ChargePoint Becomes the World’s First Publicly Traded Global EV Charging Network

Rhea-AI Summary

ChargePoint Holdings, a leading EV charging network, has announced its virtual debut on the New York Stock Exchange (NYSE) as a publicly traded company following its merger with Switchback Energy Acquisition Corporation. This business combination closed on February 26, 2021. ChargePoint's share symbol is CHPT, with warrants trading under CHPT.WS. The company concluded the transaction with approximately $615 million in cash, aimed at supporting its growth and operations in North America and Europe, leveraging a decade of tested business models and favorable market conditions.

Positive

• Successfully debuted on NYSE, boosting visibility and credibility.
• Raised approximately $480 million in net proceeds from the transaction, enhancing financial stability.
• Possesses $615 million in cash, supporting future growth and operations.

Negative

• None.

ChargePoint Holdings, Inc. (the “Company” or “ChargePoint”), a leading electric vehicle (“EV”) charging network, today announced that Pasquale Romano, President and CEO, and the ChargePoint executive leadership team will virtually ring the Opening Bell® at the New York Stock Exchange (“NYSE”), following completion of its previously announced business combination with Switchback Energy Acquisition Corporation, a publicly traded special purpose acquisition company with a strategic focus on the energy value chain, which closed on February 26, 2021. Shares of common stock and warrants of the new combined company will be traded under the ticker symbol “CHPT” (NYSE:CHPT) and “CHPT.WS” respectively.

ChargePoint makes official debut on the New York Stock Exchange. (Photo: Business Wire)

“ChargePoint continues to pioneer the category, becoming the first publicly traded electric vehicle charging company operating across continents,” said Pasquale Romano, President and CEO, ChargePoint. “ChargePoint’s public company debut reinforces the durability of this industry, supported by increasingly progressive climate policy, market preference for clean mobility and more new vehicle introductions than ever before. With our business model tested over more than a decade and approximately $480 million in net proceeds raised from this transaction, I’m confident that ChargePoint is well positioned for continued growth in North America and Europe as the shift to electrified mobility takes hold globally.”

At the close of the transaction, ChargePoint had approximately $615 million in cash (prior to payment of its outstanding term loan), which it anticipates will fund ongoing operations and to support the expansion of the Company’s commercial, fleet and residential businesses in North America and Europe.

ChargePoint will continue to be led by Pasquale Romano, as President and Chief Executive Officer, and its highly experienced leadership team including Rex Jackson, Chief Financial Officer; Christopher Burghardt, Managing Director, Europe; Michael Hughes, Chief Revenue Officer; Colleen Jansen, Chief Marketing Officer; Lawrence Lee, Senior Vice President, Operations and Services; Bill Loewenthal, Senior Vice President, Product; and Eric Sidle, Senior Vice President, Engineering.

Advisors

BofA Securities served as exclusive financial advisor, Oppenheimer & Co. Inc. served as capital markets advisor, and Weil, Gotshal & Manges LLP and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP served as legal advisors to ChargePoint. Goldman Sachs & Co. LLC served as exclusive financial advisor and Vinson & Elkins L.L.P. served as legal advisor to Switchback. Goldman Sachs & Co. LLC served as lead placement agent with BofA Securities and Oppenheimer & Co. Inc. serving as co-placement agents on the private placement of public equity which was consummated in connection with the Business Combination. Financial Profiles, Inc. served as investor relations advisor for ChargePoint.

About ChargePoint

ChargePoint is creating the new fueling network to move all people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and most complete portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 88 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s North American or European press offices or Investor Relations.

Forward-Looking Statements

All statements other than statements of historical facts contained herein are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. These statements are based on various assumptions, whether or not identified herein, and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor or any other person as a guarantee, an assurance, a prediction or a definitive statement of, fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. These forward-looking statements, including those related to our ability to execute our strategic plan and the global shift to electrified mobility, are based on current expectations that are subject to a number of known and unknown risks and uncertainties. Investors are encouraged to review the other risks and uncertainties indicated in the proxy statement/prospectus/consent solicitation statement filed in connection with the business combination, including those under “Risk Factors” therein, and other documents filed or to be with the Securities and Exchange Commission by ChargePoint. In addition, forward-looking statements reflect ChargePoint’s views, expectations, plans or forecasts of future events as of the date hereof and should not be relied upon as representing ChargePoint’s assessments as of any date subsequent to the date hereof. ChargePoint anticipates that subsequent events and developments will cause ChargePoint’s assessments to change. Accordingly, undue reliance should not be placed upon the forward-looking statements. Although ChargePoint may from time to time voluntarily update its prior forward-looking statements, ChargePoint specifically disclaims any obligation to do so whether as a result of new information, future events, changes in assumptions or otherwise, except as required by applicable securities laws.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210301005278/en/

FAQ

What is ChargePoint's stock symbol on the New York Stock Exchange?

ChargePoint's stock symbol is CHPT.

When did ChargePoint complete its business combination with Switchback Energy Acquisition Corporation?

ChargePoint completed its business combination on February 26, 2021.

How much cash does ChargePoint have after its business combination?

ChargePoint has approximately $615 million in cash following the business combination.

What is the significance of ChargePoint's debut on the NYSE?

ChargePoint's debut on the NYSE enhances its visibility and credibility in the market as the first publicly traded EV charging company.

What are ChargePoint's future plans after going public?

ChargePoint plans to support its growth in North America and Europe using the funds raised from the business combination.