On August 21, 2023, Arena Investors, LP announced that it has sent a letter to the board of directors of Charge Enterprises to take immediate action to address significant underperformance and believes enhanced strategic direction, leadership and governance will position the Company for substantial value creation to benefit all stakeholders. However, the current board of directors and management have failed to take immediate actions to address these issues despite Arena's multiple attempts to engage on these matters and appear to be a roadblock to the much-needed changes that are required for the Company to reverse its disturbing trend of poor operational execution and stock performance.