Why Switchback Energy Acquisition's Stock Is Sharply Higher Today
Shares of blank-check company Switchback Energy Acquisition (NYSE: SBE) were moving higher on Monday. The special-purpose acquisition company (SPAC) said last week that it has agreed to merge with electric-vehicle charging pioneer ChargePoint.
As of 11:15 a.m. EDT, Switchback's shares were up about 17.9% from Friday's closing price.
ChargePoint and Switchback said last Thursday that their merger deal, modeled on other recent deals involving SPACs and electric-vehicle businesses, will effectively take ChargePoint public at a valuation of $2.4 billion.
Source Fool.com