Wallbox N.V. strikes a standstill agreement with key lenders

Wallbox N.V. (NYSE:WBX) disclosed in an SEC filing on Friday that the EV charging company reached a standstill agreement with major lenders, including Banco Santander, BBVA, and CaixaBank, to pause principal and interest payments until December 9 or until a new long-term capital structure is finalized. 

The standstill agreement formalizes previous waivers and allows for payment defaults during discussions. Other lenders, such as Instituto de Crédito Oficial and COFIDES, are expected to join the agreement within one month, with negotiations already underway. If some minority lenders do not join by the deadline, the major lenders may end the agreement. 

The standstill agreement was struck to give Wallbox (NYSE:WBX) more time and flexibility to work out its financial structure with its creditors.

Shares of Wallbox (WBX) have perked up this week with a 27.4% rally, although the stock is still down more than 33% on a year-to-date basis and trades more than 70% below its 52-week high.