Switchback Energy Acquisition (SBE) shareholders voted in favor of merging with the EV charging network, clearing the way for ChargePoint stock to go public next week.
Switchback expects to complete the reverse merger with ChargePoint (CHPT) Friday. The combined company will be renamed ChargePoint Holdings and start trading on the New York Stock Exchange under the ticker CHPT on Monday March 1, Switchback announced Thursday.
Switchback, a special purpose acquisition company (SPAC), convened a special shareholder meeting on the vote Feb. 11, and then adjourned it due to lack of a quorum. It gave shareholders more time to OK the business combination.
Founded in 2007, ChargePoint sells hardware, software and services related to EV charging. It operates more than 115,000 charging ports globally. It’s aiming to increase that to 2.5 million by 2025. The EV charging company operates in North America and Europe.
ChargePoint has predicted revenue will grow 60% annually through 2026 and has $600 million of cash on its balance sheet to fund operations and growth.
ChargePoint Stock Rivals
Shares of Switchback Energy fell 6.35% to close at 30.83 in Friday’s stock market trading. It remains under the 50-day line after undercutting that key area Feb. 11.
A SPAC or blank-check company is formed to raise funds via an IPO to acquire a private company to then take public.
EVgo’s merger with Climate Change remains on track to complete in the second quarter of 2021. It will trade under the symbol EVGO.
Earlier in February, Blink announced a deal to deploy up to 140 level 2 charging ports and 3 DC fast-charging stations throughout San Antonio, Texas.
In December, Blink signed a deal expanding its charging network for electric cars with a top auto trade group.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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