ChargePoint Holdings (the “Company” or “ChargePoint”), a electric vehicle (“EV”) charging network, announced that Pasquale Romano, President and CEO, and the ChargePoint executive leadership team will virtually ring the Opening Bell® at the New York Stock Exchange (“NYSE”), following completion of its previously announced business combination with Switchback Energy Acquisition, a publicly traded special purpose acquisition company with a strategic focus on the energy value chain, which closed on February 26, 2021. Shares of common stock and warrants of the new combined company will be traded under the ticker symbol “CHPT” (NYSE:CHPT) and “CHPT.WS” respectively.
“ChargePoint continues to pioneer the category, becoming the first publicly traded electric vehicle charging company operating across continents,” said Pasquale Romano, President and CEO, ChargePoint. “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.”
At the close of the transaction, ChargePoint had approximately $615 million in cash (prior to payment of its outstanding term loan), 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.
ChargePoint will continue to be led by Pasquale Romano, as President and Chief Executive Officer, and its highly experienced leadership team including Rex Jackson, Chief Financial Officer; Christopher Burghardt, Managing Director, Europe; Michael Hughes, Chief Revenue Officer; Colleen Jansen, Chief Marketing Officer; Lawrence Lee, Senior Vice President, Operations and Services; Bill Loewenthal, Senior Vice President, Product; and Eric Sidle, Senior Vice President, Engineering.
BofA Securities served as exclusive financial advisor, Oppenheimer. served as capital markets advisor, and Weil, Gotshal & Manges and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian served as legal advisors to ChargePoint. Goldman Sachs served as exclusive financial advisor and Vinson & Elkins served as legal advisor to Switchback. Goldman Sachs served as lead placement agent with BofA Securities and Oppenheimer. serving as co-placement agents on the private placement of public equity which was consummated in connection with the Business Combination. Financial Profiles served as investor relations advisor for ChargePoint.