After a 400% rise since September 2020, at the current price of around $42 per share I believe Switchback stock (NYSE: SBE), which is a SPAC , has not reached its near term potential. Others are of another opinion.
Switchback Energy Acquisition Corporation (NYSE: SBE) announced today that the registration statement on Form S-4 relating to the previously announced business combination with ChargePoint, Inc., has been declared effective by the SEC.
Switchback’s Class A common stock is currently traded on the New York Stock Exchange under the stock symbol “SBE.” Upon closing of the Business Combination, the post-combination company is expected to be renamed “ChargePoint Holdings, Inc.” and the Class A common stock is expected to continue trading on the NYSE under the new symbol “CHPT.”
The Business Combination and related transactions are expected to close in February 2021, subject to approval by Switchback’s stockholders and other customary closing conditions.
Switchback is sponsored by NGP Switchback, LLC, which is owned by a private investment fund advised by NGP Energy Capital Management, L.L.C. and the management team of Switchback. Switchback began trading on the NYSE in July 2019 and its common stock, units and warrants trade under the ticker symbols SBE, SBE.U and SBE.WS.