ChargePoint Holdings, Inc., a U.S. electric vehicle charging network, has listed on the New York Stock Exchange following the completion of its previously announced business combination with Switchback Energy Acquisition Corporation. Ahead of the trading day, Pasquale Romano, President and CEO, and the ChargePoint executive leadership team virtually rang the NYSE’s Opening Bell.
Shares of common stock and warrants of the new combined company now trade under the ticker symbol “CHPT”.
At the close of the business transaction, ChargePoint had approximately $615 million in cash, 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.
Pasquale Romano, President and CEO, ChargePoint, says: “ChargePoint continues to pioneer the category, becoming the first publicly traded electric vehicle charging company operating across continents.”
He adds: “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.”
ChargePoint will continue to be led by Pasquale Romano, as President and Chief Executive Officer.
Founded in 2007, Chargepoint has delivered more than 88 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds.