ChargePoint (NYSE: CHPT) became the world's first publicly traded electric vehicle (EV) charging network company after it merged with a special purpose acquisition company (SPAC) on March 1, 2021.

ChargePoint closed at $30.11 on its first day but now trades at about $3. Like many other SPAC-backed EV companies, it lost its luster as its growth cooled off, it racked up ugly losses, and its bubbly valuations popped due to rising interest rates.

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Source Fool.com