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Switchback Energy Acquisition Corporation (SBE)

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Previous Close40.30
Bid39.50 x 1200
Ask39.95 x 1300
Day's Range39.00 - 40.00
52 Week Range9.38 - 49.48
Avg. Volume5,403,655
Market Cap1.556B
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Now May Not Be a Good Time to Charge Into Switchback Energy

    Now May Not Be a Good Time to Charge Into Switchback Energy

    Switchback Energy (NYSE:SBE), which will trade as ChargePoint under the ticker CHPT starting next month, is reportedly the unquestioned leader in electric-vehicle charging. That’s why some feel like SBE stock is a no-brainer investment. Source: Michael Vi / Shutterstock.com But is it? As the merger between the special purpose acquisition company (SPAC) and the California-based ChargePoint approaches fruition, that is what investors are being told.InvestorPlace - Stock Market News, Stock Advice & Trading Tips After all, ChargePoint has the largest independent network of charging stations in the world right now. It also has a first-mover advantage in that space, according to Switchback CEO, CFO and Director Scott McNeill. He argues that the sector will be worth $190 billion in 2030 and that ChargePoint will have a huge piece of it. But will it? SBE Stock, EV Charging and What You’re Charged On one hand, ChargePoint does have an expansive network of charging stations. But most of them are so-called “Level 2” stations which use 240-volt equipment to recharge a car overnight. They’re a convenience, providing a few miles of range for EV owners while they’re having meals. Now, that’s not to say ChargePoint doesn’t make fast chargers. It has its DC Fast chargers. However, out of over 121,000 charging locations, just over 400 have DC Fast equipment, which are branded as Express and ExpressPlus. The 7 Best Stocks To Buy In The Dow Jones Today What’s more, ChargePoint doesn’t have fast-charging to itself. For example, Tesla’s (NASDAQ:TSLA) SuperChargers have similar capabilities. That network is proprietary, but it can be made to work with other cars. In fact, all a driver seems to need to charge a non-Tesla car with a SuperCharger is an adapter. To that end, an Australian company called Tritium is offering a work-around, called Plug and Charge. And while that doesn’t work with all cars, there are also myriad adapters, dongles and toll-free numbers to call for non-Tesla EV owners to buy some juice. That said, the best way to recharge an electric car — even a Tesla — is to do it at home. For instance, a Tesla Supercharger costs about twice as much as electricity at home, making the cost of driving an EV close to that of a gas-powered vehicle. All this means you need to take ChargePoint’s projections with a grain of salt. Tesla will be a competitor. So will Volkswagen (OTCMKTS:VWAGY), which has a network called Electrify America as well as stations in Europe. Needless to say, SBE stock is facing much more competition than it lets on. Room for Optimism Some investors have been able to recognize the complexity of ChargePoint’s task. Between Christmas and Jan. 4, shares in SBE stock plunged well over 20%. Tyler Craig called Switchback’s decline a golden opportunity and the shares have indeed recouped most of the loss. However, investors who own or are considering buying Switchback Energy may want to conduct more research on ChargePoint, as InvestorPlace contributor Mark Hake wrote a week ago. The company’s chargers are mostly 120 volts or 240 volts. DC Fast charger run at 480 volts and 100 amps. That’s what’s needed to get that 100 miles of range within half an hour. Finally, InvestorPlace columnist Todd Shriber says “political catalysts” created the early excitement about SBE and such catalysts aren’t necessarily reliable. Still, he likes that ChargePoint is an established company that doesn’t need the money from its upcoming merger with Switchback Energy to keep growing. Bottom Line I want my next car to be electric. Right now, legacy car companies like Ford Motor (NYSE:F) are busy entering the EV market to get into gear against startups like Lordstown Motors (NASDAQ:RIDE) and Fisker (NYSE:FSR). So, the wind is at the EV industry’s back. However, standards must be established and consumers have to be educated. Electric charging won’t be like filling up at a gas station — and probably not for a decade. What this tells me is that there will be plenty of dips in SBE stock and ChargePoint to buy. And just because the company has a large charging network does not guarantee that it will win the race. On the date of publication, Dana Blankenhorn did not have (either directly or indirectly) any positions in the securities mentioned in this article. Dana Blankenhorn has been a financial and technology journalist since 1978. He is the author of Technology’s Big Bang: Yesterday, Today and Tomorrow with Moore’s Law, essays on technology available at the Amazon Kindle store. Follow him on Twitter at @danablankenhorn More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner It doesn’t matter if you have $500 in savings or $5 million. Do this now. The post Now May Not Be a Good Time to Charge Into Switchback Energy appeared first on InvestorPlace.

  • Switchback Energy Acquisition Corporation Announces Effectiveness of Registration Statement for Proposed Business Combination with ChargePoint, Inc.

    Switchback Energy Acquisition Corporation Announces Effectiveness of Registration Statement for Proposed Business Combination with ChargePoint, Inc.

    Dallas, Texas, Jan. 11, 2021 (GLOBE NEWSWIRE) -- Switchback Energy Acquisition Corporation (NYSE: SBE) (“Switchback”) announced today that the registration statement on Form S-4 (File No: 333-249549) (as amended, the “Registration Statement”) relating to the previously announced business combination (the “Business Combination”) with ChargePoint, Inc. (“ChargePoint”) has been declared effective by the Securities and Exchange Commission (“SEC”). Switchback’s Class A common stock is currently traded on the New York Stock Exchange (the “NYSE”) under the symbol “SBE.” Upon closing of the Business Combination, the post-combination company is expected to be renamed “ChargePoint Holdings, Inc.” and the Class A common stock is expected to continue trading on the NYSE under the new symbol “CHPT.”Switchback has commenced mailing the definitive proxy statement/prospectus/consent solicitation statement relating to the Special Meeting of Switchback’s stockholders to be held on February 11, 2021 in connection with the Business Combination. The proxy statement/prospectus/consent solicitation statement is being mailed to Switchback’s stockholders of record as of the close of business on December 16, 2020. The Business Combination and related transactions are expected to close in February 2021, subject to approval by Switchback’s stockholders and other customary closing conditions.Additional Information on the Business Combination and Where to Find ItIn connection with the proposed Business Combination, Switchback filed the Registration Statement with the SEC, which includes a proxy statement/prospectus of Switchback and a consent solicitation statement of ChargePoint. The Registration Statement has been declared effective by the SEC and the definitive proxy statement/prospectus/consent solicitation statement will be mailed out to Switchback’s stockholders. Switchback’s stockholders and other interested persons are advised to read the definitive proxy statement/prospectus/consent solicitation statement (including all amendments and supplements thereto) and other documents relating to the Business Combination filed with the SEC as these materials contain important information about Switchback, ChargePoint and the Business Combination. Stockholders may obtain copies of the definitive proxy statement/prospectus/consent solicitation statement and other documents filed with the SEC, without charge, at the SEC’s web site at www.sec.gov, or by directing a request to: Switchback Energy, 5949 Sherry Lane, Suite 1010, Dallas, TX, 75225, Attention: Jim Mutrie, Chief Commercial Officer, General Counsel, Secretary and Director, (214) 368-0821.Participants in the SolicitationSwitchback and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Switchback’s stockholders in connection with the Business Combination. ChargePoint and its officers and directors may also be deemed participants in such solicitation. Information about the directors and executive officers of Switchback is set forth in Switchback’s Annual Report on Form 10-K which was filed with the SEC on March 30, 2020. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the definitive proxy statement/prospectus/consent solicitation statement and other relevant materials filed with the SEC.About Switchback Switchback is a special purpose acquisition company and was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the energy value chain. Switchback is sponsored by NGP Switchback, LLC, which is owned by a private investment fund advised by NGP Energy Capital Management, L.L.C. and the management team of Switchback. Switchback began trading on the NYSE in July 2019 and its common stock, units and warrants trade under the ticker symbols SBE, SBE.U and SBE.WS, respectively. For more information, please visit www.switchback-energy.com.About ChargePointSince 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric. The company has built one of the largest EV charging network and most complete portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, drivers have logged more than 85 million charging sessions, with drivers plugging into the ChargePoint network approximately every two seconds. ChargePoint is creating the new fueling network to move all people and goods on electricity. For more information, visit the ChargePoint pressroom or contact the North American and European press offices.Forward Looking StatementsThe information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained herein are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics, projections of market opportunity and market share. These statements are based on various assumptions, whether or not identified herein, and on the current expectations of ChargePoint and Switchback’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of, fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of ChargePoint and Switchback. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; risks relating to the uncertainty of the projected financial information with respect to ChargePoint; the inability of the parties to successfully or timely consummate the proposed transactions, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transactions or that the approval of the stockholders of Switchback or ChargePoint is not obtained; the failure to realize the anticipated benefits of the proposed transactions; risks related to the rollout of ChargePoint’s business and the timing of expected business milestones; ChargePoint’s dependence on widespread acceptance and adoption of electric vehicles and increased installation of charging stations; ChargePoint’s ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and ChargePoint’s accounting staffing levels; ChargePoint’s current dependence on sales of charging stations for most of its revenues; overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of electric vehicles or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; potential adverse effects on ChargePoint’s revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by ChargePoint; the effects of competition on ChargePoint’s future business; risks related to ChargePoint’s dependence on its intellectual property and the risk that ChargePoint’s technology could have undetected defects or errors; the amount of redemption requests made by Switchback’s public stockholders; the ability of Switchback or the combined company to issue equity or equity-linked securities or obtain debt financing in connection with the proposed transactions or in the future and those factors discussed in Switchback’s final prospectus dated July 25, 2019, Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and any subsequently filed Quarterly Report on Form 10-Q, and the definitive proxy statement/prospectus/consent solicitation statement, in each case, under the heading “Risk Factors,” and other documents of Switchback filed, or to be filed, with the SEC. If any of these risks materialize or Switchback’s or ChargePoint’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Switchback nor ChargePoint presently know or that Switchback and ChargePoint currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Switchback’s and ChargePoint’s expectations, plans or forecasts of future events and views as of the date hereof. Switchback and ChargePoint anticipate that subsequent events and developments will cause Switchback’s and ChargePoint’s assessments to change. However, while Switchback and ChargePoint may elect to update these forward-looking statements at some point in the future, Switchback and ChargePoint specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Switchback’s and ChargePoint’s assessments as of any date subsequent to the date hereof. Accordingly, undue reliance should not be placed upon the forward-looking statements. Additional information concerning these and other factors that may impact Switchback’s expectations and projections can be found in Switchback’s periodic filings with the SEC, including Switchback’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and any subsequently filed Quarterly Report on Form 10-Q, and the definitive proxy statement/prospectus/consent solicitation statement. Switchback’s SEC filings are available publicly on the SEC’s website at www.sec.gov.No Offer or SolicitationThis communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.ContactsChargePoint, Inc. MediaDarryll Harrison Senior Director, Global Communications and Social Media 669-237-3380 Darryll.harrison@chargepoint.com media@chargepoint.comSwitchback Energy Acquisition Corporation Media and InvestorsScott McNeill and Jim Mutrie info@switchback-energy.comInvestorsFinancial Profiles, Inc. Dan Oppenheim, CFA 310-622-8235 investors@chargepoint.com

  • Why Switchback Energy Acquisition Popped 19.2% in December
    Motley Fool

    Why Switchback Energy Acquisition Popped 19.2% in December

    Shares of Switchback Energy Acquisition (NYSE: SBE) jumped 19.2% in December, according to data provided by S&P Global Market Intelligence, as investors continued to push stocks related to electric vehicles higher. As of now, Switchback Energy is still a special purpose acquisition company, or SPAC, with little more than cash on the balance sheet. While there wasn't any significant news out of Switchback or ChargePoint last month, the stock benefited from a market that's buying anything EV-related right now.