ChargePoint Stock Eyes Debut As SPAC Shareholders OK Deal

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Switchback Energy Acquisition (SBE) shareholders voted in favor of merging with the EV charging community, clearing the way in which for ChargePoint inventory to go public subsequent week.




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Switchback expects to finish the reverse merger with ChargePoint (CHPT) Friday. The mixed firm shall be renamed ChargePoint Holdings and begin buying and selling on the New York Stock Exchange beneath the ticker CHPT on Monday March 1, Switchback introduced Thursday.

Switchback, a particular objective acquisition firm (SPAC), convened a particular shareholder assembly on the vote Feb. 11, after which adjourned it on account of lack of a quorum. It gave shareholders extra time to OK the enterprise mixture.

Founded in 2007, ChargePoint sells {hardware}, software program and providers associated to EV charging. It operates greater than 115,000 charging ports globally. It’s aiming to extend that to 2.5 million by 2025. The EV charging firm operates in North America and Europe.

ChargePoint has predicted revenue will grow 60% annually through 2026 and has $600 million of money on its steadiness sheet to fund operations and development.

ChargePoint inventory buyers embrace German auto giants Daimler (DDAIF) and BMW (BMWYY) in addition to Baillie Gifford, one of many greatest Tesla (TSLA) stakeholders.


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ChargePoint Stock Rivals

Shares of Switchback Energy fell 6.35% to shut at 30.83 in Friday’s stock market trading. It stays beneath the 50-day line after undercutting that key space Feb. 11.

A SPAC or blank-check firm is fashioned to lift funds by way of an IPO to accumulate a personal firm to then take public.

Among ChargePoint inventory rivals, ‌Climate Change Crisis Real Impact I Acquisition (CLII), which is buying EVgo, climbed 2.5%. ‌Blink Charging (BLNK) dipped 0.4%.

EVgo’s merger with Climate Change stays on monitor to finish within the second quarter of 2021. It will commerce beneath the image EVGO.

Earlier in February, Blink announced a deal to deploy up to 140 level 2 charging ports and 3 DC fast-charging stations all through San Antonio, Texas.

In December, Blink signed a deal expanding its charging network for electrical automobiles with a prime auto commerce group.

Find Aparna Narayanan on Twitter at @IBD_Aparna.

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