DJ ChargePoint Completes Combination with Switchback Energy Acquisition; Switchback III Launches IPO
By Adriano Marchese
ChargePoint Inc. said Friday that it has completed the combination with special purpose acquisition corporation Switchback Energy Acquisition Corp.
The electric vehicle charging network said that Switchback shareholders approved the combination, and will begin trading under the ticker CHPT under the name ChargePoint Holdings, Inc.
Additionally, a new SPAC, Switchback III Corp., has filed for initial public offering, according to recent filings to the U.S. Securities and Exchange Commission.
The initial public offering seeks to raise $275 million by issuing 27.5 million units at a price of $10.00 apiece. Each unit consists of one share in the company, and one-fifth of a warrant. Each full warrant is exercisable at a price of $11.50.
Switchback III said it has granted the underwriters a 45-day option to purchase up to an additional 4.1 million units.
Shares in Switchback Energy were down 6.4% at $30.81 at 3:24 p.m. EST.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 26, 2021 15:35 ET (20:35 GMT)
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