Why ESS Tech Stock Slumped More Than 11% in November
ESS Tech (NYSE: GWH) has taken its investors on a roller-coaster ride over the past couple of months. The battery storage company completed its business combination with special purpose acquisition company (SPAC) ACON S2 Acquisition Corp. on Oct. 11, becoming the first publicly traded U.S. long-duration storage company.
Shares skyrocketed immediately following the business combination, rising over 70% by the end of October. However, they cooled off a bit in November, declining by 11.4% for the month, according to data provided by S&P Global Market Intelligence. Among the factors weighing on the stock price was filing a prospectus to sell shares and its first report as a public company.
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Source Fool.com
