to perform any proposed permissible non-audit services; review our consolidated financial statements; review our critical accounting policies and estimates and internal controls over financial reporting; and discuss with management and the independent registered public accounting firm the results of the annual audit and the reviews of our quarterly consolidated financial statements. We believe that our audit committee members meet the financial literacy requirements under the Sarbanes-Oxley Act, Nasdaq and SEC rules and regulations. In addition, the board of directors has determined that Mr. Levine is qualified as an audit committee financial expert within the meaning of SEC regulations. We have made this determination based on information received by our board of directors, including questionnaires provided by the members of our audit committee. Asion, Florez and Levine will serve on this committee.

Compensation committee. In accordance with our compensation committee charter, after our direct listing, our compensation committee will review and recommend policies relating to compensation and benefits of our officers and employees, including reviewing and approving corporate goals and objectives relevant to the compensation of the Chief Executive Officer and other senior officers, evaluating the performance of these officers in light of those goals and objectives, and setting compensation of these officers based on such evaluations. The compensation committee will also administer the issuance of stock options and other awards under our equity-based incentive plans. We believe that the composition of our compensation committee meets the requirements for independence under, and the functioning of our compensation committee complies with, any applicable requirements of the Sarbanes-Oxley Act, Nasdaq, and SEC rules and regulations. Asion, Florez and Levine will serve on this committee.

Nominating and governance committee. In accordance with our audit committee charter, after our direct listing, our nominating and governance committee will: approve nominees for election as directors and meet as necessary to review director candidates and nominees for election as directors; approve members for each committee of the board; oversee corporate governance standards and compliance with applicable listing and regulatory requirements; develop and approve governance principles applicable to our company; and oversee the evaluation of the board and its committees. We believe that the composition of our nominating and governance committee meets the requirements for independence under, and the functioning of our nominating and governance committee complies with, any applicable requirements of the Sarbanes-Oxley Act, Nasdaq, and SEC rules and regulations. Messrs. Asion, Florez and Levine will serve on this committee.

We will adopt a new code of business conduct and ethics that applies to all of our officers, directors and employees, including our principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions, which will be posted on our website. Our code of business conduct and ethics is a “code of ethics,” as defined in Item 406(b) of Regulation S-K. The information contained on, or accessible from, our website is not part of this prospectus by reference, or otherwise. We will make any legally required disclosures regarding amendments to, or waivers of, provisions of our code of business conduct and ethics on our website.

None of our compensation committee members is an executive officer or employee of our company. None of our executive officers serves as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving on our board of directors or compensation committee.

The following table sets forth summary compensation information for the following persons: (i) all persons serving as our principal executive officer during the years ended December 31, 2024 and 2023, and (ii) our two other most highly compensated executive officers who received compensation during the years ended December 31, 2024 and 2023 of at least $100,000 and who were executive officers on December 31, 2024 and 2023. We refer to these persons as our “named executive officers” in this prospectus. The following table includes all compensation earned by the named executive officers for the respective period, regardless of whether such amounts were actually paid during the period:

Aric Ohana Employment Agreement. On April 18, 2023, in connection with the closing of the Envoy Technologies acquisition by Blink Charging, Mobility, on behalf of us, entered into an employment agreement with Aric Ohana to be the Chief Executive Officer of our company. In July 2023, his employment agreement was assigned to and assumed by Mobility to serve as our President. His employment agreement’s term extends until April 18, 2025, and is automatically renewed for an additional one-year term unless we timely provide Mr. Ohana with notice of non-renewal. Pursuant to the employment agreement, Mr. Ohana agreed to devote his full business efforts and time to our company. The employment agreement currently provides Mr. Ohana with an annual base salary of $225,000, which will be increased to $250,000 upon the effectiveness of our direct listing, payable on our regularly scheduled payday. Mr. Ohana will be eligible for an annual performance cash bonus of up to 20% of his annual base salary based on meeting pre-determined periodic key performance indicators every year set by the mutual agreement of Mobility’s Chief Executive Officer, our board, and Mr. Ohana. Mr. Ohana will also be eligible to receive aggregate annual equity performance awards under our 2025 Incentive Compensation Plan equal to 20% of his annual base salary. Such awards will be comprised of restricted common stock, vesting in equal one-third increments on each anniversary of the grant date, in each instance subject to satisfying key performance indicators and other performance criteria and his continued employment with us on the applicable vesting date. All equity performance awards are subject to our “clawback” policy. Mr. Ohana is entitled to a monthly electric vehicle allowance of up to $250 per month, and other employee benefits in accordance with our policies.

If Mr. Ohana’s employment is terminated by us other than for Cause (which includes willful material misconduct and willful failure to materially perform his responsibilities to our company), he is entitled to receive severance equal to the number of months of his actual employment under the employment agreement prior to the termination capped at a maximum payment of six months of his base salary.

As part of his employment letter, Mr. Ohana entered into our standard Employee Confidentiality, Non-Disclosure and Intellectual Property Ownership Agreement prohibiting Mr. Ohana from disclosure of confidential and/or proprietary information or trade secrets relating to the operations, products, and services of our company and our customers, and acknowledging that all intellectual property developed by him relating to our business constitutes our exclusive property. Mr. Ohana further agreed that, during his employment with our company and for 12 months thereafter, he will not engage in any capacity with any business that is competitive with our company but limited to certain geographical areas.

Drew Hopkins Offer of Employment. On August 17, 2018, we entered into an Offer of Employment letter agreement with Drew Hopkins. Pursuant to the terms of the letter agreement, Mr. Hopkins was offered employment on an “at-will” basis, initially as the Head of Marketing and currently as our Chief Operating Officer. Mr. Hopkins’ annual base salary is currently $185,000. In addition, Mr. Hopkins is eligible for a discretionary bonus of $30,000 every six months, contingent on meeting certain enrollment and utilization targets, as well as overall individual and company performance, and to participate in our incentive compensation plan. Mr. Hopkins also entered into an Employee Proprietary Information and Inventions Agreement prohibiting him from disclosure of confidential and/or proprietary information or trade secrets relating to the operations, products, and services of our company and our customers, and acknowledging that all intellectual property developed by him relating to our business constitutes our exclusive property.

Michael P. Rama is currently serving as our part-time Chief Financial Officer. For the years ended December 31, 2023 and 2024, Blink Charging has compensated Mr. Rama for his services performed for Blink Charging, including all services related to our company as a consolidated subsidiary of Blink Charging since the Envoy Technologies Acquisition.

No stock options or other equity awards were granted to any of our named executive officers during the year ended December 31, 2024, and no such awards were outstanding as of such date.

Our 2025 Incentive Stock Plan is designed to assist our company and our subsidiaries and other designated affiliates, which we refer to as Related Entities, in attracting, motivating, retaining (including through designated retention awards), and rewarding high-quality executives, employees, officers, directors, and individual consultants who provide services to our company or our Related Entities, by enabling such persons to acquire or increase a proprietary interest in our company to strengthen the mutuality of interests between such persons and our stockholders, and providing such persons with performance incentives to expend their maximum efforts in the creation of stockholder value.

Under the plan, we may grant stock options, SARs, restricted stock, RSUs, shares granted as a bonus or in lieu of another award, dividend equivalents, and other stock-based awards or performance awards. The persons eligible to receive awards under the plan consist of officers, directors, employees, and consultants of our company who are natural persons providing bona fide services to our company or any of our Related Entities and whose services are not in connection with the offer or sale of securities in a capital raising transaction, and do not directly or indirectly promote or maintain a market for shares of our common stock. The material features of the plan are outlined below.

Shares available for awards; adjustments. The aggregate number of shares of common stock available for issuance under the plan is 3,000,000 shares, plus the lesser of (i) 2% of the number of shares outstanding as of the end of each of our fiscal years or (ii) such lesser number of shares as the compensation committee may determine. We expect any shares that are subject to an award under the plan will be counted against this limit as one share for every one share granted.

If any shares subject to (i) any award under the plan, or after the effective date of the plan are forfeited, expire, or otherwise terminate without issuance of such shares, (ii) any shares subject to any award that are withheld to satisfy the applicable withholding taxes resulting from the grant, exercise, and/or vesting of such award, or (iii) any award under the plan that could have been settled with shares is settled for cash or otherwise does not result in the issuance of all or a portion of the shares, the shares to which those awards were subject, will, to the extent of such forfeiture, expiration, termination, cash settlement, or non-issuance, again be available for delivery with respect to awards under the plan. Any share that again becomes available for delivery pursuant to the provisions described above will be added back as one share.

The administrator of the plan is authorized to adjust the limitations on the number of shares of common stock available for issuance under the plan and the individual limitations on the amount of certain awards (other than the $100,000 limitation with respect to incentive stock option awards) and will adjust outstanding awards (including adjustments to exercise prices of options and other affected terms of awards) to the extent it deems equitable in the event that any extraordinary dividend or other distribution (whether in cash, shares of common stock, or other property), recapitalization, forward or reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange, or other similar corporate transaction or event affects our common stock so that an adjustment is appropriate.

Administration. The plan is to be administered by the compensation committee of our Board of Directors; except, if our Board of Directors fails to designate a compensation committee or if there are no longer any members on the compensation committee so designated by our Board of Directors, or for any other reason determined by our Board of Directors, then our Board of Directors will serve as the committee. Subject to the terms of the plan, our compensation committee is authorized to select eligible persons to receive awards, grant awards, determine the type, number and other terms and conditions of, and all other matters relating to, awards, prescribe award agreements (which need not be identical for each participant), and the rules and regulations for the administration of the plan, construe and interpret the plan and award agreements, correct defects, supply omissions or reconcile inconsistencies therein, and make all other decisions and determinations as our compensation committee may deem necessary or advisable for the administration of the plan.

Stock options and stock appreciation rights. Our compensation committee is authorized to grant stock options, including both incentive stock options, or ISOs, which can result in potentially favorable tax treatment to the participant, and non-qualified stock options, and SARs entitling the participant to receive the amount by which the fair market value of a share of our common stock on the date of exercise exceeds the grant price of the SAR. The exercise price per share subject to an option and the grant price of a SAR are determined by our compensation committee, provided that the exercise price per share of an option and the grant price per share of a SAR will be no less than 100% of the fair market value of a share of our common stock on the date such option or SAR is granted. An option granted to a person who owns or is deemed to own stock representing 10% or more of the voting power of all classes of stock of our company or any parent company (sometimes referred to as a “10% owner”) will not qualify as an ISO unless the exercise price for the option is not less than 110% of the fair market value of a share of our common stock on the date such ISO is granted.

The maximum term of each option or SAR, the times at which each option or SAR will be exercisable, and provisions requiring forfeiture of unexercised options or SARs at or following termination of employment generally are fixed by our compensation committee, except that no option or SAR may have a term exceeding ten years, and no ISO granted to a 10% owner (as described above) may have a term exceeding five years (to the extent required by the Code at the time of grant). Methods of exercise and settlement and other terms of options and SARs are determined by our compensation committee. Our compensation committee, thus, has the discretion to permit the exercise price of options awarded under the plan to be paid in cash, shares, other awards or other property (including loans to participants).

Restricted stock. Our compensation committee is authorized to grant restricted stock. Restricted stock is a grant of shares of our common stock, which are subject to such risks of forfeiture and other restrictions as our compensation committee may impose, including time or performance restrictions or both. A participant granted restricted stock generally has all of the rights of a stockholder of our company (including voting and dividend rights), unless otherwise determined by our compensation committee.

Restricted stock units. Our compensation committee is authorized to grant restricted stock units, or RSUs. An award of RSUs confers upon a participant the right to receive shares of our common stock or cash equal to the fair market value of the specified number of shares covered by the RSUs at the end of a specified deferral period, subject to such risks of forfeiture and other restrictions as our compensation committee may impose. Prior to settlement, an award of RSUs carries no voting or dividend rights or other rights associated with share ownership, although dividend equivalents may be granted.

Dividend equivalents. Our compensation committee is authorized to grant dividend equivalents conferring on participants the right to receive, currently or on a deferred basis, cash, shares of common stock, other awards, or other property equal in value to dividends paid on a specific number of shares of common stock or other periodic payments. Dividend equivalents may be granted in connection with another award (other than stock options and SARs), may be paid currently or on a deferred basis and, if deferred, may be deemed to have been reinvested in additional shares of common stock, awards, or otherwise as specified by our compensation committee.

Shares granted as a bonus or in lieu of another award. Our compensation committee is authorized to grant shares of our common stock as a bonus free of restrictions, or to grant shares of our common stock or other awards authorized under the plan in lieu of our obligations to pay cash under the plan or other plans or compensatory arrangements.

Other stock-based awards. Our compensation committee is authorized to grant awards that are denominated or payable in, valued by reference to, or otherwise based on or related to shares of our common stock. Our compensation committee determines the terms and conditions of such awards.

Performance awards. Our compensation committee is authorized to grant performance awards to participants on terms and conditions established by our compensation committee. Performance criteria to be achieved during any performance period and the length of the performance period will be determined by our compensation committee upon the grant of the performance award. Performance awards may be valued by reference to a designated number of shares (in which case they are referred to as performance shares) or by reference to a designated amount of property including cash (in which case they are referred to as performance units). Performance awards may be settled by delivery of cash, shares of our common stock or other property, or any combination thereof, as determined by our compensation committee.

Other terms of awards. Awards may be settled in the form of cash, shares of our common stock, other awards, or other property, in the discretion of our compensation committee. Our compensation committee may require or permit participants to defer the settlement of all or part of an award in accordance with such terms and conditions as our compensation committee may establish, including payment or crediting of interest or dividend equivalents on deferred amounts, and the crediting of earnings, gains, and losses based on deemed investment of deferred amounts in specified investment vehicles. Our compensation committee is authorized to place cash, shares of our common stock, or other property in trusts or make other arrangements to provide for payment of our obligations under the plan. Our compensation committee may condition any payment relating to an award on the withholding of taxes and may provide that a portion of any shares of our common stock or other property to be distributed will be withheld (or previously acquired shares of common stock or other property be surrendered by the participant) to satisfy withholding and other tax obligations. Awards granted under the plan generally may not be pledged or otherwise encumbered and are not transferable except by will or by the laws of descent and distribution, or to a designated beneficiary upon the participant’s death, except that our compensation committee may, in its discretion, permit transfers subject to any terms and conditions our compensation committee may impose thereon.

Acceleration of vesting; change in control. Subject to certain limitations contained in the plan, including those described in the following paragraph, our compensation committee may, in its discretion, accelerate the exercisability, the lapsing of restrictions or the expiration of deferral or vesting periods of any award. In the event of a “change in control” of our company, as defined in the plan, any restrictions, deferral of settlement, and forfeiture conditions applicable to an award will not lapse, and any performance goals and conditions applicable to an award will not be deemed to have been met, as of the time of the change in control, unless either (i) we are the surviving entity in the change in control and the award does not continue to be outstanding after the change in control on substantially the same terms and conditions as were applicable immediately prior to the change in control or (ii) the successor company does not assume or substitute for the applicable award, as determined in accordance with the terms of the plan. In the event of a change in control and either, (i) we are the surviving entity in the change in control and the award does not continue to be outstanding after the change in control on substantially the same terms and conditions as were applicable immediately prior to the change in control or (ii) the successor company does not assume or substitute for the applicable award, as determined in accordance with the terms of the plan, the applicable award agreement may provide that any restrictions, deferral of settlement, and forfeiture conditions applicable to an award will lapse, and any performance goals and conditions applicable to an award shall be deemed to have been met, as of the time of the change in control. If the award continues to be outstanding after the change in control on substantially the same terms and conditions as were applicable immediately prior to the change in control, or the successor company assumes or substitutes for the applicable award, as determined in accordance with the plan, the applicable award agreement may provide that with respect to each award held by such participant at the time of the change in control, in the event a participant’s employment is terminated without “cause” by our company or any Related Entity or by such successor company or by the participant for “good reason,” as those terms are defined in the plan, within 24 months following such change in control, any restrictions, deferral of settlement, and forfeiture conditions applicable to each such award will lapse, and any performance goals and conditions applicable to each such award will be deemed to have been met, as of the date on which the participant’s employment is terminated.

Amendment and termination. Our Board of Directors may amend, alter, suspend, discontinue, or terminate the plan or our compensation committee’s authority to grant awards without further stockholder approval, except that stockholder approval must be obtained for any amendment or alteration if such approval is required by law or regulation or under the rules of any stock exchange or quotation system on which shares of our common stock are then listed or quoted; provided that, except as otherwise permitted by the plan or an award agreement, without the consent of an affected participant, no such action by our Board of Directors may materially and adversely affect the rights of such participant under the terms of any previously granted and outstanding award. The plan will terminate at the earliest of (i) such time as no shares of common stock remain available for issuance under the plan, (ii) termination of the plan by our Board of Directors, or (iii) the tenth anniversary of the effective date of the plan.

Following the listing of our common stock on Nasdaq, we intend to compensate each non-employee director through annual stock option grants or other equity-based awards, and/or in combination with a cash fee. Currently, our directors do not receive salaries or fees for serving on our board of directors, nor do they receive any compensation for serving on committees. No compensation was paid to our directors in the year ended December 31, 2024. Our board of directors will review director compensation annually and adjust it according to then current market conditions and good business practices.

The registered stockholders include our affiliates and certain other stockholders with “restricted securities” (as defined in Rule 144 under the Securities Act) who, because of their status as affiliates pursuant to Rule 144 or because they acquired their capital stock from an affiliate or from us within the prior 12 months, would be unable to sell their securities pursuant to Rule 144 until we have been subject to the reporting requirements of Section 13 or Section 15(d) the Exchange Act for a period of at least 90 days. The registered stockholders may, or may not, elect to sell their shares of common stock covered by this prospectus, as and to the extent they may determine. Such sales, if any, will be made through brokerage transactions on Nasdaq at prevailing trading prices. As such, we will have no input if and when any registered stockholder may, or may not, elect to sell their shares of common stock or the prices at which any such sales may occur. See the section titled “Plan of Distribution.”

Information concerning the registered stockholders may change from time to time and any changed information will be set forth in supplements to this prospectus, if and when necessary. Because the registered stockholders may sell all, some, or none of the shares of common stock covered by this prospectus, we cannot determine the number of such shares of common stock that will be sold by the registered stockholders, or the amount or percentage of common stock that will be held by the registered stockholders upon consummation of any particular sale. In addition, the registered stockholders listed in the table below may have sold, transferred, or otherwise disposed of, or may sell, transfer, or otherwise dispose of, at any time and from time to time, our common stock in transactions exempt from the registration requirements of the Securities Act, after the date on which they provided the information set forth in the table below.

The registered stockholders are not entitled to any registration rights with respect to our common stock. However, we currently intend to use our reasonable efforts to keep the registration statement effective for a period of 90 days after the effectiveness of the registration statement. We are not party to any arrangement with any registered stockholder or any broker-dealer with respect to sales of shares of common stock by the registered stockholders. However, we have engaged a financial advisor with respect to certain other matters relating to our listing. See the section titled “Plan of Distribution.”

The registered stockholders have not, nor have they within the past three years had, any position, office or other material relationship with us, other than as disclosed in this prospectus. See the sections titled “Management” and “Certain Relationships and Related Party Transactions” for further information regarding the registered stockholders.

Beneficial ownership is determined in accordance with the SEC’s rules. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, shares of common stock subject to stock options or warrants held by that person that are currently exercisable or exercisable within 60 days of the Beneficial Ownership Date and shares of restricted stock subject to vesting until the occurrence of certain events, including the listing of our common stock on Nasdaq, are deemed outstanding, but are not deemed outstanding for computing the percentage ownership of any other person. Percentage of beneficial ownership is based on 8,007,813 shares of common stock outstanding as of the Beneficial Ownership Date and as adjusted to reflect the Recapitalization transactions and the Envoy Acquisition Stock Issuance.

To our knowledge, except as set forth in the footnotes to this table and subject to applicable community property laws, each person named in the table has sole voting and investment power with respect to the shares set forth opposite such person’s name. Except as otherwise indicated, the address of each of the persons in this table is c/o Envoy Technologies, Inc., 8575 Washington Blvd., Culver City, California 90232.

Our board of directors intends to adopt a written related person transaction policy to set forth the policies and procedures for reviewing and approving or ratifying related person transactions. Related persons include any executive officer, director, or a holder of more than 5% of our common stock, including any of their immediate family members and any entity owned or controlled by such persons. Related person transactions refer to any transaction, arrangement or relationship, or any series of similar transactions, arrangements or relationships in which (i) we were or are to be a participant, (ii) the amount involved exceeds $120,000, and (iii) a related person had or will have a direct or indirect material interest. Related person transactions include, without limitation, purchases of goods or services by or from the related person or entities in which the related person has a material interest, indebtedness, guarantees of indebtedness, and employment by us of a related person, in each case subject to certain exceptions set forth in Item 404 of Regulation S-K under the Securities Act.

We expect that the policy will provide that in any related person transaction, our audit committee, and board of directors will consider all of the available material facts and circumstances of the transaction, including: the direct and indirect interests of the related persons; in the event the related person is a director (or immediate family member of a director or an entity with which a director is affiliated), the impact that the transaction will have on a director’s independence; the risks, costs and benefits of the transaction to us; and whether any alternative transactions or sources for comparable services or products are available. After considering all such facts and circumstances, our audit committee and board of directors will determine whether approval or ratification of the related person transaction is in our best interests. For example, if our audit committee determines that the proposed terms of a related person transaction are reasonable and at least as favorable as could have been obtained from unrelated third parties, it will recommend to our board of directors that such transaction be approved or ratified. In addition, once we become a public company, if a related person transaction will compromise the independence of one of our directors, our audit committee may recommend that our board of directors reject the transaction if it could affect our ability to comply with securities laws and regulations or Nasdaq listing requirements.

Each transaction described in “Certain Relationships and Related Party Transactions” was entered into prior to the adoption of our audit committee charter and the foregoing policy proposal.

As of December 31, 2024, Blink Charging made payments of certain operating expenses, investing activities and financing activities on our behalf in the aggregate amount of $8,196,795.

During the Successor periods for the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023, we received net advances from Blink Charging in the aggregate amount of $4,470,374 and $3,726,421, respectively. While there is no stated interest rate or definitive repayment terms associated with this liability, the outstanding amount will be included in the outstanding balance under the revolving loan agreement we plan to enter into with Blink Charging and will be repaid in accordance with the terms thereof.

On ______ 2025, we entered into a revolving loan agreement with Blink Charging, pursuant to which we may borrow from time to time up to ________ from Blink Charging to be used by us to fund our working capital needs, including technology development and other growth initiatives in connection with our electric car-sharing service and platform. Borrowings under the agreement are unsecured and bear interest at a market rate reflecting Blink Charging’s cost of borrowing such funds (initially 5% per annum), with accrued interest added to the outstanding principal amount. The principal balance outstanding is due on ______, 202__, subject to mandatory prepayment of principal and interest, in whole or in part, from the net cash proceeds of any public or private, equity or debt financing made by us at any time before maturity. Blink Charging’s obligation to lend funds to us is subject to a number of conditions, including review by Blink Charging of the proposed use of such proceeds by us. As of ________, 2025, the principal balance of the loan, together with accrued interest, totaled $_____.

In connection with our direct listing, we have entered into a transition services agreement with Blink Charging under which Blink Charging will provide us with experienced personnel and related resources in connection with administrative, management, and technical services, as may be necessary or desirable, or as we may reasonably request or require, to help facilitate the business and operations of our company as a stand-alone public entity, for up to 12 months following the listing of our common stock on Nasdaq. The aggregate annual fee payable pursuant to this agreement is expected to be approximately $400,000.

See “Our Strategic Relationship with Blink Charging and the Potential Distribution—Our Strategic Relationship with Blink Charging” for additional information.

In April 2022, we entered into a master software development and license agreement with Mobility, pursuant to which we were engaged to provide a mobile application to assist a subsidiary of Mobility in its car-sharing operations in the City of Los Angeles. Under the terms of the agreement, we retained all rights, title, and interest in the mobile application and agreed to license the mobile application to Mobility for a term of ten years. In exchange for the development of the mobile application and the license to use such mobile application, Mobility agreed to pay us $272,000 in cash over four months and certain monthly license fees and to reimburse us for all reasonable out-of-pocket expenses approved by Mobility. Additionally, during the period that we were developing the mobile application, Blink Charging issued two 6% secured convertible promissory notes to us in the aggregate principal amount of $1.25 million (the “Initial Notes”). The notes bear interest at a rate of 6% per annum and mature five years from the date of issuance unless a change of control or financing occurred prior to the fifth anniversary of issuance. The master software development and license agreement has been fully performed and is no longer in effect.

In June 2022, Blink Charging entered into a letter of intent with us, pursuant to which, subject to negotiation and execution of a definitive agreement, Mobility would acquire our company. In September 2022, Blink Charging entered into two letter agreements with us, pursuant to which (i) we agreed to accelerate the development of the mobile application in anticipation of our potential acquisition by Mobility, and Blink Charging agreed to extend additional loans to our company to enable us to accelerate such development, and (ii) Blink Charging agreed to extend to us additional 6% secured convertible promissory notes of up to $950,000 in principal amount for hiring developers and to support our operations until the development of the mobile application was completed and accepted by Mobility. Blink Charging ultimately issued 6% secured convertible promissory notes to our company in an aggregate principal amount of $942,000 (the “Grid Notes”), which increased the total principal amount loaned by Blink Charging to us to $2.2 million in 2022.

In connection with our acquisition by Mobility in April 2023, the Initial Notes were repaid in full and $200,000 in principal amount of the Grid Notes was repaid from cash consideration. The Grid Notes have previously been paid in full.

On April 18, 2023, Blink Charging completed the acquisition of all the outstanding shares of capital stock of our company through its Mobility subsidiary, pursuant to the Envoy Technologies Merger Agreement.

Additionally, Mobility agreed that in the event an initial public offering or a direct listing occurred on or before August 18, 2024, to issue $18,500,000 of shares of its common stock or of its successor’s common stock to the former Envoy Technologies stockholders. The dollar amount value of shares of common stock would increase to $21,000,000 or $23,000,000 worth of shares if the offering or listing occurs after August 18, 2024 through December 18, 2024 or after December 18, 2024 through June 2, 2025, respectively. We are the successor of the EV-sharing business and assets of Mobility and have entered into an Intracompany Transfer Agreement with Blink Charging and other subsidiaries to consolidate all of the properties, assets, business and goodwill relating to EV-sharing into our company. The payment of shares of our common stock will be at $8.00 per share, assuming an initial reference price of $8.00 per share of our common stock in our direct listing, and will be issued prior to the effectiveness of the registration statement of which this prospectus forms a part.

Aric Ohana, the Chief Executive Officer of our company, previously served in a similar capacity with Envoy Technologies prior to its acquisition by Blink Charging and owned shares of the company. He will receive 507,497 shares of our common stock from the Envoy Acquisition Stock Issuance. No former Envoy Technologies stockholder will own beneficially more than 5% of our outstanding common stock after giving effect to the Envoy Acquisition Stock Issuance.

We intend to enter into an indemnification agreement with each of our directors and executive officers. The indemnification agreements and our certificate of incorporation and bylaws require us to indemnify our directors and executive officers to the fullest extent permitted by Delaware law.

The following description summarizes important terms of our capital stock. For a complete description, you should refer to our third amended and restated certificate of incorporation and second amended and restated bylaws, which are incorporated by reference to the exhibits to the registration statement of which this prospectus is a part, as well as the relevant portions of Delaware law. References to our certificate of incorporation and bylaws are to our third amended and restated certificate of incorporation and our second amended and restated bylaws, respectively.

Our authorized capital stock consists of 60,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share, all of which shares of preferred stock are undesignated. Our board of directors may establish the rights and preferences of the preferred stock from time to time. Immediately prior to our direct listing, there will be 8,007,813 shares of common stock issued and outstanding and no shares of preferred stock issued or outstanding.

Each holder of our common stock is entitled to one vote for each share on all matters to be voted upon by the stockholders and there are no cumulative rights. Subject to any preferential rights of any outstanding preferred stock, holders of our common stock are entitled to receive ratably the dividends, if any, as may be declared from time to time by the board of directors out of legally available funds. If there is a liquidation, dissolution or winding up of our company, holders of our common stock would be entitled to share in our assets remaining after the payment of liabilities and any preferential rights of any outstanding preferred stock.

Holders of our common stock have no preemptive or conversion rights or other subscription rights, and there are no redemption or sinking fund provisions applicable to the common stock. All outstanding shares of our common stock will be fully paid and non-assessable. The rights, preferences and privileges of the holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock which we may designate and issue in the future.

Under the terms of our certificate of incorporation, our board of directors is authorized to issue shares of preferred stock in one or more series without stockholder approval. Our board of directors has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

The purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing flexibility in connection with possible future acquisitions and other corporate purposes, will affect, and may adversely affect, the rights of holders of common stock. It is not possible to state the actual effect of the issuance of any shares of preferred stock on the rights of holders of common stock until the board of directors determines the specific rights attached to that preferred stock. The effects of issuing preferred stock could include one or more of the following:

Effect of Certain Provisions of our Charter and Bylaws and the Delaware Anti-Takeover Statute

Certain provisions of Delaware law, our certificate of incorporation and our bylaws contain provisions that could have the effect of delaying, deferring or discouraging another party from acquiring control of us. These provisions, which are summarized below, may have the effect of discouraging coercive takeover practices and inadequate takeover bids. These provisions are also designed, in part, to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.

The Delaware General Corporation Law provides that stockholders are not entitled to the right to cumulate votes in the election of directors unless our certificate of incorporation provides otherwise. Our certificate of incorporation and bylaws prohibit cumulative voting in the election of directors.

The ability to authorize undesignated preferred stock makes it possible for our board of directors to issue one or more series of preferred stock with voting or other rights or preferences that could impede the success of any attempt to change control. These and other provisions may have the effect of deferring hostile takeovers or delaying changes in control or management of our company.

Our charter documents provide that a special meeting of stockholders may be called only by resolution adopted by our board of directors, chairman of the board of directors or chief executive officer or upon the written request of stockholders owning at least 33¹/3% of the outstanding common stock. Stockholder owning less than such required amount may not call a special meeting, which may delay the ability of our stockholders to force consideration of a proposal or for holders controlling a majority of our capital stock to take any action, including the removal of directors.

Our charter documents provide that any action required or permitted to be taken by the stockholders of the company must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing by the stockholders; provided that for so long as Blink Charging beneficially owns at least a majority of the voting power of all then-outstanding shares of our common stock entitled to vote, any action which is required or permitted to be taken by our company’s stockholders may be taken by written consent.

Requirements for advance notification of stockholder nominations and proposals

Our bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors. However, our bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed. These provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company.

The amendment of certain provisions (including the above provisions) of our certificate of incorporation and bylaws requires approval by holders of at least two-thirds of our outstanding capital stock entitled to vote generally in the election of directors.

Upon the listing of our common stock on Nasdaq, we will be subject to the provisions of Section 203 of the Delaware General Corporation Law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a three-year period following the time that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. Under Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions:

● before the stockholder became interested, our board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

● upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans, in some instances, but not the outstanding voting stock owned by the interested stockholder; or

● At or after the time the stockholder became interested, the business combination was approved by our board of directors and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.

● any merger or consolidation involving the corporation and the interested stockholder;

● any sale, transfer, lease, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;

● subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;

● subject to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; and

● the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation.

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by the entity or person.

The Delaware General Corporation Law limits or eliminates the personal liability of directors to corporations and their stockholders for monetary damages for breaches of directors’ fiduciary duties as directors. Our bylaws include provisions that require the company to indemnify our directors or officers against monetary damages for actions taken as a director or officer of our company. We are also expressly authorized to carry directors’ and officers’ insurance to protect our directors, officers, employees, and agents for certain liabilities. Our certificate of incorporation does not contain any limiting language regarding director immunity from liability.

The limitation of liability and indemnification provisions under Delaware General Corporation Law and our certificate of incorporation and bylaws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duties. These provisions may also reduce the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. However, these provisions do not limit or eliminate our rights, or those of any stockholder, to seek non-monetary relief such as injunction or rescission in the event of a breach of a director’s fiduciary duties. Moreover, the provisions do not alter the liability of directors under the federal securities laws. In addition, your investment may be adversely affected to the extent that, in a class action or direct suit, we pay the costs of settlement and damage awards against directors and officers under these indemnification provisions.

We intend to list our shares of common stock for trading on The Nasdaq Capital Market under the symbol “EVOY.” This listing is a condition to completing of our direct listing.

The transfer agent and registrar for our common stock will be ClearTrust, LLC, 16540 Pointe Village Drive, Suite 210, Lutz, Florida 33558.

Prior to the listing of our common stock on Nasdaq, there has been no public market for our common stock, and we cannot predict the effect, if any, that market sales of shares of our common stock or the availability of shares of our common stock for sale will have on the market price of our common stock prevailing from time to time. Sales of substantial amounts of our common stock in the public market following our listing on Nasdaq, or the perception that such sales could occur, could adversely affect the public price of our common stock and may make it more difficult for you to sell your common stock at a time and price that you deem appropriate. We will have no input if and when any registered stockholder may, or may not, elect to sell its shares of common stock or the prices at which any such sales may occur. Future sales of our common stock in the public market, or the availability of such shares for sale in the public market, could adversely affect market prices prevailing from time to time.

Upon the effectiveness of the registration statement of which this prospectus forms a part, based on the number of shares of our common stock outstanding as of April 30, 2025 and after giving effect to the Recapitalization transactions and the Envoy Acquisition Stock Issuance, we will have a total of 8,007,813 shares of our common stock outstanding, of which 7,812,500 shares will be “restricted securities” (as defined in Rule 144 under the Securities Act), as such shares will be held by affiliates or acquired from an affiliate or from us within the prior 12 months, and 195,313 shares will be unrestricted as such shares will be issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 1145 of the U.S. Bankruptcy Code. Section 1145 of the U.S. Bankruptcy Code exempts the offer and sale of securities under the bankruptcy plan from registration under Section 5 of the Securities Act and state laws if certain requirements are satisfied. Accordingly, the 195,313 shares of our common stock may be resold without registration unless the seller is an “underwriter” with respect to such shares.

Following the listing of our common stock on Nasdaq, shares of our common stock may be sold either by the registered stockholders pursuant to this prospectus or by our other existing stockholders in accordance with Rule 144 of the Securities Act. Shares of our common stock will be deemed “restricted securities” (as defined in Rule 144 under the Securities Act). Restricted securities may be sold in the public market only if they are registered or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act, which rules are summarized below.

As further described below, until we have been a reporting company for at least 90 days, only non-affiliates who have beneficially owned their shares of common stock for a period of at least one year will be able to sell their shares of common stock under Rule 144. We currently anticipate that all shares not immediately saleable under Rule 144 will be registered pursuant to the registration statement of which this prospectus forms a part, and that the registration statement of which this prospectus remains a part will remain effective for a period of at least 180 days after the effectiveness of the Registration Statement.

In general, under Rule 144 of the Securities Act, as in effect on the date of this prospectus, a person (or persons whose shares are aggregated) who has beneficially owned restricted stock for at least six months, will be entitled to sell in any three-month period a number of shares that does not exceed the greater of:

Our affiliates who have beneficially owned shares of our common stock for at least six months, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell within any three-month period a number of shares that does not exceed the greater of:

Sales pursuant to Rule 144 are subject to requirements relating to manner of sale, notice and availability of current public information about us. A person (or persons whose shares are aggregated) who is not deemed to be an affiliate of ours for 90 days preceding a sale, and who has beneficially owned restricted stock for at least one year is entitled to sell such shares without complying with the manner of sale, public information, volume limitation or notice provisions of Rule 144. Rule 144 will not be available to any stockholders until we have been subject to the reporting requirements of the Exchange Act for 90 days.

Following the listing of our common stock on Nasdaq, we intend to file a registration statement on Form S-8 under the Securities Act to register the shares of our common stock that are issuable pursuant to our 2025 Incentive Compensation Plan. Shares covered by this registration statement will be eligible for sale in the public markets, subject to vesting restrictions and Rule 144 limitations applicable to affiliates.

Rule 701 under the Securities Act, as in effect on the date of this prospectus, permits resale of shares in reliance upon Rule 144 but without compliance with certain restrictions of Rule 144, including the holding period requirement. Most of our employees, executive officers, directors or consultants who purchased shares under a written compensatory plan or contract may be entitled to rely on the resale provisions of Rule 701, but all holders of Rule 701 shares are required to wait until 90 days after the date of this prospectus before selling their shares.

We have applied to list our common stock on The Nasdaq Capital Market. Prior to the listing of our common stock on Nasdaq, there has been no public market for our common stock. Our common stock also does not have a history of trading in private purchases. Other than the acquisition of our company by Blink Charging on April 18, 2023, there have been no recent private transactions involving our common stock, nor does our stock have a history of trading in private markets. As a result, there is no recent private transaction price history that could inform or influence the Current Reference Price to be determined by Nasdaq.

In addition, because this is not an underwritten initial public offering, there will be no predetermined public offering price or initial sale by underwriters. The absence of such pricing could affect the range of buy and sell orders Nasdaq receives from broker-dealers before trading opens. Consequently, upon listing on Nasdaq, the trading price of our common stock upon listing may be more volatile than in a traditional initial public offering and could decline significantly and rapidly. Accordingly, you should not place undue reliance on prices from historical transactions, as they may differ materially from the opening and subsequent public trading prices on Nasdaq. See “Risk Factors—Risks Related to Ownership of Our Common Stock—The public trading price of our common stock may be volatile and could, upon listing on Nasdaq, decline significantly and rapidly.”

The registered stockholders, which as used herein includes donees, pledgees, transferees or other successors-in-interest selling common stock or interests in stock received after the date of this prospectus from a registered stockholder as a gift, pledge, partnership distribution or other transfer, may, from time to time, sell transfer or otherwise dispose of any or all of their shares of common stock or interests in stock covered hereby pursuant to brokerage transactions on Nasdaq, or other public exchanges or registered alternative trading venues, at prevailing market prices at any time after the shares of common stock are listed for trading. We are not party to any arrangement with any registered stockholder or any broker-dealer with respect to sales of shares of common stock by the registered stockholders, except we have engaged a financial advisor with respect to certain other matters relating to our listing, as further described below. As such, we will have no input if and when any registered stockholder may, or may not, elect to sell their shares of common stock or the prices at which any such sales may occur, and there can be no assurance that any registered stockholders will sell any or all of the shares of common stock covered by this prospectus.

We will not receive any proceeds from the sale of shares of common stock by the registered stockholders. We will recognize costs related to this direct listing and from the transition to a publicly traded company consisting of professional fees and other expenses. We will expense these amounts in the period incurred and not deduct these costs from net proceeds to the issuer as if this were an initial public offering.

On the day that our shares of common stock are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute “Display Only” period, is disseminated, along with other indicative imbalance information, to market participants by Nasdaq on its NOII and BookViewer tools. Following the “Display Only” period, a “Pre-Launch” period begins, during which the financial advisor, in its capacity as our financial advisor, must notify Nasdaq that our shares are “ready to trade.” Once the financial advisor has notified Nasdaq that our shares of common stock are ready to trade, Nasdaq will confirm the Current Reference Price for our shares of common stock, in accordance with Nasdaq rules. If the financial advisor then approves proceeding at the Current Reference Price, the applicable orders that have been entered will then be executed at such price and regular trading of our shares of common stock on Nasdaq will commence, subject to Nasdaq conducting validation checks in accordance with Nasdaq rules.

Under Nasdaq rules, the Current Reference Price means: (i) the single price at which the maximum number of orders to buy or sell can be matched; (ii) if there is more than one price at which the maximum number of orders to buy or sell can be matched, then it is the price that minimizes the imbalance between orders to buy or sell (i.e. minimizes the number of shares that would remain unmatched at such price); (iii) if more than one price exists under (ii), then it is the entered price (i.e. the specified price entered in an order by a customer to buy or sell) at which our shares of common stock will remain unmatched (i.e. will not be bought or sold); and (iv) if more than one price exists under (iii), a price determined by Nasdaq in consultation with the Advisor in its capacity as our financial advisor. In the event that more than one price exists under (iii), the financial advisor will exercise any consultation rights only to the extent that it can do so consistent with the anti-manipulation provisions of the federal securities laws, including Regulation M, or applicable relief granted thereunder.

In determining the Current Reference Price, Nasdaq’s cross algorithms will match orders that have been entered into and accepted by Nasdaq’s system. This occurs with respect to a potential Current Reference Price when orders to buy shares of common stock at an entered bid price that is greater than or equal to such potential Current Reference Price are matched with orders to sell a like number of shares of common stock at an entered asking price that is less than or equal to such potential Current Reference Price. To illustrate, as a hypothetical example of the calculation of the Current Reference Price, if Nasdaq’s cross algorithms matched all accepted orders as described above, and two limit orders remained — a limit order to buy 500 shares of common stock at an entered bid price of $10.01 per share and a limit order to sell 200 shares of common stock at an entered asking price of $10.00 per share — the Current Reference Price would be selected as follows:

The financial advisor will determine when our shares of common stock are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations of volume, timing and price. In particular, the financial advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open trading at the Current Reference Price. If the financial advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate pre-opening buy and sell interest), the financial advisor will request that Nasdaq delay the opening until such a time that sufficient price discovery has been made to ensure that a reasonable amount of volume crosses on the opening trade. Further, in the highly unlikely event that Nasdaq consults with the financial advisor as described in clause (iv) of the definition of Current Reference Price, the Advisor would request that Nasdaq delay the opening to ensure a single opening price within clauses (i), (ii) or (iii) of the definition of the Current Reference Price. Under Nasdaq rules, in the event of such delay, prior to terminating such delay, there will be a 10-minute “Display Only” period during which market participants may enter quotes and orders in shares of our common stock in Nasdaq systems. In addition, beginning at 4:00 a.m., market participants may enter orders in shares of our common stock on Nasdaq. Such orders will be accepted and entered into the system. After the conclusion of the 10-minute “Display Only” period, our common stock will enter a “Pre-Launch” period of indeterminate duration. The “Pre-Launch” period will end and shares of our common stock will be released for trading by Nasdaq when certain conditions are met, including Nasdaq’s receipt of notice from the financial advisor that our shares of common stock are ready to trade, after which the Nasdaq system will calculate the Current Reference Price at that time and display it to the financial advisor. If the financial advisor then approves proceeding, the Nasdaq system will conduct certain validation checks. The financial advisor, with concurrence of Nasdaq, may determine at any point during the delay process up through the conclusion of the “Pre-Launch” period to postpone and reschedule our direct listing. The registered stockholders will not be involved in Nasdaq’s price-setting mechanism and will not coordinate or be in communication with the financial advisor including with respect to any decision by the financial advisor to delay or proceed with trading.

Similar to a Nasdaq-listed firm commitment underwritten initial public offering, in connection with the listing of our shares of common stock, buyers and sellers who have subscribed will have access to Nasdaq’s Order Imbalance Indicator, or the Net Order Imbalance Indicator, a widely available, subscription-based data feed, prior to submitting buy or sell orders. Nasdaq’s electronic trading platform simulates auctions every second to calculate a Current Reference Price, the number of shares of common stock that can be paired off the Current Reference Price, the number of shares of common stock that would remain unexecuted at the Current Reference Price and whether a buy-side or sell-side imbalance exists, or whether there is no imbalance, to disseminate that information continuously to buyers and sellers via the Net Order Imbalance Indicator data feed.

However, because this is not an underwritten initial public offering, there will be no traditional book building process (that is, an organized process pursuant to which buy and sell interest is coordinated in advance to some prescribed level – the “book”). Moreover, prior to the opening trade, there will not be a price at which underwriters initially sold shares of common stock to the public, as there would be in an underwritten initial public offering. The lack of an initial public offering price could impact the range of buy and sell orders collected by Nasdaq from various broker-dealers. Consequently, the public price of our shares of common stock may be more volatile than in a traditional underwritten initial public offering and could, upon being listed on Nasdaq, decline significantly and rapidly.

In addition, to list on Nasdaq, we are also required to have at least three registered and active market makers. We expect that the financial advisor will act as a registered and active market maker and will engage other market makers.

In addition to sales made pursuant to this prospectus, the shares of common stock covered by this prospectus may be sold by the registered stockholders in private transactions exempt from the registration requirements of the Securities Act, and the registered stockholders may distribute the shares of common stock covered by this prospectus to affiliates, managers, members, partners, equity holders, and/or other interest holders of such registered stockholders.

Under the securities laws of some states, shares of common stock may be sold in such states only through registered or licensed brokers or dealers. If any of the registered stockholders utilize a broker-dealer in the sale of the shares of common stock being offered by this prospectus, such broker-dealer may receive commissions in the form of discounts, concessions, or commissions from such registered stockholder or commissions from purchasers of the shares of common stock for whom they may act as agent or to whom they may sell as principal.

We have engaged Roth Capital Partners LLC to serve as our financial advisor to advise and assist us with respect to certain matters relating to our direct listing. The services expected to be performed by Roth Capital Partners will include providing advice and assistance with respect to defining objectives, analyzing, structuring and planning our direct listing, developing and assisting with our investor communication strategy in relation to our direct listing, and being available to consult with Nasdaq, including on the day that our shares of common stock are initially listed on Nasdaq. Roth Capital Partners has provided, and may in the future provide, various investment banking and other financial advisory services for Blink Charging for which services it has received, and may receive in the future, customary fees. Specifically, Roth Capital Partners acted as a selling agent for Blink Charging in connection with its “ATM” equity offering program and acted as an underwriter for Blink Charging in connection with its public offerings in February 2023 and January 2021. Other than the foregoing, Roth Capital Partners does not have any material relationship with us or any of our officers, directors or controlling persons, except with respect to serving as the financial advisor in connection with this direct listing.

Section 145 of the Delaware General Corporation Law, as amended, authorizes us to indemnify any director or officer under certain prescribed circumstances and subject to certain limitations against certain costs and expenses, including attorney’s fees actually and reasonably incurred in connection with any action, suit or proceeding, whether civil, criminal, administrative or investigative, to which a person is a party by reason of being one of our directors or officers if it is determined that such person acted in accordance with the applicable standard of conduct set forth in such statutory provisions. Our certificate of incorporation contains provisions relating to the indemnification of director and officers and our bylaws extend such indemnities to the full extent permitted by Delaware law. We currently maintain insurance for the benefit of any director or officer, which covers claims for which we could not indemnify such persons.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.

The validity of the shares of common stock offered hereby will be passed upon for the issuer by Olshan Frome Wolosky LLP, New York, New York. The financial advisor has been represented in connection with this direct listing by Loeb & Loeb LLP, New York, New York.

The financial statements of Envoy Technologies, Inc. as of December 31, 2024 and the related statements of operations, changes stockholder’s equity and cash flows for the year ended December 31, 2024 and as of December 31, 2023 and the related statements of operations, changes in stockholder’s equity and cash flows for the period from April 18, 2023 to December 31, 2023 (“Successor”) and the period from January 1, 2023 to April 17, 2023 (“Predecessor”) and the related notes to the financial statements (collectively referred to as the “financial statements”) appearing in this prospectus and registration statement have been audited by BPM LLP, an independent registered public accounting firm, as set forth in their report thereon appearing herein. Such financial statements have been included herein in reliance on the report (which contains an explanatory paragraph relating to Envoy Technologies, Inc.’s ability to continue as a going concern as described in Note 2 to the financial statements) given on the authority of such firm as experts in accounting and auditing.

We have filed with the SEC a registration statement on Form S-1, which includes exhibits, schedules and amendments, under the Securities Act with respect to the common stock we are offering pursuant to this prospectus. The rules and regulations of the SEC allow us to omit certain information from this prospectus that is included in the registration statement. Statements made in this prospectus concerning the contents of any contract, agreement or other document are summaries of all material information about the contract, agreement or other document summarized, but are not complete descriptions of all terms of those contracts, agreements or other documents. If we filed any of those contracts, agreements or other documents as an exhibit to the registration statement, you may read the contract, agreement or other document itself for a complete description of its terms. Upon effectiveness of the registration statement of which this prospectus forms a part, we will also be required to file annual, quarterly and special reports, proxy statements and other information with the SEC.

You can read our SEC filings, including the registration statement, over the Internet at the SEC’s website at www.sec.gov. You may also read and copy any document we file with the SEC at its public reference facilities at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. To receive copies of public records not posted to the SEC’s web site at prescribed rates, you may complete an online form at http://www.sec.gov, send a fax to (202) 772-9337 or submit a written request to the SEC, Office of FOIA/PA Operations, 100 F Street, N.E., Mail Stop 2736, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on their public reference room.

We have audited the accompanying financial statements of Envoy Technologies, Inc. (the “Company”) which comprise of the balance sheet as of December 31, 2024 and the related statements of operations, changes in stockholder’s equity and cash flows for the year then ended and the balance sheet as of December 31, 2023 and the related statements of operations, changes in stockholder’s equity and cash flows for the period from April 18, 2023 to December 31, 2023 (“Successor”) and for the period from January 1, 2023 to April 17, 2023 (“Predecessor”) and the related notes to the financial statements (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Envoy Technologies, Inc. as of December 31, 2024 and the results of its operations and its cash flows for the year then ended and as of December 31, 2023 and for the period from April 18, 2023 to December 31, 2023 (Successor) and for the period from January 1, 2023 to April 17, 2023 (Predecessor) in conformity with the accounting principles generally accepted in the United States of America.

As discussed in Note 3 to the financial statements, the Company identified errors related to the presentation of its equity accounts and an intercompany liability as a single caption titled Parent’s Net Investment as of December 31, 2023 and for the period from April 18, 2023 to December 31, 2023 (Successor). The Company decided to present its equity accounts disaggregated between preferred stock, common stock, additional paid-in capital and accumulated deficit. Accordingly, the balance sheet as of December 31, 2023, and the statement of changes in stockholder’s equity for the period from April 18, 2023 to December 31, 2023 (Successor) have been restated to correct the presentation.

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the entity has suffered recurring losses from operations and has a working capital deficit that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

These financial statements are the responsibility of the entity’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

On April 18, 2023, Blink Charging Co. (“Blink”) completed the acquisition of all the outstanding shares of capital stock of Envoy Technologies, Inc. pursuant to the Envoy Technologies Merger Agreement. As a result of Blink’s acquisition, a new basis of accounting was created on April 18, 2023. In these financial statements, the balance sheet, statement of operations, statement of changes in stockholder’s equity and statement of cash flows of the Company for the period from April 18, 2023 to December 31, 2023 are referred to herein as Successor financial information. The balance sheet, statements of operations, changes in stockholder’s equity and cash flows of the Company for the periods ended on or prior to April 17, 2023 are referred to herein as Predecessor financial statements. These carve-out financial statements are presented as if the Company had been operating as a stand-alone company during the Successor period (see Note 1).

Successor Period From April 18, 2023 to December 31, 2023 and Predecessor Period From January 1, 2023 to April 17, 2023

Envoy Technologies, Inc. (the “Company” or “Envoy” or “We”), a Delaware C corporation, is a vehicle sharing platform with an iOS/Android app that provides on-demand electric vehicles as an amenity to apartments, office buildings, and hotels. The Company equips real estate owners and operators with a new and innovative way to enhance the lifestyle of their tenants, members, and guests by providing Mobility as an Amenity™ service, a platform that offers a technology to reserve and access vehicles, driver insurance, maintenance, and electric vehicle chargers, electric fleet, fleet maintenance, full-service mobile app, customer support, and robust analytics. Envoy provides the technology, operations, and vehicles to implement private and dedicated auto-sharing as an amenity for any community. The Company was founded on June 14, 2016 and in 2017, its headquarters was established in Culver City, California.

In June 2022, the Company executed a non-binding letter of intent (“LOI”) with Blink Charging Co. (“Blink”), a publicly traded company on The Nasdaq Capital Market under the symbol “BLNK”. Concurrently with the execution of this LOI, the Company issued convertible notes to Blink of $1,250,000 to be secured by all the assets of the Company. Between September 2022 and October 2022, the Company issued additional convertible notes to Blink for aggregate proceeds of $950,000 for a total of $2,200,000 (collectively the “Blink Loans”). Blink is the ultimate parent of Envoy.

On April 18, 2023, Envoy, Blink Mobility, LLC (now known as Envoy Mobility, Inc. (“Mobility”)), a California limited liability company and wholly-owned subsidiary of Blink, Mobility Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of Mobility (“Merger Sub”), Fortis Advisors LLC, as equity holders’ agent (“Equityholders’ Agent”), and Blink entered into and, after all parties met the closing conditions, consummated the transactions contemplated under an Agreement and Plan of Merger, dated as of April 18, 2023 (the “Acquisition Agreement”). Pursuant to the Acquisition Agreement, Merger Sub merged with and into Envoy, whereupon the separate corporate existence of Merger Sub ceased, and Envoy was the surviving corporation of the merger and a wholly owned subsidiary of Mobility (the “Acquisition”).

Under the terms of the Acquisition Agreement, Mobility agreed, in the event an initial public offering or direct listing occurred on or before August 18, 2024, to issue $18,500,000 of shares of its common stock or of its successor’s common stock to the former Envoy stockholders. The dollar amount value of shares of common stock would increase to $21,000,000 or $22,500,000 worth of shares if the offering or listing occurs after August 18, 2024 through December 18, 2024 or after December 18, 2024 through April 18, 2025, respectively. In the event there is no initial public offering or direct listing of Mobility or its successor on or before April 18, 2025, Blink is to issue $21,000,000 of shares of its common stock to the former Envoy stockholders.

On each of March 10, 2025 and April 4, 2025, Mobility, Envoy and Equityholders’ Agent entered into Amendments Nos. 1 and 2 to the Acquisition Agreement (the “Merger Amendments”). The Merger Amendments extended the date by which Envoy would need to complete an underwritten initial public offering or direct listing by 45 days (to June 2, 2025 from April 18, 2025). In consideration for the extension, the value of shares of common stock to be issued to the former Envoy stockholders was increased to $23,000,000 from $22,500,000 (“Share Issuance Obligation”). Given that Envoy is the successor of Mobility, in the event that Envoy consummates a direct listing on or before June 2, 2025, Envoy will issue shares of its common stock to its former stockholders in satisfaction of the Share Issuance Obligation.

The accompanying financial statements have been prepared in accordance with U.S. GAAP.

A new basis of accounting was established on April 18, 2023 in connection with the Acquisition whereby the Company elected to apply pushdown accounting pursuant to ASC 805-50-30. In connection with the Acquisition, Mobility agreed to transfer consideration to the former stockholders of Envoy with an acquisition-date fair value of $30,900,000, of which, $18,118,000 was attributable to the Share Issuance Obligation. Envoy recognized the following amounts as of April 18, 2023 as a result of applying pushdown accounting: (i) intangible assets of $2,277,000 and (ii) goodwill of $30,118,000 (of which, $18,118,000 was attributable to the Share Issuance Obligation). The amount recognized as goodwill is attributable to the reputation of Envoy’s business that was acquired by Mobility, the workforce in place and the synergies to be achieved from the acquisition See Note 6 and Note 7 for additional details. In the event that Envoy consummates a direct listing on or before June 2, 2025 and, as a result, is obligated to issue $23,000,000 of shares of its common stock to its former stockholders in satisfaction of the Share Issuance Obligation, the Company will account for the share issuance by recording the following entries on the date that a direct listing is consummated: (i) record consideration payable in the amount of $18,118,000 (equal to the amount initially recorded on April 18, 2023 in connection with the application of pushdown accounting as described above) with a corresponding reduction of additional paid-in capital; (ii) recognize a loss on change in fair value of consideration payable in the amount of $4,882,000 with a corresponding increase to consideration payable in order to increase the liability to $23,000,000; and (iii) record the issuance of 2,875,000 shares of the Company’s common stock, assuming an initial reference price of $8.00 per share, by reducing consideration payable by $23,000,000 and recording common stock par value in the amount of $2,875 and additional paid-in capital in the amount of $22,997,125. In the event that Envoy does not consummate a direct listing on or before June 2, 2025, the Share Issuance Obligation represents an obligation of Blink. Given that it cannot be considered probable that an initial public offering or direct listing will be consummated until the time that it occurs, Envoy will not recognize a liability associated with the Share Issuance Obligation until such time that the direct listing is consummated.

In these financial statements, the statement of operations, statement of changes in stockholders’ deficit and statement of cash flows of the Company for the periods that ended on or prior to April 17, 2023 are referred to herein as “Predecessor” financial information and the balance sheets, statements of operations, statements of changes in stockholders’ equity and statements of cash flows of the Company beginning on April 18, 2023 are referred to herein as “Successor” financial information.

As of December 31, 2024, the Company had cash and cash equivalents and a working capital deficit of $291,763 and $9,491,875, respectively. During the Successor periods for the year ended December 31, 2024 and the period from April 18, 2023 to December 31, 2023 and the Predecessor period from January 1, 2023 to April 17 2023, the Company incurred net losses of $14,441,230, $6,172,313, and $2,219,470, respectively. The Company is expected to continue to incur net operating losses in its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date these financial statements are issued.

The Company’s continuation is dependent upon attaining and maintaining profitable operations and, until that time, raising additional capital as needed, but there can be no assurance that it will be able to close on sufficient financing. The Company’s ability to generate positive cash flow from operations is dependent upon generating sufficient revenues. To date, the Company’s ultimate parent, Blink has funded the Company’s operations. The Company cannot provide any assurances that it will be able to secure additional funding, either from Blink or from equity offerings or debt financings on terms acceptable to the Company, if at all. If the Company is unable to obtain the requisite amount of financing needed to fund its planned operations, it would have a material adverse effect on its business and ability to continue as a going concern, and it may have to curtail, or even cease, certain operations.

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which contemplate continuation of the Company as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the financial statements do not necessarily purport to represent realizable or settlement values. The financial statements do not include any adjustment that might result from the outcome of these uncertainties.

In connection with the preparation of the financial statements for the year ended December 31, 2024, the Company identified errors related to the presentation of the Company’s equity accounts as well as the classification of a certain liability in its previously issued financial statements as of December 31, 2023 and for the Successor period from April 18, 2023 to December 31, 2023 and the Predecessor one day period April 17, 2023 (the “Affected Period”).

The Company determined that the presentation of its equity accounts should be disaggregated between the following financial statement line item captions.

The Company was incorrectly presenting the equity of the Company as a single caption titled Parent’s Net Investment.

Additionally, the Company reclassified a liability due to Blink that was incorrectly included as a component of Parent’s Net Investment.

The Company evaluated the materiality of these misstatements both qualitatively and quantitatively in accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements in Current Year Financial Statements, and determined the effect of correcting these misstatements was material to the Affected Period. As a result of the material misstatements, the Company has restated its financial statements for the Affected Period in accordance with ASC 250, Accounting Changes and Error Corrections (the “Restated Financial Statements”).

A reconciliation from the amounts previously reported for the Affected Period to the restated amounts in the Restated Financial Statements is provided for the impacted financial statement line items below for: (i) the balance sheet as of December 31, 2023 and (ii) the statement of changes in stockholders’ equity for Successor period from April 18, 2023 to December 31, 2023 and Predecessor one day period April 17, 2023. The amounts labeled “Restatement Adjustments” represent the effects of the Restatement Adjustments.

The following table presents the effects of the Restatement Adjustments on the Company’s balance sheet as of December 31, 2023:

The following table presents the effects of the Restatement Adjustments on the Company’s statement of stockholder’s equity for the Successor period from April 18, 2023 to December 31, 2023:

No other financial statement areas, line items, or totals were impacted as a result of this restatement.

Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the financial statements. The Company’s significant estimates used in these financial statements include, but are not limited to goodwill, the carrying amount of intangible assets, right-of-use assets and related lease liability, and the recoverability and useful lives of long-lived assets. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates.

Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories:

Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.

Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.

Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

The Company considers cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities to meet the definition of financial instruments. As of December 31, 2024 and 2023, the carrying amount of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, loans, and notes payable approximates their fair value due to the relatively short period of time between their origination and their expected realization or payment.

In addition to assets and liabilities that are measured at fair value on a recurring basis, we also measure certain assets and liabilities at fair value on a nonrecurring basis. Our non-financial assets, including goodwill, intangible assets, operating and finance lease right- of -use- assets, and property, plant and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized.

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents in the financial statements. The Company has cash on deposits in several financial institutions which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. The Company reduces its credit risk by placing its cash and cash equivalents with major financial institutions. There were no cash equivalents as of December 31, 2024 and 2023.

Accounts receivable, net is carried at their contractual amounts, less a reserve for expected credit losses. The reserve represents the Company’s best estimate of expected credit losses it may experience in the Company’s receivable portfolio. As of December 31, 2024 and 2023, there was an allowance for expected credit losses of $47,114 and $11,090, respectively. Management estimates the allowance for credit losses based on an ongoing review of existing economic conditions, the financial conditions of the customers, historical trends in credit losses, future expected losses and the amount and age of past due accounts.

Property and equipment is stated at cost, net of accumulated depreciation and amortization which is recorded commencing at the in-service date using the straight-line method over the estimated useful lives of the assets which is generally six years.

When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the statements of operations for the respective period. Minor additions and repairs are expensed in the period incurred. Major additions and repairs which extend the useful life of existing assets are capitalized and depreciated using the straight-line method over their remaining estimated useful lives.

Electric Vehicle (“EV”) charging stations represents the cost, net of accumulated depreciation, of charging equipment and installation of the charging equipment that have been installed on the premises of participating owner/operator properties or are earmarked to be installed.

The Company’s long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company assesses the recoverability of its long-lived assets by monitoring current selling prices of car charging units in the open market, the adoption rate of various auto manufacturers in the EV market and projected car charging utilization at various public car charging stations throughout its network in determining fair value. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. During the Successor periods for the year ended December 31, 2024 and the period from April 18, 2023 to December 31, 2023 and the Predecessor period from January 1, 2023 to April 17, 2023, there was no impairment loss recognized related to property and equipment.

Goodwill is the excess of consideration paid for an acquired entity over the fair value of the amounts assigned to net assets acquired, including other identifiable intangible assets, and liabilities assumed in a business combination. To determine the amount of goodwill resulting from a business combination, the Company performs an assessment to determine the acquisition date fair value of the acquired company’s tangible and identifiable intangible assets and liabilities assumed. Goodwill is required to be evaluated for impairment on an annual basis or whenever events or changes in circumstances indicate the asset may be impaired. An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. These qualitative factors include: macroeconomic and industry conditions, cost factors, overall financial performance and other relevant entity-specific events. If the entity determines that this threshold is met, then the Company may apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Company determines fair value through multiple valuation techniques and weighs the results accordingly. The Company is required to make certain subjective and complex judgments in assessing whether an event of impairment of goodwill has occurred, including assumptions and estimates used to determine the fair value of its reporting units. The Company has elected to perform its annual goodwill impairment review on November 1 of each year utilizing a qualitative assessment to determine if it was more likely than not that the fair value of each of its reporting units was less than their respective carrying values. See Note 7 for additional discussion.

Identifiable intangible assets primarily include trade name, customer relationships, internally developed technology, and non-compete agreements. Amortizable intangible assets are amortized on a straight-line basis over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the assets may be impaired. If an indicator of impairment exists, the Company will compare the estimated future cash flows of the asset, on an undiscounted basis, to the carrying value of the asset. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, then impairment, if any, is measured as the difference between fair value and carrying value, with fair value typically based on a discounted cash flow model.

The Company is organized and operates as one operating and reportable segment. This determination is based on the management approach which designates internal information regularly available to the Chief Operating Decision Maker (“CODM”) for making decisions and assessing performance as the source of determination of the Company’s reportable segment. The Company has operated historically as a wholly owned subsidiary of Blink and Blink’s CODM, its CEO, has historically made operating decisions and assessing performance of the Company.

The CODM uses operating expenses, less impairment, as well as gross margin as the measure of profit or loss to allocate resources and assess performance. The CODM regularly reviews net loss as reported on the Company’s statements of operations. Financial forecasts and budget to actual results are used by the CODM to assess performance and allocate resources. Headcount and capital expenditures are also reviewed. The measure of significant segment expense is reported on the statements of operations within operating expenses. The CODM does not review significant segment expense at a level other than that presented in the Company’s statements of operations.

The measure of segment assets is reported on the balance sheet as total assets. The CODM does not review segment assets at a level other than that presented in the Company’s balance sheets.

The Company records redeemable convertible preferred stock at fair value on the dates of issuance, net of issuance costs. Upon the occurrence of certain events that are outside the Company’s control, including a deemed liquidation event, the preferred stockholders are entitled to receive up to their liquidation preference. Therefore, redeemable convertible preferred stock is classified outside of stockholders’ deficit on the balance sheet as events triggering the liquidation preferences are not solely within the Company’s control. The carrying values of the redeemable convertible preferred stock are adjusted to their liquidation preferences, if and when it becomes probable that such a liquidation event will occur.

The Company bifurcates embedded redemption and conversion options from their host instruments and accounts for them as freestanding derivative financial instruments at fair value if certain criteria are met. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable U.S. GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Debt discounts under these arrangements are amortized to interest expense using the interest method over the earlier of the term of the related debt or their earliest date of redemption.

The Company recognizes revenue in accordance with two different accounting standards: 1) ASC Topic 606, Revenue from Contracts with Customers (which addresses revenue from contracts with customers) and 2) ASC Topic 842, Leases (which addresses revenue from leases). As discussed further in this note, the majority of the Company’s revenue is accounted for under ASC Topic 842. The discussion below addresses the Company’s primary revenue types, based on the accounting standard used, in order to determine the accounting.

Lease revenues relate to revenues and expenses from electric vehicle-sharing and electric vehicle charging services provided to apartments, offices and hotels for use by their residents and guests and are recognized in accordance with ASC 842. The Company provides electric vehicles to be available for use and the contracting locations are invoiced on a monthly or quarterly basis under the terms of the agreement signed with each respective customer. Revenue is also derived from parties who schedule use of electric vehicles that are not provided specifically for exclusive use to a particular customer under an ongoing existing contractual arrangement.

The Company accounts for such rentals as operating leases. The lease terms are included in the Company’s contracts, and the determination of whether the Company’s contracts contain leases generally does not require significant assumptions or judgments. The Company’s lease revenues do not include material amounts of variable payments. The Company does not provide an option for the lessee to purchase the rented vehicle at the end of the lease.

The Company is unsure of when the customer will return the vehicles. As such, the Company does not know how much the customer will owe it upon return of the vehicle and, therefore, cannot provide a maturity analysis of future lease payments. The Company’s vehicles are generally rented for short periods of time (generally a few minutes to a few hours). Lessees do not provide residual value guarantees on rented vehicles.

The Company expects to derive significant future benefits from its vehicles following the end of the rental term. The Company’s vehicles are typically rented for the majority of the time that the Company owns or leases the underlying vehicle.

The Company recognizes revenue over the contractual period of performance of the rental term, which is short term in nature.

Subscription revenues represent a stand-ready obligation whereby the Company is obligated to provide access to its car-sharing platform over a period of time defined in the contract. In accordance with Topic 606, revenue from subscription is recognized on a straight-line basis over the contract term of the subscription.

Under the Envoy Amenity and Envoy City agreements, the Company recognizes subscription revenues on a straight-line basis over the duration of the contract. Furthermore, the Company recognizes initial start-up fees at the point in time the performance obligation is satisfied.

The Company has elected to apply the practical expedient to expense costs to obtain contracts at the time the liability is incurred when the expected amortization periods are one year or less. The transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The timing of the Company’s revenue recognition may differ from the timing of payment by its customers. A receivable is recorded when revenue is recognized prior to payment and the Company has an unconditional right to payment. An unbilled receivable is recorded when revenue is recognized prior to payment or an invoice being sent to the customer. Alternatively, when payment precedes the provision of the related goods or services, the Company records deferred revenue until the performance obligations are satisfied.

During the Successor periods for the year ended December 31, 2024 and the period April 18, 2023 to December 31, 2023 and the Predecessor period from January 1, 2023 to April 17, 2023, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods as specified by ASC 606-10-50-12A.

Revenues also include grants received from certain local and regional agencies that provide incentive grants related to environmental conscious initiatives that are being promoted by those jurisdictions, such as encouraging the use of electric vehicles. The Company recognized $69,517, $15,301 and $17,006 in grant revenue during the Successor periods for the year ended December 31, 2024 and the period from April 18, 2023 to December 31, 2023 and for the Predecessor period from January 1, 2023 to April 17, 2023, respectively.

Revenues also include certain ancillary activities and possible pass-through items including, but not limited to, installation of EV chargers, licensing income and miscellaneous fees. Revenues earned for such activities are recorded when the Company has fulfilled its obligations under the terms of the respective agreement and has earned the right to collect for services performed.

The following table summarizes revenue recognized during Successor periods and the Predecessor period:

Cost of revenue primarily consists of operating lease expenses for vehicles utilized to support vehicles used by its customers as well as the depreciation of vehicles that were obtained and capitalized under leases.

Cost of consists predominantly of revenue share arrangements, uncapitalizable repairs and maintenance performed on the fleet of vehicles as necessary from time to time. The Company enters into revenue share arrangements with the owners of the properties that lease vehicles for the use by their residents and guests. The percentage of revenue share is determined on a contract by contract basis and is recorded on a gross basis. In addition, cost of revenue also includes operating and finance lease expenses, insurance, relocation expenses, electric charging expenses, vehicle registration fees and various other miscellaneous expenses in support of keeping its fleet of vehicles clean and in good operable condition for utilization by its customer base.

The Company participates in various advertising programs. All costs related to advertising of the Company’s services are expensed in the period incurred. Advertising costs charged to operations for the Successor periods for the year ended December 31, 2024 and the period from April 18, 2023 to December 31, 2023 and the Predecessor period from January 1, 2023 to April 17, 2023 were $28,269, $5,456 and $223, respectively, and are included with sales and marketing expenses on the statements of operations.

Research and development costs are charged to the statements of operations as incurred. Research and development expenses consist of salaries and benefits, consulting fees and other expenses paid to employees as well as third parties primarily related to maintenance in support of its operational activities.

As of December 31, 2024, the Company had one significant customer representing approximately 22% of accounts receivable.

As of December 31, 2023, the Company had one significant customer representing approximately 41% of accounts receivable.

The Company did not have any customer concentrations in revenue for the Successor periods for year ended December 31, 2024 and the period from April 18, 2023 to December 31, 2023, or the Predecessor period from January 1, 2023 to April 17, 2023.

The Company measures the cost of services received in exchange for an award of equity instruments of Blink based on the fair value of the award. The fair value of the award is measured on the grant date and then is recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. As a result of the Acquisition on April 18, 2023, all awards issued during the Successor periods will be that of Blink. The Company did not recognize any stock-based compensation expense during the Successor periods for year ended December 31, 2024 and from April 18, 2023 to December 31, 2023 and the Predecessor period from January 1, 2023 to April 17, 2023.

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in its balance sheets. Finance lease right of use assets are included in finance lease ROU assets and finance lease liabilities are presented separately on the balance sheets.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. In the event a lease does not provide for an implicit rate, the Company uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. The Company generally does expect to exercise these options. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company provides charging services at designated locations on the host’s property at which the charging station is situated. In consideration thereof, the host shares in the monthly revenue generated by the charging station on a percentage basis. As the charging station monthly revenue generated is variable, the host’s monthly revenue derived there from is similarly variable. In accordance with ASC 842, the host’s portion of revenue is variable and not predicated on an index or rate, as defined, and, thus, these payments are not within the scope ASC 842. The Company may elect to sell vehicles at the end of the lease term, the gains and losses attributable to these transactions are included within general and administrative expenses on the statements of operations.

During the Successor periods for the year ended December 31, 2024 and the period from April 18, 2023 to December 31, 2023, the Company recognized a (gain) loss on disposal of leased vehicles of $(89,696) and $123,913, respectively, which was recorded within general and administrative expense on the statements of operations. During the Predecessor period from January 1, 2023 to April 17, 2023, the Company did not recognize a gain or loss on the disposal of leased vehicles.

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date. As of December 31, 2024 and 2023, the Company maintained a full valuation allowance against its deferred tax assets, since it is more likely than not that the future tax benefit on such temporary differences will not be realized.

The Company recognizes the tax benefit from an uncertain income tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement by examining taxing authorities. The Company’s policy is to recognize interest and penalties accrued on uncertain income tax positions in interest expense in the Company’s statements of operations. The Company had no material unrecognized tax benefits and no adjustments to its financial position.

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” related to improvements to income tax disclosures. The amendments in this update require enhanced jurisdictional and other disaggregated disclosures for the effective tax rate reconciliation and income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. The adoption of this pronouncement is not expected to have a material impact on the Company’s financial statements.

In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848” that extends the period of time preparers can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01, which are discussed above. ASU 2022-06, which was effective upon issuance, defers the sunset date of this prior guidance from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief guidance in Topic 848. The adoption of this ASU did not have a material impact on the Company’s financial statements and related disclosures.

In July 2023, the FASB issued ASU 2023-03, “Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock.” ASU 2023-03 amends the ASC for SEC updates pursuant to SEC Staff Accounting Bulletin No. 120; SEC Staff Announcement at the March 24, 2022 Emerging Issues Task Force (“EITF”) Meeting; and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock. These updates were immediately effective and did not have a significant impact on the Company’s financial statements.

In November 2023, the FASB issued an accounting standards update ASU 2023-07 “Segment Reporting: Improvements to Reportable Segment Disclosures” related to improvements to reportable segment disclosures. The amendments in this update require additional disclosure of significant expenses related to our reportable segments, additional segment disclosures on an interim basis, and qualitative disclosures regarding the decision-making process for segment resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this ASU did not have a material impact on the Company’s financial statements and related disclosures.

Depreciation and amortization expense for the Successor periods for the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023 and the Predecessor period from January 1, 2023 to April 17, 2023 was $33,631, $20,683 and $20,029, respectively.

Intangible assets in the amount of $2,277,000 were recorded in connection with the application of pushdown accounting associated with the Acquisition of the Company by Blink on April 18, 2023, which was recorded the Company’s balance sheet on April 18, 2023 with a corresponding credit to additional paid-in capital. See Note 1 for additional discussion.

Amortization expense during the Successor periods for the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023 was $515,062 and $360,863, respectively, and is included within general and administrative expenses on the statements of operations. There was no amortization expense related to intangible assets during the Predecessor period.

Goodwill in the amount of $30,118,000 was recorded in connection with the application of pushdown accounting associated with the Acquisition of the Company by Blink on April 18, 2023, which was recorded on the Company’s balance sheet on April 18, 2023 with a corresponding credit to additional paid-in capital. See Note 1 for additional discussion.

During the years ended December 31, 2024 and 2023, the Company considered the decline in its parent company Blink’s stock price to be an indicator of impairment and, accordingly, performed a quantitative impairment assessment of its goodwill and intangible assets. This assessment involved comparing the estimated fair value of each of its reporting unit to the reporting unit’s carrying value, inclusive of the goodwill balance allocated to the reporting unit.

Estimation of the fair value of the reporting unit performed by a third-party valuation firm used the projection of discounted future cash flows using certain assumptions that are subjective in nature, including assumptions related to historical and market growth rates and gross margin improvements, as well as future operating expense synergies and optimization, among other factors. Based on its analysis, the Company determined that the carrying value exceeded the estimated fair value as of December 31, 2023. Consequently, the Company recognized a goodwill impairment charge of $2,778,929 in the statements of operations during the period from April 18, 2023 to December 31, 2023 and a goodwill impairment charge of $9,639,000 during the year ended December 31, 2024.

As of December 31, 2024 and 2023, the fair value measurements used in the evaluation described above are considered to be Level 3 valuations within the fair value hierarchy, as the measurements involve projections of discounted future cash flows, which are derived from unobservable assumptions, the most subjective of which are the discount rate. The discount rate used during the 2024 and 2023 impairment analyses were 27% and 22%, respectively.

As of December 31, 2024 and 2023, the Company had $316,135 and $250,141, respectively, of deferred revenue. The amounts relate to services paid for in advance by customers which have not yet been fulfilled under the terms of the agreement with the respective customers.

During the Successor period for year ended December 31, 2024, the Company recognized revenue of $145,501 which was included in deferred revenue as of December 31, 2023. During the Successor period from April 18, 2023 to December 31, 2023 and the Predecessor period from January 1, 2023 to April 17, 2023, the Company recognized revenue of $41,349 and $101,033, respectively, which was included in deferred revenue as of December 31, 2022.

During 2022, the Company issued $2,200,000 convertible notes to Blink. The convertible notes payable have an interest rate of 6%, and the maturity dates are various dates in 2027.

During the Predecessor period from January 1, 2023 to April 17, 2023, the Company received proceeds of $200,000 from Blink and issued convertible notes payable in the principal amount of $200,000 with a maturity date of April 18, 2023. The notes bear interest at 6% per annum. During the Predecessor period from January 1, 2023 to April 17, 2023, the Company recorded interest expense of $1,710.

The various conversion features of the convertible notes payable to investors include:

(1) an optional conversion at the Company’s next sale of its preferred stock; and

(2) an optional conversion to the Company’s common stock upon a change in control.

Upon the optional conversion at the Company’s next sale of its preferred stock or upon the optional conversion into common stock upon a change in control, the outstanding principal and accrued interest will be converted into the number of shares of stock obtained by dividing the total principal and interest by the 80% of the sale price of the preferred stock or 80% of the price per share of the common stock in the change of control transaction.

The Company concluded that the optional conversion feature triggered in a qualified financing represented an in-substance redemption feature, which required bifurcation as a derivative instrument pursuant to ASC 815, Derivatives and Hedging (“ASC 815”). The Company determined that the in-substance redemption was not significant because the merger transaction was under contemplation when the convertible notes payable were issued and the potential conversion of the convertible notes payable was unlikely given the acquisition.

In connection with the Acquisition on April 18, 2023, all outstanding convertible notes payable to Blink were repaid from the acquisition proceeds. See Note 1 for additional discussion.

The various conversion features of the convertible notes payable to investors include:

(1) an optional conversion at the Company’s next sale of its common or preferred stock in a transaction where the gross proceeds are at least $7,500,000;

(2) an optional conversion into the Company’s preferred stock after maturity upon the election of a majority of the holders of the note;

(3) an optional conversion at the next sale of the Company’s common or preferred stock where the gross proceeds of such sale are less than $7,500,000 total number of common stock and equivalents; and

(4) an optional conversion to the Company’s common stock upon a change in control.

Upon the optional conversion at the Company’s next sale where the gross proceeds are at least $7,500,000, the outstanding principal and accrued interest will be converted into the number of shares of common or preferred stock obtained by dividing the total principal and interest by the lower of (a) 80% of the sale price of the stock and (b) the amount determined by dividing the valuation cap of $30,000,000 by the number of common stock equivalents outstanding at that time.

If the optional conversion after the maturity occurs, the outstanding balance of principal and accrued interest will be converted into the number of shares of preferred stock obtained by dividing the total principal and interest by the conversion price of the preferred stock of $1.8443.

Upon the optional conversion at the Company’s next sale where the gross proceeds are less than $7,500,000, the outstanding principal and accrued interest will be converted into the number of shares of common or preferred stock obtained by dividing the total principal and interest by the lower of (a) 80% of the sale price of the stock and (b) the amount determined by dividing the valuation cap of $30,000,000 by the number of common stock equivalents outstanding at that time.

If upon notice of a change in control, the majority of the holders of the convertible notes payable issued to investors elect to convert the principal and accrued interest balance into common stock, then the outstanding principal and accrued interest will be converted into the number of shares of common obtained by dividing principal and interest balance by the lower of (a) 80% of the sale price of the stock and (b) the amount determined by dividing the valuation cap of $30,000,000 by the number of common stock equivalents outstanding at that time.

If the Company completes a change of control prior to any of the optional conversions or the maturity of the convertible notes payable, then the principal and accrued interest balance plus an amount equal to two times the sum of the outstanding principal balance will be paid to the holder.

In connection with the Acquisition on April 18, 2023, all outstanding convertible notes payable to investors, were repaid from the acquisition proceeds. See Note 1 for additional discussion.

During the Predecessor period from January 1, 2023 to April 17, 2023, the Company received proceeds of $123,848 from Blink and issued notes payable in the principal amount of $123,848 with a maturity date of April 18, 2023. The notes bear interest at 6% per annum. During the Predecessor period from January 1, 2023 to April 17, 2023, the Company recorded interest expense of $60.

In connection with the Acquisition on April 18, 2023, all outstanding notes payable to Blink were repaid from the acquisition proceeds. See Note 1 for additional discussion.

During the Predecessor period from January 1, 2023 to April 17, 2023, the Company received proceeds of $25,000 from an investor and issued notes payable in the principal amount of $25,000 with a maturity date of April 18, 2023. The notes bear interest at 5% per annum.

In connection with the Acquisition on April 18, 2023, all outstanding notes payable were paid from the acquisition proceeds. See Note 1 for additional discussion.

During the Predecessor period from January 1, 2023 to April 17, 2023, the Company received proceeds of $4,720 from its founders. The amounts owed under these agreements are due upon demand and do not bear interest.

In connection with the Acquisition on April 18, 2023, all outstanding shareholder notes payable were repaid from the acquisition proceeds. See Note 1 for additional discussion.

The Small Business Administration (“SBA”) loans call for principal and interest payments over the life of the loans and are scheduled to mature in the year 2050. The SBA loans bear interest at 3.75%.

In connection with the Acquisition on April 18, 2023, all outstanding amounts related to the SBA loan were paid from the acquisition proceeds. See Note 1 for additional discussion.

In connection with the Acquisition on April 18, 2023, all outstanding shares of Series A Redeemable Convertible Preferred Stock were cancelled and the holders were paid a pro-rata share of the merger consideration. See Note 1 for additional discussion.

In connection with the Acquisition on April 18, 2023, all outstanding shares of common stock, stock options and warrants were cancelled and the holders were paid a pro-rata share of the merger consideration. See Note 1 for additional discussion. As a result of this Acquisition, the Plan had been cancelled.

Following the Acquisition, the Company amended its certificate of incorporation such that the Company was authorized to issue 60,000,000 shares of common stock, par value of $0.001 per share, and 10,000,000 shares of preferred stock, par value of $0.001 per share.

Ranking. All preferences, voting powers, relative participating, optional, or other special rights and privileges, and qualifications, limitations, or restrictions of the common stock are expressly made are subject to and qualified by the rights of the holders of the preferred stock of any series as may be designated by the Board upon any issuance of the preferred stock of any series.

Voting. Each holder of common stock shall be entitled to one vote for each such share of common stock so held upon each matter properly submitted to a vote of the stockholders. Except as otherwise provided by law or by the resolution or resolutions providing for the issue of any series of preferred stock, the holders of outstanding shares of common stock shall have the exclusive right to vote for the election and removal of directors and for all other purposes.

Dividends. Subject to the rights of the holders of preferred stock, the holders of shares of common stock shall be entitled to receive such dividends and other distributions (payable in cash, property or capital stock of the corporation) when, as and if declared thereon by the Board from time to time out of any assets or funds of the corporation legally available thereof and shall share equally on a per share basis in such dividends and distributions.

Liquidation. Subject to the rights of the holders of preferred stock, shares of common stock shall be entitled to receive the assets and funds of the corporation available for distribution as provided under applicable law in the event of any liquidation, dissolution or winding up of the affairs of the corporation, whether voluntary or involuntary.

As of December 31, 2024, due to Blink Charging Co. consisted of payments of certain operating expenses, investing activities and financing activities made on behalf of the Company by the parent company. There is no stated interest rate or definitive repayment terms related to this liability.

During the Successor periods for the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023, the Company received net advances from Blink totaling $4,470,374 and $3,726,421, respectively.

During the Successor periods for the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023, the Company recognized $1,116,812 and $533,260, respectively, of operating lease expense which was recorded within general and administrative expense on the statements of operations. During the Predecessor period from January 1, 2023 to April 17, the Company recognized $102,990 of operating lease expense, which was recorded within general and administrative expense on the statements of operations.

Operating lease expenses consist of rent expense, common area maintenance adjustments and other expenses.

As of December 31, 2024, the Company did not have additional operating and financing leases that have not yet commenced.

During the Successor periods for the year ended December 31, 2024 and from April 18, 2023 to December 31, 2023, the Company recognized $12,591 and $21,814, respectively, of interest expense related to finance leases, which was recorded within interest expense on the statements of operations. During the Predecessor period from January 1, 2023 to April 17, 2023, the Company recognized $19,330 of interest expense related to finance leases, which was recorded within interest expense on the statements of operations.

Future minimum payments under non-cancellable leases as of December 31, 2024 were as follows:

The Company had no current or deferred federal and state income tax expense or benefit for the Successor period for the year ended December 31, 2024 and from April 18 to December 31, 2023, and the Predecessor period January 1 to April 17, 2023 because the Company generated net operating losses, and currently management does not believe it is more likely than not that the net operating losses will be realized. Minimum taxes due were deemed to be immaterial.

Income tax expense (benefit) for the Successor period for the year ended December 31, 2024 and April 18 to December 31, 2023, the Predecessor period January 1 to April 17, 2023, differed from the amounts computed by applying the statutory federal income tax rate of 21% to pretax loss as a result of the following:

The tax effects of temporary differences and related deferred tax assets and liabilities as of December 31, 2024, and December 31, 2023, were as follows:

The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of the Company’s net deferred tax assets. The Company primarily considered such factors as the Company’s history of operating losses, the nature of the Company’s deferred tax assets, and the timing, likelihood, and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. The Company does not believe that it is more likely than not that the deferred tax assets will be realized. Accordingly, a full valuation allowance was established, and no deferred tax assets were shown in the accompanying balance sheets. The valuation allowance increased by $1,176,719 and $674,977 between December 31, 2024 and 2023, respectively.

The Tax Cuts and Jobs Act of 2017 (TCJA) made a significant change to Section 174 that went into effect for taxable years beginning after December 31, 2021. The change eliminated the ability to deduct research and development costs. Instead, these costs must be capitalized and amortized. As a result, the Company capitalized research and development costs of $910,491, $1,119,376, and $504,243, for the year ended December 31, 2024 and April 18, 2023 to December 31, 2023, and the period January 1, 2023 to April 17, 2023, respectively.

Internal Revenue Code Section 382, which provide for limitations on net operating losses carryforwards and certain built in losses following ownership changes, and Section 383, which provides for special limitations on certain excess credits, etc. (collectively, “Section 382”). Utilization of the carryforwards may be subject to substantial annual limitation due to the ownership change limitations provided by the IRC Section 382 and similar state provisions, resulting in a reduction in the gross deferral tax assets before considering the valuation allowance. The Company has not completed a Section 382 analysis for changes in ownership and continues to monitor for changes that could trigger a limitation. Based on a high-level analysis, the Company does not expect to have any permanent limitations on the utilization of our federal NOLs. Based on a high-level analysis of ownership change the Company does not expect the NOLs to be limited.

As of December 31, 2024, the Company had federal net operating loss carryforwards of $27,905,856. The federal net operating loss forward of $1,663,071 generated before January 1, 2018, will begin to expire in 2043, and $26,242,785 will carry forward indefinitely but is subject to the 80% taxable income limitation. As of December 31, 2024, the Company had state net operating loss carryforwards of $20,780,789, which will begin to expire in 2043.

Utilization of the Company’s net operating losses and credit carryforwards may be subject to annual limitations in the event of a Section 382 ownership change. Such future limitations could result in the expiration of net operating losses before utilization as a result of such an ownership change.

The Company has no unrecognized tax benefits for the years ended December 31, 2024 and 2023.

The Company had not incurred any material tax interest or penalties as of December 31, 2024. The Company does not anticipate any significant change within 12 months of this reporting date of its uncertain tax positions. The Company is subject to taxation in the United States and California. There are no ongoing examinations by taxing authorities at this time. The Company’s tax years 2017 through 2024 will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss credits.

The Company may be subject to lawsuits, investigations, intellectual property matters, claims and proceedings, including, but not limited to, contractual disputes with vendors and customers and liabilities related to employment, health and safety matters that may arise in the ordinary course of business. The Company accrues for losses that are both probable and reasonably estimable. Loss contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss can be complex and subject to change.

No provision has been recorded for any such lawsuits, investigations, claims, and proceedings as of December 31, 2024 and 2023, and the Company believes it was not reasonably possible that a material loss had been incurred in excess of the amounts recognized in the financial statements. Given the inherent uncertainties of litigation, the ultimate outcome of the ongoing matters described herein cannot be predicted with certainty. While litigation is inherently unpredictable, the Company believes it has valid defenses with respect to the legal matters pending against it. However, future events or circumstances, currently unknown to management, may potentially have a material effect on the Company’s financial position, liquidity or results of operations in any future reporting period.

The Company has evaluated subsequent events through April 2, 2025, which is the date the audit report and the financial statements were available to be issued.

On February 27, 2025, the Board of Directors of the Company, in accordance with the provisions of the Certificate of Incorporation, as amended, and by-laws of the Company, amended the Certificate of Incorporation to increase the number of authorized shares of all classes of equity to 70,000,000 shares, consisting of 60,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value of $0.001 per share.

On March 10, 2025, the Company and Blink entered into the Amendment, which extended the date by which the Company would need to complete an underwritten initial public offering by 45 days (to June 2, 2025 from April 18, 2025) in order to issue shares of the Company’s common stock to the former shareholders of the Company under the terms of the Merger Agreement, while the deadline for a direct listing remains April 18, 2025. In consideration for the extension, the value of the Company’s shares of common stock to be issued to the former shareholders of the Company was increased to $23,000,000 from $22,500,000.

Through and including ______, 2025 (the 25^th day after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus.

The following table sets forth all expenses to be paid by us in connection with this registration statement and the listing of our common stock. All amounts are estimates except the SEC registration fee.

We are governed by the Delaware General Corporation Law, or the DGCL. Section 145(a) of the DGCL provides that a Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that such person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no cause to believe his or her conduct was unlawful.

Section 145(b) of the DGCL provides that a Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person acted in any of the capacities set forth above, against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if he or she acted under similar standards, except that no indemnification may be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the court in which such action or suit was brought shall determine that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to be indemnified for such expenses which the court shall deem proper.

Section 145 of the DGCL further provides that: (i) to the extent that a former or present director or officer of a corporation has been successful in the defense of any action, suit or proceeding referred to in subsections (a) and (b) or in the defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him or her in connection therewith; (ii) indemnification provided for by Section 145 shall not be deemed exclusive of any other rights to which the indemnified party may be entitled; and (iii) the corporation may purchase and maintain insurance on behalf of any present or former director, officer, employee or agent of the corporation or any person who at the request of the corporation was serving in such capacity for another entity against any liability asserted against such person and incurred by him or her in any such capacity or arising out of his or her status as such, whether or not the corporation would have the power to indemnify him or her against such liabilities under Section 145.

In addition, the proposed form of Underwriting Agreement (to be filed by amendment) is expected to provide for indemnification of our directors and officers by the underwriters against certain liabilities.

Article VI of our certificate of incorporation authorizes us to provide for the indemnification of officers, directors and third parties acting on our behalf to the fullest extent permissible under Delaware law.

We intend to enter into indemnification agreements with our directors, executive officers and others, in addition to indemnification provided for in our bylaws, and intend to enter into indemnification agreements with any new directors and executive officers in the future.

We have purchased and intend to maintain insurance on behalf of any person who is or was a director or officer against any loss arising from any claim asserted against him or her and incurred by him or her in any such capacity, subject to certain exclusions.

In the three years preceding the filing of this registration statement, we issued the following securities that were not registered under the Securities Act:

During the year ended December 31, 2022, we issued to Blink Charging convertible notes in an aggregate principal amount of $2,200,000. These convertible notes had an interest rate of 6% per annum and maturity dates throughout 2027. We also issued to two investors convertible notes in the aggregate principal amount of $525,000. These convertible notes had an interest rate of 8% per annum and maturity dates throughout 2023. Additionally, we issued to former noteholders non-convertible notes in the aggregate principal amount of $100,000. The non-convertible notes had an interest rate of 5% per annum and had a maturity date of February 28, 2023.

During the Predecessor period, we issued to Blink Charging convertible notes in the aggregate principal amount of $200,000 and non-convertible notes in the aggregate principal of $123,848. These notes had an interest rate of 6% per annum and a maturity date of April 18, 2023. We also issued to an investor a non-convertible note in the principal amount of $25,000. The non-convertible note had an interest rate of 5% per annum and a maturity date of April 18, 2023.

During 2022 and the Predecessor period, we issued non-convertible notes to our founders in the aggregate $131,982. The amounts owed under these agreements were due upon demand and did not bear interest.

We issued these notes pursuant to the exemption from registration in Section 4(a)(2) of the Securities Act because the offer and issuance of the notes did not involve a public offering. In connection with the Envoy Technologies Acquisition, all of these notes were paid from the acquisition proceeds.

On April 18, 2023, in connection with the Envoy Technologies Acquisition, we issued 100 shares of our common stock to Mobility pursuant to the exemption from registration in Section 4(a)(2) of the Securities Act because the offer and issuance of the shares did not involve a public offering.

Additionally, the shares of our common stock to be issued to the former Envoy Technologies stockholders prior effectiveness of this registration statement will be “restricted securities” and issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act.

Prior to the SILLC Merger and the Envoy Technologies Stock Issuance, we will effect a 36,875-for-1 forward stock split of our outstanding shares of common stock. As a result, Blink Charging will beneficially own 3,687,500 shares of our common stock.

The financial statements filed as part of this registration statement are listed in the index to the financial statements immediately preceding such financial statements, which index to the financial statements is incorporated herein by reference.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

(1) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

(2) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this Amendment No. 2 to the Registration Statement on Form S-1 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Culver City, State of California, on April 30, 2025.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Amendment No. 2 to the Registration Statement on Form S-1 has been signed by the following persons in the capacities and on the dates indicated.

	·	There are no investment banks in this direct listing conducting an underwritten initial public offering. Consequently, prior to the opening of trading on Nasdaq, and in connection with the direct listing, there was no book building process and no price at which any investment banks acting as underwriters initially sell shares to the public to help inform efficient and sufficient price discovery with respect to the opening trades on Nasdaq. Therefore, buy and sell orders submitted prior to and at the opening of trading of our common stock on Nasdaq will not have the benefit of being informed by a published price range or a price at which the underwriters initially sell shares to the public, as would be the case in an underwritten initial public offering. Moreover, there will be no underwriters assuming risk in connection with the initial resale of shares of our common stock. Unlike the case in a traditional underwritten offering, this registration statement does not provide for an over-allotment option of the underwriters to purchase additional shares from us. Moreover, we will not engage in, and have not and will not, directly or indirectly, request the financial advisor to engage in, any special selling efforts or stabilization or price support activities in connection with any sales made pursuant to this registration statement. In an underwritten initial public offering, the underwriters may engage in “covered” short sales in an amount of shares representing the underwriters’ option to purchase additional shares. To close a covered short position, the underwriters purchase shares in the open market or exercise the underwriters’ option to purchase additional shares. In determining the source of shares to close the covered short position, the underwriters typically consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the underwriters’ option to purchase additional shares. Purchases in the open market to cover short positions, as well as other purchases underwriters may undertake for their own accounts in an initial public offering, may have the effect of preventing a decline in the trading price of shares. Given that there will be no underwriters’ option to purchase additional shares and no underwriters engaging in stabilizing transactions, there could be greater volatility in the public price of our common stock during the period immediately following the direct listing. See the section titled “Risk Factors—Risks Related to Ownership of Our Common Stock—The public trading price of our common stock may be volatile, and could, upon listing on Nasdaq, decline significantly and rapidly” below.

	·	There is not a fixed or determined number of shares of our common stock available for sale in connection with the registration and the listing. Therefore, there can be no assurance that any registered stockholders or other existing stockholders will sell any of their shares of our common stock and there may initially be a lack of supply of, or demand for, shares of our common stock on Nasdaq. Alternatively, we may have a large number of registered stockholders or other existing stockholders who choose to sell their shares of our common stock in the near term, resulting in potential excess supply of our common stock, which could adversely impact the public price of our common stock once listed on Nasdaq and thereafter.

	·	None of our registered stockholders or other existing stockholders have entered into contractual lock-up agreements or other restrictions on transfer. In an underwritten initial public offering, it is customary for an issuer’s officers, directors, and most or all of its other stockholders to enter into a contractual lock-up arrangement with the underwriters to help promote orderly trading immediately after such initial public offering. Consequently, any of our stockholders, including our directors and officers who own our common stock and other significant stockholders, may sell any or all of their shares at any time (subject to any restrictions under applicable law), including immediately upon listing. If such sales were to occur in a significant volume in a short period of time following the listing, it may result in an oversupply of our common stock in the market, which could adversely impact the trading price of our common stock. See the section titled “Risk Factors—Risks Related to Ownership of Our Common Stock—None of our stockholders are party to any contractual lock-up agreement or other contractual restrictions on transfer. Following our listing, sales of substantial amounts of our common stock in the public markets, or the perception that sales might occur, could cause the trading price of our common stock to decline.”

	As Reported			Transaction Accounting Adjustments			Notes	Pro Forma
	Note A			Note B

Assets
Current Assets:
Cash and cash equivalents	$	291,763		$	-			$	291,763
Accounts receivable, net		459,513			-				459,513
Prepaid expenses and other current assets		28,786			-				28,786

Total Current Assets		780,062			-				780,062
Property and equipment, net		116,893			-				116,893
Operating lease right-of-use asset		1,745,147			-				1,745,147
Finance lease right-of-use asset		135,361			-				135,361
Intangible assets, net		1,537,211			-				1,537,211
Goodwill		17,700,071			-				17,700,071
Other assets		56,903			-				56,903

Total Assets	$	22,071,648		$	-			$	22,071,648

Liabilities and Stockholder's Equity

Current Liabilities:
Accounts payable	$	550,515		$	-			$	550,515
Accrued expenses and other current liabilities		146,767			-				146,767
Due to Blink Charging Co.		8,196,795			-				8,196,795
Consideration payable		-			-		(i)		-
Deferred revenue		316,135			-				316,135
Current portion of operating lease liability		1,027,304			-				1,027,304
Current portion of finance lease liability		34,421			-				34,421

Total Current Liabilities		10,271,937			-				10,271,937
Finance lease liability, non-current portion		97,327			-				97,327
Operating lease liability, non-current portion		675,194			-				675,194

Total Liabilities		11,044,458			-				11,044,458

Commitments and contingencies

Stockholder's Equity:

Preferred stock, $0.001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024		-			-				-
Common stock, $0.001 par value, 60,000,000 shares authorized, 100 - shares issued and outstanding as of December 31, 2024		-			6,758		(i), (ii), (iii )		6,758
Additional paid-in capital		31,640,733			6,437,746		(i), (ii), (iii )		38,078,479
Accumulated deficit		(20,613,543	)		(6,444,504	)	(i), (ii), (iii )		(27,058,047	)

Total Stockholder's Equity		11,027,190			-				11,027,190

Total Liabilities and Stockholder's Equity	$	22,071,648		$	-			$	22,071,648

Note A	Derived from the historical statement of operations of our company for the year ended December 31, 2024 (Successor).

Note B	Transaction Accounting Adjustments:

(Note B)	(i)	To recognize amortization expense of $149,662 related to our intangible assets that were acquired in connection with the Envoy Technologies Acquisition.

		In connection with the Envoy Technologies Acquisition, we recognized the following intangible assets and useful lives:

	Predecessor			Successor			Combined			Successor
	2023 Period			2023 Period			Unaudited Pro Forma Condensed Combined 2023 Period			2024 Period
	Period from January 1, 2023 to April 17, 2023			Period from April 18, 2023 to December 31, 2023			Year Ended December 31, 2023			Year Ended December 31, 2024
Revenues		100.00	%		100.00	%		100.00	%		100.00	%
Cost of revenues		89.90	%		96.96	%		94.89	%		89.29	%
Gross Profit		10.10	%		3.04	%		5.11	%		10.71	%
Operating Expenses:
General and administrative		174.12	%		109.71	%		133.22	%		103.90	%
Research and development		53.25	%		48.68	%		50.02	%		21.46	%
Sales and marketing		8.89	%		13.35	%		12.05	%		8.65	%
Goodwill impairment		0.00	%		121.65	%		86.00	%		249.02	%
Total Operating Expenses		236.26	%		293.39	%		281.29	%		383.03	%
Loss From Operations		-226.16	%		-290.35	%		-276.18	%		-372.32	%
Other Income (Expense):
Interest expense		-8.28	%		-0.09	%		0.00	%		0.00	%
Other income		0.05	%		20.24	%		14.32	%		-0.77	%
Total Other Income (Expense)		-8.23	%		20.15	%		14.32	%		-0.77	%
Net Loss		-234.39	%		-270.20	%		-261.86	%		-373.09	%

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☒	Smaller Reporting Company	☐
		Emerging Growth Company	☒

	Page
PROSPECTUS SUMMARY	1
RISK FACTORS	15
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS	37
USE OF PROCEEDS	37
DIVIDEND POLICY	37
CAPITALIZATION	38
OUR STRATEGIC RELATIONSHIP WITH BLINK CHARGING AND THE POTENTIAL DISTRIBUTION	39
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION	40
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	46
BUSINESS	56
MANAGEMENT	70
EXECUTIVE COMPENSATION	75
PRINCIPAL AND REGISTERED STOCKHOLDERS	79
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	81
DESCRIPTION OF CAPITAL STOCK	83
SHARES ELIGIBLE FOR FUTURE SALE	87
SALE PRICE HISTORY OF OUR COMMON STOCK	88
PLAN OF DISTRIBUTION	89
LEGAL MATTERS	91
EXPERTS	91
WHERE YOU CAN FIND MORE INFORMATION	91
INDEX TO FINANCIAL STATEMENTS	F-1

	●	achieving market acceptance of our existing and future offerings;

	●	challenges in accurate financial planning and forecasting;

	●	the impact of the current pricing environment on our growth and profitability;

	●	attracting and retaining private mobility partners, public partners, and other users;

	●	competing against companies with greater financial resources;

	●	increasing expenses as we continue to grow our business;

	●	risk of litigation or regulatory enforcement actions;

	●	changes in laws and regulations that could impact operations and costs;

	●	successfully expanding our business in existing markets and entering into new markets and geographies;

	●	maintaining and enhancing the value of our reputation and brand;

	●	anticipating and responding to macroeconomic changes and changes in the markets in which we operate;

	●	avoiding interruptions or disruptions in our service;

	●	developing a scalable, high-performance technology infrastructure that can efficiently and reliably handle increased usage, as well as the deployment of new features and services;

	●	securing our platform against technological threats;

	●	rapid technological change that could outdate our offerings or require costly updates;

	●	hiring, integrating, and retaining talented technology, sales and marketing, customer support, and other personnel;

	●	effectively managing rapid growth in our personnel and operations; and

	●	maintaining and growing our partnerships and relationships with third parties, including with insurance providers, EV manufacturers, and online search engines.

	●	difficulties or delays in acquiring a critical mass of drivers, EVs and/or convenient parking locations;

	●	different driving expectations and patterns than those in the United States;

	●	different legal and labor practices and customs;

	●	the need to adapt our systems and user interfaces for different languages, currencies and financial accounting practices;

	●	different data protection and privacy laws;

	●	different methods for checking the driving records of new EV users; and

	●	difficulties in staffing and managing new operations.

	●	issue additional equity securities that would dilute our stockholders;

	●	use cash that we may need in the future to operate our business;

	●	incur debt on terms unfavorable to us or that we are unable to repay;

	●	incur large charges or expenses or assume substantial liabilities;

	●	encounter difficulties retaining key employees of the acquired companies or integrating diverse software codes or business cultures; and

	●	become subject to adverse tax consequences, substantial depreciation or deferred compensation charges.

	●	the impact of adverse or changing economic conditions, particularly those in the western United States, and their impact on levels of consumer spending;

	●	the high fixed costs inherent in our business, which limit our ability to adjust for period-to-period changes in demand;

	●	the effects of natural disruptions in our major metropolitan areas, including long periods of inclement weather patterns in any of our markets;

	●	system interruptions that impair access to our website, key vendors or communication with our EVs and any related impact on our reputation;

	●	our ability to forecast revenues accurately and appropriately plan our expenses; and

	●	our ability to forecast vehicle damage claims for which we do not have third-party insurance coverage.

	●	Our transition to a stand-alone public company will require significant amounts of management’s time and effort, which may divert management’s attention from operating and growing our business;

	●	following such transition, we may be more susceptible to economic downturns and other adverse events than if we were still a subsidiary of Blink Charging;

	●	following such transition, our business will be less diversified than Blink Charging’s business prior to transition; our business will also experience a loss of scale and purchasing power and access to certain;

	●	financial, managerial and professional resources from which we have benefited at lower cost in the past; and

	●	the other actions required to separate the respective businesses could disrupt our operations.

	●	Our historical financial results reflect the direct, indirect, and allocated costs for such services historically provided by Blink Charging. Following our direct listing, Blink Charging will continue to provide some of these services to us on a transitional basis, generally for a period of up to one year pursuant to a transition services agreement that we will enter into with Blink Charging. See “Certain Relationships and Related Party Transactions — Related Party Transactions — Blink Charging.” Our historical financial information does not reflect our obligations under the various transitional and other agreements we will enter into with Blink Charging in connection with our direct listing, though costs under such agreements are expected to be broadly similar to what was charged to the business in the past. At the end of this transition period, we will need to perform these functions ourselves or hire third parties to perform these functions on our behalf, and these costs may differ significantly from the comparable expenses we have incurred in the past.

	●	Our working capital requirements and capital expenditures historically have been satisfied as part of Blink Charging’s corporate-wide cash management and centralized funding programs, and our cost of debt and other capital may significantly differ from the historical amounts reflected in our historical financial statements.

	●	Currently, our business is integrated with that of Blink Charging and we benefit from Blink Charging’s size and scale in costs, employees and vendor and customer relationships. Thus, costs we will incur as an independent company may significantly exceed comparable costs we would have incurred as part of Blink Charging.

	●	any determination with respect to our business direction and policies, including the appointment and removal of officers and directors;

	●	any determinations with respect to mergers, business combinations or dispositions of assets;

	●	our financing and dividend policy, and the payment of dividends on our common stock, if any;

	●	compensation and benefit programs and other human resources policy decisions;

	●	changes to any other agreements that may adversely affect us; and

	●	determinations with respect to our tax returns.

	●	during the two-year period following a Distribution (or otherwise pursuant to a “plan” within the meaning of Section 355(e) of the Code), if any, we may not cause or permit certain business combinations or transactions to occur;

	●	during the two-year period following a Distribution, if any, we may not discontinue the active conduct of our business (within the meaning of Section 355(b)(2) of the Code);

	●	during the two-year period following a Distribution, if any, we may not sell or otherwise issue our common stock, other than pursuant to issuances that satisfy certain regulatory safe harbors set forth in Treasury regulations related to stock issued to employees and retirement plans;

	●	during the two-year period following a Distribution, if any, we may not redeem or otherwise acquire any of our common stock, other than pursuant to certain open-market repurchases of less than 20% of our common stock (in the aggregate);

	●	during the two-year period following a Distribution, if any, we may not amend our certificate of incorporation (or other organizational documents) or take any other action, whether through a stockholder vote or otherwise, affecting the voting rights of our common stock; and

	●	more generally, we may not take any action that could reasonably be expected to cause any potential Distribution to fail to qualify as tax-free transactions under Section 368(a)(1)(D) and Section 355 of the Code.

	●	the number of shares of our common stock made available for trading;

	●	sales or expectations with respect to sales of shares of our common stock by holders of our common stock;

	●	price and volume fluctuations in the overall stock market from time to time;

	●	fluctuations in our quarterly financial results or the quarterly financial results of companies perceived to be similar to us;

	●	fluctuations in our revenue due to decreases in EV users or usage of EVs;

	●	changes in estimates of our financial results or recommendations by securities analysts;

	●	failure of our car-sharing service to achieve or maintain market acceptance;

	●	changes in market valuations of similar companies;

	●	success of competitive service offerings or technologies;

	●	changes in our capital structure, such as future issuances of securities or the incurrence of debt;

	●	announcements by us or our competitors of significant services, contracts, acquisitions, or strategic alliances;

	●	regulatory developments in the United States, foreign countries, or both;

	●	litigation involving us;

	●	additions or departures of key personnel;

	●	investors’ general perception of us; and

	●	other events or factors, including those resulting from macroeconomic conditions, geopolitical crises, outbreak of hostilities or acts of war such as the Russian invasion of Ukraine, the Israeli-Hamas and Hezbollah wars, and Houthi rebel ship attacks in the Red Sea, incidents of terrorism, global pandemics such as the Covid-19 pandemic, natural disasters, and similar events, as well as responses to these and similar events.

	As of December 31, 2024
	Actual			Pro Forma
					(unaudited)
Cash and cash equivalents	$	291,763		$
Long-term debt, non-current portion	$	772,521
Stockholders’ Equity:
Preferred stock, $0.001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding, actual; 0 shares issued and outstanding, pro forma		—			—
Common stock, $0.001 par value, 60,000,000 shares authorized, 100 shares issued and outstanding, actual; ________ shares issued and outstanding, pro forma		—
Additional paid-in capital		31,640,733
Accumulated deficit		(20,613,543	)
Total stockholders’ equity		11,027,190
Total capitalization	$	11,799,711		$

		(1)	Customer Relationships – Fair value of $1,925,000 with an estimated useful life of 5.29 years.
		(2)	Internally Developed Technology – Fair value of $175,000 with an estimated useful life of 3 years.
		(3)	Tradename – Fair value of $166,000 with an estimated useful life of 2 years.
		(4)	Non-compete Agreements – Fair value of $11,000 with an estimated useful life of 2 years.

		(ii)	To eliminate interest expense of $80,428 related to our notes payable that were converted into merger consideration in connection with the Envoy Technologies Acquisition.

		(iii)	To give effect to the impact of the 36,875-for-1 forward stock split.

	Predecessor			Successor			Combined(1)			Successor
	2023 Period			2023 Period			Unaudited Pro Forma Condensed Combined 2023 Period			2024 Period
	Period from January 1, 2023 to April 17, 2023			Period from April 18, 2023 to December 31, 2023			Year Ended December 31, 2023			Year Ended December 31, 2024
Revenues	$	946,932		$	2,284,293		$	3,231,225		$	3,870,817
Cost of revenues		851,251			2,214,838			3,066,089			3,456,105
Gross Profit		95,681			69,455			165,136			414,712
Operating Expenses:
General and administrative		1,648,788			2,506,100			4,304,550			4,021,664
Research and development		504,273			1,112,011			1,616,284			830,534
Sales and marketing		84,170			305,056			389,226			334,747
Goodwill impairment		-			2,778,929			2,778,929			9,639,000
Total Operating Expenses		2,237,231			6,702,096			9,088,989			14,825,945
Loss From Operations		(2,141,550	)		(6,632,641	)		(8,923,853	)		(14,411,233	)
Other Income (Expense):
Interest expense		(78,373	)		(2,055	)		-			-
Other income		453			462,383			462,836			(29,997	)
Total Other Income (Expense)		(77,920	)		460,328			462,836			(29,997	)
Net Loss	$	(2,219,470	)	$	(6,172,313	)	$	(8,461,017	)	$	(14,441,230	)

Name	Age	Position

Aric Ohana	44	Chief Executive Officer and Director

Drew Hopkins	44	Chief Operating Officer

Michael P. Rama	58	Chief Financial Officer

Michael C. Battaglia	54	Director

Andres Asion	50	Director Nominee

Dean Florez	61	Director Nominee

Jack Levine	73	Director Nominee

Rod Bertone	55	National Director of Sales

Blake Baker	35	Vice President of Technology and Engineering

Name and Position	Years		Salary		Bonus		Stock Awards		Option Awards		Non-equity Incentive Plan Compensation		Non-qualified Deferred Compensation Earnings		All Other Compensation		Total
Aric Ohana		2024	$	216,300	$	42,252		-		-		-		-		-	$	258,552
		2023	$	199,654		-		-		-		-		-		-	$	199,654
Drew Hopkins		2024	$	215,077	$	60,000		-		-		-		-		-	$	275,077
		2023	$	186,076		-		-		-		-		-		-	$	186,076
Michael P. Rama		2024		-		-		-		-		-		-		-		-
		2023		-		-		-		-		-		-		-		-

	○	each person who is known to be the beneficial owner of 5% or more of the outstanding shares of our common stock;
	○	each member of our board of directors or director nominees and each of our named executive officers individually; and
	○	all our directors, director nominees and executive officers as a group.

Name of Beneficial Owner	Shares Beneficially Owned		Percentage Beneficially Owned			Shares Being Registered

Executive Officers, Directors and Director Nominees:

Aric Ohana		507,497		6.3	%		507,497

Drew Hopkins		10,150		*			10,150

Michael P. Rama		—		—			—

Michael C. Battaglia⁽¹⁾		3,687,500		46.0	%		—

Jack Levine		—		—			—

Dean Florez		—		—			—

Andres Asion		—		—			—

All directors, director nominees and executive officers as a group (seven persons)		4,205,147		52.5	%		517,647

5% Stockholders:

Blink Charging Co.⁽²⁾		3,687,500		46.0	%		3,687,500

The Sagie Family Trust⁽³⁾		507,497		6.3	%		507,497

Other Registered Stockholders:

General Motors Ventures LLC⁽⁴⁾		192,619		2.4	%		192,619

Shell Ventures LLC⁽⁵⁾		192,619		2.4	%		192,619

Built Environment Innovation Fund, L.P.⁽⁶⁾		180,327		2.3	%		180,327

Bob Safai		101,409		1.3	%		101,409

Denso Corporation⁽⁷⁾		93,558		1.2	%		93,558

Geoffrey Sitbon		91,120		1.1	%		91,120

Transolam, LLC⁽⁸⁾		76,771		1.0	%		76,771

The Goodyear Tire & Rubber Company⁽⁹⁾		70,687		*			70,687

Groundbreak Ventures LP⁽¹⁰⁾		65,184		*			65,184

All other registered stockholders holding less than 1% of outstanding shares individually		2,035,562		25.4	%		2,035,562

*	Less than 1% of outstanding shares of common stock.

(1)	Michael C. Battaglia, the President and Chief Executive Officer of Blink Charging, possesses voting and investment power with respect to the shares of our common stock owned by Blink Charging. As a result, Mr. Battaglia may be deemed to beneficially own such shares. Mr. Battaglia’s address is 5081 Howerton Way, Suite A, Bowie, Maryland 20715.

(2)	These shares of our common stock are directly held by Mobility, which is a direct, wholly owned subsidiary of Blink Charging. Michael C. Battaglia, the President and Chief Executive Officer of Blink Charging, possesses voting and investment power with respect to the shares of our common stock owned by Blink Charging. Blink Charging’s address is 5081 Howerton Way, Suite A, Bowie, Maryland 20715.

(3)	Ori Sagie serves as the trustee of The Sagie Family Trust. Mr. Sagie holds voting and investment power with respect to the shares held by this trust and may be deemed to have beneficial ownership of such shares. The address of the trust and Mr. Sagie is 328 S. Camden Drive, Beverly Hills, California 90213.

(4)	General Motors Ventures LLC (“GM Ventures”) is an indirect, wholly owned subsidiary of General Motors Company (“GM”). Investment and voting decisions regarding such shares are made by the board of directors of GM. Membership of the board of directors is subject to change from time to time. Each of the members of the board of directors of GM disclaims beneficial ownership of such shares. The address of GM and GM Ventures is c/o General Motors Company, 30470 Harley Earl Boulevard, Warren, Michigan 48092.

(5)	________ is the managing member of Shell Ventures LLC. ________ holds voting and investment power with respect to the shares held by Shell and may be deemed to have beneficial ownership of such shares. The address of Shell and ________ is c/o Shell Ventures LLC, ________, ________, ________ ________.

(6)	Travis Connors holds voting and investment power with respect to the shares held by Built Environment Innovation Fund, L.P. and may be deemed to have beneficial ownership of such shares. Mr. Connors may be deemed to have beneficial ownership of the shares held by Built. The address of Built and Mr. Connors is c/o Built Environment Innovation Fund, L.P., 121 East Berkeley Street, Boston, Massachusetts 02118.

(7)	Investment and voting decisions regarding such shares are made by the board of directors of Denso Corporation. Membership of the board of directors is subject to change from time to time. Each of the members of the board of directors of Denso Corporation disclaims beneficial ownership of such shares. The address of Denso Corporation is 1-1, Showa-cho, Kariya, Aichi 448-8661 Japan.

(8)	David Nazarian is the manager of Transolam, LLC. Mr. Nazarian holds voting and investment power with respect to the shares held by Transolam and may be deemed to have beneficial ownership of such shares. The address of Transolam and Mr. Nazarian is c/o Transolam, LLC, 269 S. Beverly Drive, Suite 1050, Beverly Hills, California 90212.

(9)	Aleda Schaffer holds voting and investment power with respect to the shares held by The Goodyear Tire & Rubber Company and may be deemed to have beneficial ownership of such shares. Ms. Schaffer’s address is c/o The Goodyear Tire & Rubber Company, 200 Innovation Way, Akron, Ohio 44316.

(10)	GroundBreak Ventures GP Corp. (“GroundBreak GP”) is the general partner of GroundBreak Ventures LP (“GroundBreak LP”) and holds voting and investment power with respect to the shares held by GroundBreak LP. Scott Kaplanis is the managing partner of GroundBreak GP and may be deemed to have beneficial ownership of the shares held by Groundbreak LP. The address of GroundBreak GP, GroundBreak LP and Mr. Kaplanis is c/o GroundBreak Ventures LP, 45 St. Clair Ave. W, Unit 103, Toronto, Ontario M4V 1K9.

	●	restricting dividends on the common stock;

	●	diluting the voting power of the common stock;

	●	impairing the liquidation rights of the common stock; or

	●	delaying or preventing changes in control or management of our company.

	●	Because more than one price under clause (i) exists, under clause (ii), the Current Reference Price would be the price that minimizes the imbalance between orders to buy or sell (i.e., minimizes the number of shares that would remain unmatched at such price). Selecting either $10.00 or $10.01 as the Current Reference Price would create the same imbalance in the limit orders that cannot be matched, because at either price 300 shares would not be matched.

	●	Because more than one price under clause (ii) exists, under clause (iii), the Current Reference Price would be the entered price at which orders for shares of common stock at such entered price will remain unmatched. In such case, choosing $10.01 would cause 300 shares of the 500-share limit order with the entered price of $10.01 to remain unmatched, compared to choosing $10.00, where all 200 shares of the limit order with the entered price of $10.00 would be matched, and no shares at such entered price remain unmatched. Thus, Nasdaq would select $10.01 as the Current Reference Price, because orders for shares at such entered price will remain unmatched. The above example (including the prices) is provided solely by way of illustration.

	Page

Report of Independent Registered Public Accounting Firm (PCAOB ID: 207)	F-2

Balance Sheets as of December 31, 2024 and 2023	F-3

Statements of Operations for the Successor periods for year ended December 31, 2024 and the period from April 18, 2023 to December 31, 2023, and the Predecessor period from January 1, 2023 to April 17, 2023	F-4

Statement of Changes in Stockholder’s Equity for the Successor periods for year ended December 31, 2024 and the period from April 18, 2023 to December 31, 2023, and the Statement of Changes in Stockholder’s (Deficit) Equity for the Predecessor period from January 1, 2023 to April 17, 2023	F-5

Statements of Cash Flows for the Successor periods for year ended December 31, 2024 and the period from April 18, 2023 to December 31, 2023, and the Predecessor period from January 1, 2023 to April 17, 2023	F-7

Notes to Financial Statements	F-9

	December 31,
	2024			2023
				(As Restated)
Assets
Current Assets:
Cash and cash equivalents	$	291,763		$	240,682
Accounts receivable, net		459,513			347,143
Prepaid expenses and other current assets		28,786			176,029

Total Current Assets		780,062			763,854
Property and equipment, net		116,893			2,707
Operating lease right-of-use asset		1,745,147			2,019,772
Finance lease right-of-use asset		135,361			324,859
Intangible assets, net		1,537,211			1,916,137
Goodwill		17,700,071			27,339,071
Other assets		56,903			56,903

Total Assets	$	22,071,648		$	32,423,303

Liabilities and Stockholder’s Equity

Current Liabilities:
Accounts payable	$	550,515		$	175,515
Accrued expenses and other current liabilities		146,767			468,942
Due to Blink Charging Co.		8,196,795			3,726,421
Deferred revenue		316,135			250,141
Current portion of operating lease liability		1,027,304			859,599
Current portion of finance lease liability		34,421			228,441

Total Current Liabilities		10,271,937			5,709,059
Finance lease liability, non-current portion		97,327			88,214
Operating lease liability, non-current portion		675,194			1,157,610

Total Liabilities		11,044,458			6,954,883

Commitments and contingencies (Note 19)

Stockholder’s Equity:

Preferred stock, $0.001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and 2023, respectively		-			-
Common stock, $0.001 par value, 60,000,000 shares authorized, 100 shares issued and outstanding as of December 31, 2024 and 2023, respectively		-			-
Additional paid-in capital		31,640,733			31,640,733
Accumulated deficit		(20,613,543	)		(6,172,313	)

Total Stockholder’s Equity		11,027,190			25,468,420

Total Liabilities and Stockholder’s Equity	$	22,071,648		$	32,423,303

	Successor						Predecessor
	For The Year Ended			Period From April 18, 2023			Period From January 1, 2023
	December 31, 2024			to December 31, 2023			to April 17, 2023

Revenues	$	3,870,817		$	2,284,293		$	946,932

Cost of revenues		3,456,105			2,214,838			851,251

Gross Profit		414,712			69,455			95,681

Operating Expenses:
General and administrative		4,021,664			2,506,100			1,648,788
Research and development		830,534			1,112,011			504,273
Sales and marketing		334,747			305,056			84,170
Goodwill impairment		9,639,000			2,778,929			-

Total Operating Expenses		14,825,945			6,702,096			2,237,231

Loss From Operations		(14,411,233	)		(6,632,641	)		(2,141,550	)

Other (Expense) Income:
Interest expense		-			(2,055	)		(78,373	)
Other (expense) income		(29,997	)		462,383			453

Total Other (Expense) Income, Net		(29,997	)		460,328			(77,920	)

Loss Before Provision for Income Taxes		(14,441,230	)		(6,172,313	)		(2,219,470	)

Provision for income taxes		-			-			-

Net Loss	$	(14,441,230	)	$	(6,172,313	)	$	(2,219,470	)

Net Loss Per Share:
Basic and Diluted	$	(144,412	)	$	(61,723	)

Weighted Average Number of Common Shares Outstanding:
Basic and Diluted		100			100

									Additional					Total
	Preferred Stock				Common Stock				Paid-In		Accumulated			Stockholder’s
	Shares		Amount		Shares		Amount		Capital		Deficit			Equity

Balance - January 1, 2024		-	$	-		100	$	-	$	31,640,733	$	(6,172,313	)	$	25,468,420

Net loss		-		-		-		-		-		(14,441,230	)		(14,441,230	)

Balance - December 31, 2024		-	$	-		100	$	-	$	31,640,733	$	(20,613,543	)	$	11,027,190

Predecessor
	Series A Redeemable												Additional					Total
	Convertible Preferred Stock						Common Stock						Paid-In		Accumulated			Stockholder’s (Deficit)
	Shares			Amount			Shares			Amount			Capital		Deficit			Equity
Balance - January 1, 2023		6,956,732		$	12,412,911			6,476,554		$	6,477		$	58,782	$	(18,994,638	)	$	(18,929,379	)

Net loss		-			-			-			-			-		(2,219,470	)		(2,219,470	)

Balance - April 17, 2023		6,956,732		$	12,412,911			6,476,554		$	6,477		$	58,782	$	(21,214,108	)	$	(21,148,849	)

Blink’s acquisition of Envoy Technologies, Inc.		(6,956,732	)		(12,412,911	)		(6,476,454	)		(6,477	)		31,581,951		21,214,108			52,789,582

Balance - April 18, 2023 (As Restated)		-		$	-			100		$	-		$	31,640,733	$	-		$	31,640,733