Mr. Vincent DeVito reports

ARENA INVESTORS COMPLETES RECAPITALIZATION OF CHARGE ENTERPRISES

Arena Investors LP has recapitalized Charge Enterprises Inc. (Nasdaq: CRGE), a leading electric vehicle (EV) charging and broadband infrastructure company. As the new majority equity owner of Charge, Arena and its affiliates will provide strategic, financial and operational resources to support the company's continued growth.

• Now with a strengthened balance sheet and ample access to capital, Charge looks ahead to continued business growth.
• Long-time largest shareholder to become majority owner as company's indebtedness is dramatically reduced, providing strong financial position for future growth.
• Under new leadership, company will continue to capitalize on expanding its market-leading EV charging infrastructure capabilities and services.

Charge is a New York-based EV charging company that provides clients with end-to-end project management services, from advising, designing, engineering, acquiring and installing equipment, to monitoring, servicing and maintenance, alongside complementary businesses in electrical, broadband, solar and infrastructure that provide cash flow for overall corporate opportunities and reinvestment. The company is at the forefront of providing innovative, flexible, turnkey infrastructure solutions that enable clients including automotive fleet operators, owners of real estate ranging from stadiums to retail, and government entities to seize the opportunities presented by the next wave of electrified transportation and high-speed connectivity across the United States.

With best-in-class innovation, technical execution and customer experience, Charge continues to focus on growth, adding to the new relationships announced in 2023 with Ford and Stellantis, and capitalizing on the 2023 announced partnerships with Eaton and Autel. With approximately 168,000 gas stations in the United States compared with around 62,000 charging stations and the exponential growth in EV (electric vehicle) adoption, the opportunity for Charge is enormous. By deploying a multiphased strategy to reach end users through the approximately 18,000 franchised auto dealers across the country, Charge is uniquely positioned to scale to the demands of the EV revolution.

In conjunction with the recapitalization, Arena has appointed Scott Haeger to serve as interim chief executive officer of Charge to help manage the transition and provide operational oversight. Mr. Haeger joins Charge from Quaestor Strategic Advisors (QSA), where he serves as senior operating executive, transformation. Mr. Haeger holds a BS in mechanical engineering from Purdue University and an MBA from the Purdue University Daniels School of Business.

"We have long believed that Charge will play a key role in developing vital electric vehicle charging and broadband infrastructure across the U.S., have been impressed by the magnitude of its growth opportunity and are thrilled to be in a position to help the company fully seize that opportunity," said Vincent DeVito, managing director -- asset management for Arena and its affiliated special servicer, Quaestor Advisors LLC (QA). "We believe this new, recapitalized structure sets the stage for Charge to deliver even more value to its clients, their end customers and the communities in which they operate. We look forward to working with its skilled business unit leaders and dedicated employees as we pursue that compelling opportunity together."

"Charge is beginning a new chapter, dedicated to delivering stronger profitability and growth and to driving crucial expansion in the next wave of transportation and connectivity," said Mr. Haeger. "I look forward to working together with Charge's exceptional operational team and the experienced managers at Arena to chart the most effective strategic direction for the company."

About Arena Investors LP

Arena Investors is an institutional asset manager founded in partnership with Westaim (TSX-V: WED). With approximately $3.5-billion of invested and committed assets under management, and a team of over 180 employees in offices globally, Arena provides creative solutions for those seeking capital in special situations, alongside operational capabilities to manage and improve businesses. The firm brings individuals with decades of experience, a record of comfort with complexity, the ability to deliver within time constraints, and the flexibility to engage in transactions and business operations that cannot be addressed by banks and other conventional financial institutions.