The sell-off comes on the heels of the company delivering preliminary Q3 results that show the company generated a non-GAAP adjusted loss of $8.2 million and revenue of $0.2 million.
Reuters reports that the service will be operational in Miami at the start as the company seeks to bring down previous losses in its pooled rides segment.
The acquisition, which is expected to close before year-end, should help enhance the integration of digital payments into the commercial segment.
With the acquisition, the global energy technology company will gain access to valuable electric vehicle charging solutions for residential and commercial customers.
The company delivered a net loss of $0.84 a share, wider than an expected loss of $0.68 per share.