On September 11, 2023, Arena Investors LP announced that it has sent a letter to Charge Enterprises Inc, stating that in the past year an approximately 78% decline in Company's stock and a loss of approximately $346M in market capitalization, outlined the necessary steps for Charge to take to improve its corporate management and operations in order to reverse the current trend of poor performance, including 1) elimination of a staggered board structure, 2) reinvigoration of the board, 3) changes in management/operations, 4) engaging a professional interim advisor, 5) integration and incentivization of subsidiaries, 6)revisiting general and administrative costs, and 7) rationalize cost of capital. In addition, Arena Investors stated that it committed to realizing Company's vast potential, it is confident that through stronger leadership, a more well-balanced board, a sound financial basis, and a clear strategy with efficient execution, Company can drive much needed expansion in electric vehicle charging infrastructure while delivering substantial value to shareholders and benefits for customers, drivers and the environment.