What Happened to ChargePoint Holdings?
Ticker: CHPTSPAC Year: 2020Merger: 2021
Return
-91.0%
Current Price
$0.85
Peak Price
$49.48
Trust Size
$275M
Summary
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 â massive cash burn, delayed profitability, and growing competition from Tesla Superchargers collapsed the stock by 97%.
What Happened
ChargePoint merged with Switchback Energy Acquisition Corp in February 2021. It was the first pure-play EV charging SPAC and initially seemed promising â 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.
Key People
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