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Special Purpose Acquisition Company: What Is A SPAC?
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Shares of
Switchback Energy Acquisition (NYSE:SBE), the special purpose acquisition vehicle that set its sights on taking electric car charging company ChargePoint public five months ago, has done so.
The deal is done. ChargePoint is merged. And Switchback stock is down 13.5% as of 3 p.m. EST.
Image source: Getty Images.
So what
That decline probably shouldn t surprise investors. After all, when Switchback first announced its target back in September, its stock was trading for just over $10 a share less than a third of what it costs today. After tripling in value on the news that it would buy ChargePoint, the fact that it