The day is finally here. Switchback (NYSE:SBE) faded away, and ChargePoint (NYSE:CHPT) is now trading on the New York Stock Exchange as CHPT stock. So with the ChargePoint SPAC merger in the rear-view mirror, what do you need to know?
Shareholders finally voted to approve the reverse merger between Switchback Energy and ChargePoint on Feb. 25. Although the deal was very exciting, the two companies struggled to reach quorum. This is likely because of the high level of retail investor participation in the ChargePoint SPAC merger. Some retail investors may not have been familiar with the process of voting through their brokers.
However, after a few delays, ChargePoint debuted on the NYSE today. SBE stock became CHPT stock, and the warrants are now trading as CHPT.WS. With that in mind, here is what you should know now:
- According to ChargePoint, it is now the first publicly traded global EV charging company.
- While companies like Blink Charging (NASDAQ:BLNK), ChargePoint operates in multiple countries.
- Currently, it has charging stations in both North America and Europe.
- Through these stations, it has delivered 88 million charging sessions.
- It also says that a drive plugs into the ChargePoint network every two seconds.
- This growth all comes since its launch in 2007.
- And importantly, the company also credits its strategy. ChargePoint says it focuses on multiple consumer scenarios for its charging.
- These include home and multifamily, workplace, retail and hospitality charging stations.
- Back in November 2020, ChargePoint signed a deal with Volvo to expand its reach.
- As consumers purchase a Volvo car, they will now have a built-in option to also purchase the ChargePoint Home Flex home charger.
- Investors should note that the ChargePoint SPAC merger raised $480 million in net proceeds.
- Additionally, CHPT stock starts trading with $615 million in cash on hand.
ChargePoint SPAC Merger: SBE Stock and CHPT Stock Shine
So what else do you need to know about the ChargePoint SPAC merger and CHPT stock? The first thing is that the start of trading today marks the end of a long era for SBE stock. However, it also marks the launch of a leading EV charging company into the public markets.
These last few weeks have not been entirely kind to EV stocks. Tesla (NASDAQ:TSLA) has stumbled, partially because of its investment in Bitcoin (CCC:BTC). However, other top names have also sold off a bit at the start of the year. What does this mean for CHPT stock?
Investors should proceed with enthusiasm. As InvestorPlace contributor Joel Baglole wrote prior to the shareholder vote, it is time to buy the dip with ChargePoint. Consumer adoption of electric vehicles is only going to climb. President Joe Biden wants to electrify the federal fleet. ChargePoint and its global network of stations can help meet that demand.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.