Shareholders of Switchback Energy Acquisition Corporation (NYSE: SBE) have not approved the reverse merger with Campbell,CA., based Charge Point, an EV infrastructure company.
What’s Next for SBE shareholders: Thanks to many retail investors SBE did not get the approval to merge with ChargePoint. Next opportunity to vote is NOW, meaning that you should vote as soon as you can in order to get the deal approved. Chargepoint merger meeting is delayed to 2/25 as not enough shareholders voted to approve the transaction.
It is anticipated that the transaction will provide Chargepoint with up to approximately $683 million of cash at closing. The combined company expects to use proceeds from the transaction to “repay debt, fund operations, support growth and for general corporate purposes” .
“We believe ChargePoint will continue to grow its strong market position as the EV industry evolves” said Scott McNeill, CEO, CFO and Director of Switchback .
Prior to the meeting, shares of the special-purpose acquisition company opened at $39,11 up almost 400 percent from December when the ChargePoint deal was announced. Stock of Switchback Energy Acquisition Corporation is trading down 3% on Thursday.