ChargePoint and Switchback will host a joint investor conference call to discuss the proposed transaction today, September 24, 2020 at 8:30 am ET. Security holders of Switchback are urged to read the proxy statement/prospectus and the other relevant materials when they become available before making any voting decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination. “For thirteen years we have been singularly focused on our vision to move all people and goods on electricity, and that has never been more relevant than it is today,” said Pasquale Romano, President and CEO, ChargePoint. ChargePoint, Inc. 2021 InvestorPlace Media, LLC. On Feb, 25, Switchback Energy Acquisition (SBE) shareholders approved its merger with ChargePoint. Switchback Energy SPAC still has some value left in its ChargePoint merger. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release. Article printed from InvestorPlace Media, https://investorplace.com/2021/03/chpt-stock-12-things-to-know-as-chargepoint-trading-spac-merger-sbe-stock/. Copies may be obtained free of charge at the SEC’s web site at www.sec.gov. As a result, we believe ChargePoint will continue to grow its strong market position as the EV industry evolves. There is a possibility that once the merger between Switchback Energy and ChargePoint is completed, Switchback Energy stock will crumble. On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. Following the closing of the Business Combination, the combined company will be renamed “ChargePoint Holdings, Inc.” and it is anticipated that on March 1, 2021, … Dan Oppenheim Although the deal was very exciting, the … To date, more than … Nasdaq For more information, visit the ChargePoint pressroom or contact the North American and European press offices. is serving as legal advisor to Switchback. SBE announced its upcoming merger with ChargePoint. As InvestorPlace contributor Joel Baglole wrote prior to the shareholder vote, it is time to buy the dip with ChargePoint. Investors should note that the ChargePoint SPAC merger raised $480 million in net proceeds. ChargePoint and its global network of stations can help meet that demand. Financial Profiles, Inc. is serving as investor relations advisor for ChargePoint. Romano brings more than 30 years of executive leadership experience with technology companies including 2Wire, Inc. and Polycom, Inc. During Romano’s nearly ten-year tenure at ChargePoint, it has emerged as a leading EV charging network. ChargePoint expects to use transaction proceeds to expand its reach in North America and Europe, further enhance its technology portfolio and significantly scale its commercial, fleet and residential businesses ahead of the anticipated introduction of an increasing number of new EV models and rising EV penetration. 1125 N. Charles St, Baltimore, MD 21201. In the case of the Switchback-ChargePoint merger, only those who owned the SPAC's shares on Dec. 16 can vote. Charging is matched to parking duration, from energy-managed AC level 2 to DC fast charging. Financial Profiles, Inc. “We’ve pioneered networked charging and are resolute in our aim to usher in the transition to mass EV adoption by electrifying one parking spot at a time. Currently, it has charging stations in both North America and Europe. View real-time stock prices and stock quotes for a full financial overview. Switchback Energy Acquisition (NYSE: SBE) announced on January 11 that it would hold a special meeting in mid–February to … ChargePoint, Inc. to Become Public Company, Advancing EV Charging Network’s Reach Across North America and Europe, (Thursday, September 24, 2020 at 8:30 am ET), Public listing milestone broadens market leadership and builds on over a decade of innovation with more than 4,000 businesses and organizations participating in ChargePoint’s new fueling network, Approximately $493 million in net proceeds will advance ChargePoint, Inc.’s commercial, fleet and residential businesses, Transaction includes $225 million upsized PIPE at $10.00 per share anchored by institutional investors, including Baillie Gifford and funds managed by Neuberger Berman Alternatives Advisors, ChargePoint President and CEO Pasquale Romano and existing leadership team to lead combined company, Investor call scheduled for Thursday, September 24, 2020 at 8:30am ET. Sarah Smith is a Web Content Producer with InvestorPlace.com. To listen to the call via telephone, dial (877) 407-4018 for domestic callers or (201) 689-8471 for international callers using conference ID: 13710723. All rights reserved. The Company has built the largest EV charging network and most complete portfolio of charging solutions available today. Upon the transaction closing, the combined company will be named ChargePoint Holdings, Inc. and will be listed on the New York Stock Exchange (the “NYSE”). EVs only represent a … ChargePoint uses cookies to personalize your experience. That date was about a week … As a refresher, Switchback and ChargePoint had entered into a definitive merger agreement on the 23rd of September. Switchback expects to complete the reverse merger with ChargePoint (CHPT) Friday. These last few weeks have not been entirely kind to EV stocks. The day is finally here. Dogecoin Shows No Sign of Slowing As the Endorsements Keep Piling Up, The 7 Best Blue-Chip Stocks in the Dow Jones, 7 Healthcare Stocks to Buy to Prepare Your Portfolio For The Next Pandemic. However, it also marks the launch of a leading EV charging company into the public markets. Charging station network, ChargePoint, is on its way to becoming a publicly-traded company after Switchback Energy Acquisition (SBE) shareholders approved merger today. Making Electric Easy for Everyone Copyright © 2021 ChargePoint, Inc. All rights reserved. Switchback and ChargePoint caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of either Switchback or ChargePoint. ChargePoint serves customers through its software-defined hardware portfolio, comprehensive suite of software solutions and robust network and services designed for a wide range of use cases. The investor conference call may also be accessed via a live webcast. What does this mean for CHPT stock? It operates in every segment, from commercial to fleet to residential. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. We see ourselves as an index for the entire category.”, Scott McNeill, CEO, CFO and Director of Switchback said, “The EV charging industry is accelerating and it is expected that charging infrastructure investment will be $190 billion by 2030. Copyright © 2021 InvestorPlace Media, LLC. By 2040, more than half of … Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Tesla (NASDAQ:TSLA) has stumbled, partially because of its investment in Bitcoin (CCC:BTC). 310-622-8235chargepoint@finprofiles.com. SBE stock is worth $42.81 but could go much higher after its SPAC merger with ChargePoint closes. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric. Switchback (NYSE:SBE) faded away, and ChargePoint (NYSE:CHPT) is now trading on the New York Stock Exchange as CHPT stock. 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. Switchback Energy Acquisition (SBE) has failed to obtain enough shareholder votes to complete the merger in the first try when only 45% of the outstanding shares had … Campbell, Calif. & Dallas, Texas – September 24, 2020 – ChargePoint, Inc., (the “Company” or “ChargePoint”) a leading electric vehicle (“EV”) charging network, and Switchback Energy Acquisition Corporation (NYSE: SBE) (“Switchback”), a publicly traded special purpose acquisition company with a strategic focus on the energy sector, today announced the signing of a definitive business combination agreement. Back in November 2020, ChargePoint signed a deal with Volvo to expand its reach. This is likely because of the high level of retail investor participation in the ChargePoint SPAC merger. The telephone replay may be accessed by dialing (844) 512-2921 for domestic callers or (412) 317-6671 for international with the same conference ID. In addition, ChargePoint offers access to an additional 133,000 public places to charge through network roaming integrations across North America and Europe. Additionally, CHPT stock starts trading with $615 million in cash on hand. ChargePoint Inc, one of the world's oldest and largest electric vehicle charging networks, is nearing a deal to go public through a reverse merger … SBE stock became CHPT stock, and the warrants are now trading as CHPT.WS. The New York Stock Exchange ticker symbols for the shares of common stock and the warrants of the combined company, renamed ChargePoint Holdings, … The stock rose from $12 to its 52 … Switchback and our investors are excited to partner with the talented ChargePoint team to advance their vision.”. To date, drivers have logged more than 82 million charging sessions, with drivers plugging into the ChargePoint network approximately every two seconds. 1125 N. Charles St, Baltimore, MD 21201. It is currently anticipated that the transaction will close, assuming satisfaction of such closing conditions, by the end of the fourth quarter of 2020. The boards of directors of both Switchback and ChargePoint have unanimously approved the proposed transaction. Electric vehicle charging network ChargePoint officially announced Thursday that it will go public through a reverse merger with Switchback Energy Acquisition Corp (NYSE: SBE). ChargePoint, Inc. deal may be delayed by weeks if too few shareholders cast votes Investors need to vote electronically or call their brokers/banks to … Subscribe to the Crunchbase Daily. CHPT | Complete ChargePoint Holdings Inc. stock news by MarketWatch. Except as otherwise required by applicable law, Switchback and ChargePoint disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Shareholders finally voted to approve the reverse merger between Switchback Energy and ChargePoint on Feb. 25. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Switchback’s executive officers and directors in the solicitation by reading Switchback’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and the proxy statement/prospectus and other relevant materials filed with the SEC in connection with the business combination when they become available. ChargePoint is creating the new fueling network to move all people and goods on electricity. In connection with the proposed business combination, Switchback will file a registration statement on Form S-4 (the “Form S-4”) with the SEC. Switchback is sponsored by NGP Switchback, LLC, which is owned by a private investment fund advised by NGP Energy Capital Management, L.L.C. Although the deal was very exciting, the … The proceeds will be funded through a combination of Switchback’s approximately $317 million cash in trust, assuming no redemptions by Switchback stockholders, and a $225 million PIPE of common stock valued at $10.00 per share led by institutional investors including Baillie Gifford and funds managed by Neuberger Berman Alternatives Advisors. For more information, please visit www.switchback-energy.com. Founded in 2007, ChargePoint is a category creator in EV charging, helping to make the mass adoption of electric mobility a reality. Information concerning the interests of Switchback’s participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available. Some retail investors may not have been familiar with the process of voting through their brokers. The SPAC merger comes just a month after ChargePoint raised $127 million in funding from a mix of existing investors from the oil and gas, utilities … Upon the transaction closing, ChargePoint will continue to be led by President and CEO, Pasquale Romano and the existing management team. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. ChargePoint plans to go public next month in a reverse merger with Dallas-based Switchback Energy Acquisition Corp. (NYSE:SBE) in a deal that values the combined companies at … ChargePoint’s winning operating model and high-quality solutions foster loyal site hosts who expand their charging footprint as EV penetration rises, creating a virtuous loop of brand awareness, satisfied drivers, organic networked charging hardware and recurring SaaS revenue. The business combination values ChargePoint at an implied $2.4 billion enterprise value. The combined company is … Darryll Harrison Consumer adoption of electric vehicles is only going to climb. On the call, the presenters will be reviewing an investor presentation, which will be available on Switchback and ChargePoint’s websites and filed with the SEC as an exhibit to Switchback’s Current Report on Form 8-K prior to the call, and available on the SEC website at www.sec.gov. Cash proceeds raised in the transaction will be used to repay debt, fund operations, support growth and for general corporate purposes. Switchback Energy announced an upcoming merger with ChargePoint, the world's largest electric vehicle charging network in North America and Europe. It also says that a drive plugs into the ChargePoint network every two seconds. Switchback and its directors and officers may be deemed participants in the solicitation of proxies of Switchback’s shareholders in connection with the proposed business combination. Find Stations | Sign Up | Log In | Shop, Home As a first mover in the space, ChargePoint has distinguished itself as the number one EV charging network and is well positioned to deliver mission-critical charging infrastructure as the expected transition to electric mobility accelerates. Posted by Robert K. Reed on February 25, 2021 0 Comments. In addition, Switchback cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the occurrence of any event, change or other circumstances that could delay the business combination or give rise to the termination of the agreements related thereto; (ii) the outcome of any legal proceedings that may be instituted against Switchback or ChargePoint following announcement of the transactions; (iii) the inability to complete the business combination due to the failure to obtain approval of the shareholders of Switchback, or other conditions to closing in the transaction agreement; (iv) the risk that the proposed business combination disrupts Switchback’s or ChargePoint’s current plans and operations as a result of the announcement of the transactions; (v) ChargePoint’s ability to realize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of ChargePoint to grow and manage growth profitably following the business combination; (vi) costs related to the business combination; (vii) risks related to the rollout of ChargePoint’s business and the timing of expected business milestones; (viii) ChargePoint’s dependence on widespread acceptance and adoption of electric vehicles and increased installation of charging stations; (ix) ChargePoint’s ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and ChargePoint’s accounting staffing levels; (x) ChargePoint’s current dependence on sales of charging stations for most of its revenues; (xi) overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of electric vehicles or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; (xii) potential adverse effects on ChargePoint’s revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by ChargePoint; (xiii) the effects of competition on ChargePoint’s future business; (xiv) risks related to ChargePoint’s dependence on its intellectual property and the risk that ChargePoint’s technology could have undetected defects or errors; (xv) changes in applicable laws or regulations; and (xvi) the possibility that ChargePoint may be adversely affected by other economic, business, and/or competitive factors. Drivers plug into the ChargePoint network approximately every two seconds and have completed more than 82 million charging sessions to date. In September 2020, SBE announced a merger deal with ChargePoint. >, Business Combination with Switchback Energy Acquisition Corporation Valued at $2.4 Billion. Upon transaction closing, and assuming no redemptions by Switchback stockholders, ChargePoint will have approximately $683 million in cash, resulting in a total pro forma equity value of approximately $3.0 billion. A telephone replay will be available from 11:30 am ET on Thursday September 24, 2020 to 11:59 pm ET on Thursday, October 8, 2020. quotes delayed at least 15 minutes, all others at least 20 minutes. January 14, 2021. President Joe Biden wants to electrify the federal fleet. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval. 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