Here's Why Shares of Switchback Energy Acquisition Jumped 53% in September
Joining the spate of special-purpose acquisition companies, or SPACs, announcing deals over the past few months, Switchback Energy Acquisition (NYSE: SBE) revealed the object of its affection in late September. Investors celebrated the decision and, consequently, the stock ended the month 53% higher than where it began, according to data from S&P Global Market Intelligence.
On Sept. 24, Switchback announced that it had inked a business combination agreement with ChargePoint, which brands itself as having "built the largest EV [electric vehicle] charging network and most complete portfolio of charging solutions available today." According to ChargePoint, it has a customer base of more than 4,000 organizations, contributing to more than 115,000 public and private charging locations.
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