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Why ChargePoint Holdings Stock Dropped 9.9% This Week

TheMotleyFool

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Why ChargePoint Holdings Stock Dropped 9.9% This Week: https://g.foolcdn.com/editorial/images/761066/layoff-notice.jpg

Shares of ChargePoint Holdings (NYSE: CHPT) were down 9.9% this week as of Thursday's close, according to data provided by S&P Global Market Intelligence, after the company announced a significant reorganization.

ChargePoint stock only just rallied 26% in December 2023, rebounding from a disastrous November after the electric vehicle charging network provider abruptly lost both its CEO and chief financial officer.

In a press release on Wednesday morning, the newly appointed CEO, Rick Wilmer, explained that the company is implementing a strategic reorganization as a result of a "comprehensive business evaluation" in his new position.

Source Fool.com

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