Switchback Energy Acquisition Corporation (SBE) Shareholders Approve ChargePoint Deal
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.