Trust Size
$275M
Peak Price
$49.48
Current Price
$0.85
Return
-91.0%
Peak Market Cap
$12.4B
What Happened
The largest EV charging network in the US went public via SPAC at a $11.75B valuation. The stock surged to $49 before reality set in — massive cash burn, delayed profitability, and growing competition from Tesla Superchargers collapsed the stock by 97%.
ChargePoint merged with Switchback Energy Acquisition Corp in February 2021. It was the first pure-play EV charging SPAC and initially seemed promising — strong revenue growth, 73% market share of Level 2 charging. But the company burned through $300M+ annually, repeatedly missed profitability targets, and faced margin pressure from hardware commoditization. By 2025, shares traded under $1 after a reverse split, and the company faced delisting warnings.
Projections vs. Reality
Projected Revenue
$2.0B
What they told investors
Actual Revenue
$507M
What actually happened
Hype-to-Reality Ratio: 25.0x
Key People
Pasquale Romano
CEO
Led through peak and decline, replaced in 2024
Scott McNealy
Board Chair
Sun Microsystems co-founder, brought credibility
Timeline
2020-09
SPAC merger with Switchback Energy announced
2021-02
Merger completed, stock surges to $49
2023-01
Stock falls below $10
2024-06
Revenue growth stalls, layoffs
2025-01
Stock below $1, delisting risk
🔀 Reverse Stock Split
Reverse split ratio: 1:10. Reverse splits are used to avoid delisting but destroy shareholder value through the illusion of a higher stock price.
⚖️ Legal Actions
• Class action lawsuit filed by shareholders
📄 SEC Filings
View all EDGAR filings for ChargePoint Holdings
Risk Scores
Dilution Score
72/100
Insider Profit Index
68/100
Hype-to-Reality Ratio
25.0x
Projected ÷ actual revenue