The electric vehicle (EV) race has taken some interesting turns this week. While the start of the LA Auto Show has helped some companies climb higher, other EV producers saw shares plunge early in the week, only to rebound today. One example is the ever volatile Lucid Motors (NASDAQ:LCID). We’re still recovering from the record-setting initial public offering (IPO) of Rivian (NASDAQ:RIVN), but today marks the debut of a new company that promises to be a key player in the ever-growing EV space. British-based startup Wejo (NASDAQ:WEJO) has just come public through a special purpose acquisition company (SPAC) merger. Accordingly, let’s dig into what Wall Street should be watching as WEJO stock begins trading today.
This new EV innovator operates a car data marketplace built upon a cloud-integrated system. It’s been described as an industry leader in the space and can boast some noteworthy backers, including software giant Palantir (NYSE:PLTR).
What else should investors know as WEJO stock makes its debut? Let’s find out.
WEJO Stock IPO: What Investors Should Know
- Founded in 2o14, Wejo is based in Manchester, England.
- Wejo stock will trade under the ticker “WEJO.” However, its warrants will be trading under “WEJOW.” Investors will likely see both mentioned in early stock coverage.
- Wejo is coming public through a SPAC merger with Virtuoso (NASDAQ:VOSO). As InvestorPlace’s Shrey Dua reported, news of the deal sent VOSO shares up by 43% yesterday.
- The merger has also been good news for Palantir (NYSE:PLTR), whose stock has risen 0.81% within the first hour of trading today, despite some declines yesterday.
- The software innovator has backed several other successful companies within the tech space, including Sarcos Technology and Robotics (NASDAQ:STRC) and Roivant Sciences (NASDAQ:ROIVW), both of which have traded well recently.
- The startup isn’t just backed by Palantir. The two companies are currently working together on building an “integrated data ecosystem for commercial use in the automotive industry.”
- Wejo prioritizes safety and sustainability, working with city planners and navigation software developers to provide products that ensure safety on the road and empower sustainable technology. The company’s list of products and services includes providing intelligence on both journey and traffic patterns. Additionally, it provides data on vehicle movements and driving events.
- As of spring 2021, Wejo was working with 17 auto makers and large parts suppliers with a platform that included 12 million vehicles.
On the date of publication, Samuel O’Brient 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.