Switchback Energy Acquisition (SBE) will give shareholders more time to OK a reverse merger that will clear the way for ChargePoint stock to go public.
The blank-check company said Thursday it convened and then adjourned a special shareholder meeting until Feb. 25.
While 99.9% of the votes cast so far were in favor of approving the deal, Switchback said only 45% of the outstanding shares submitted proxies to vote, falling short of the necessary quorum of a majority.
If shareholders approve taking over the EV charging network, then ChargePoint stock can begin trading on the New York Stock Exchange under the ticker CHPT.
Founded in 2007, ChargePoint sells hardware, software and services related to EV charging to commercial, fleet and residential customers. It operates more than 115,000 charging ports globally. It’s aiming to increase that to 2.5 million by 2025. The EV charging company operates in North America and Europe.
ChargePoint has predicted revenue will grow 60% annually through 2026 and has $600 million of cash on its balance sheet to fund operations and growth.
ChargePoint Stock Rivals
Switchback is a special purpose acquisition company, which is formed to raise funds via an IPO to acquire a private company to then take public.
On Thursday, EVgo said it will add 400 Tesla connectors at existing charge stations. Its merger with Climate Change remains on track to complete in the second quarter of 2021, EVgo added. It will trade under the symbol EVGO.
And on Tuesday, Blink announced a deal to deploy up to 140 level 2 charging ports and 3 DC fast-charging stations throughout San Antonio, Texas.
In December, Blink signed a deal expanding its charging network for electric cars with a top auto trade group.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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