Switchback Energy (NYSE:SBE) announced that its shareholders approved its combination with electric vehicle (EV) charging network ChargePoint at a special meeting earlier today.
The deal is now expected to close tomorrow, February 26. The combined entity’s shares and warrants are set to begin trading on the NYSE under the ticker symbols “CHPT” and “CHPT WS,” respectively, beginning March 1.
Switchback Energy did not detail redemption figures in its initial press release, but they are bound to have been limited given the company opened trading this morning ahead of the vote at $34.34.
The parties initially announced their $2.4 billion combination on September 24. Campbell, California-based ChargePoint has over 115,000 charging stations and its users have access to an additional 133,000 “roaming” locations across North American and Europe.
The deal has been among the most consistently appreciated EV SPAC combinations and has traded above $29 since late November.
ADVISORS
- BofA Securities is serving as exclusive financial advisor to ChargePoint.
- Oppenheimer & Co. Inc. is serving as capital markets advisor to ChargePoint.
- Weil, Gotshal & Manges LLP and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP are serving as legal advisors to ChargePoint.
- Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Switchback.
- Vinson & Elkins L.L.P. is serving as legal advisor to Switchback.
- Goldman Sachs & Co. LLC is serving as lead placement agent with BofA Securities and Oppenheimer & Co. Inc. serving as co-placement agents on the PIPE.
- Financial Profiles, Inc. is serving as investor relations advisor for ChargePoint.
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...