Today, investors have yet another SPAC (special purpose acquisition company) to focus on. Wallbox (NYSE:WBX) has finally gone public, with the first day of trading seeing WBX stock trade at around $9 per share, at the time of writing.
This electric vehicle (EV) charging tech provider is one that many investors may be keeping a close eye on in the coming days. The company’s focus on residential, semi-public and public chargers is a niche many investors see high growth potential in. As electric vehicles see higher adoption rates, investors are increasingly banking on pick-and-shovel plays within this sector. Accordingly, Wallbox is a de-SPAC stock that could get some love should this bull market continue.
Given the new addition of WBX stock to the NYSE, let’s dive into a few things investors may want to know about this company.
What to Know As WBX Stock Starts Trading
- Wallbox completed its merger on Oct. 1 with Kensington Capital Acquisition Corp. II and began trading today.
- This merger was overwhelmingly approved, with 95% of the votes cast in favor of the deal.
- Additionally, this merger provided Wallbox with $330 million raised as a result of the deal.
- The company expects to use these funds to support sales growth in over 70 countries.
- Currently, the company is valued at approximately $1.5 billion.
- Wallbox saw revenue growth of more than 300% through the first half of 2021.
- The company expects to see this growth continue, as Wallbox targets the U.S. market for growth moving forward.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.