Dallas, Texas, Jan. 11, 2021 (Globe NEWSWIRE) — Switchback Electrical power Acquisition Company (NYSE: SBE) (“Switchback”) announced currently that the registration statement on Type S-4 (File No: 333-249549) (as amended, the “Registration Statement”) relating to the beforehand declared small business blend (the “Business Combination”) with ChargePoint, Inc. (“ChargePoint”) has been declared powerful by the Securities and Exchange Fee (“SEC”). Switchback’s Course A widespread stock is at this time traded on the New York Inventory Exchange (the “NYSE”) beneath the symbol “SBE.” Upon closing of the Business enterprise Mix, the submit-combination corporation is anticipated to be renamed “ChargePoint Holdings, Inc.” and the Course A common stock is anticipated to carry on buying and selling on the NYSE under the new image “CHPT.”
Switchback has commenced mailing the definitive proxy statement/prospectus/consent solicitation assertion relating to the Distinctive Conference of Switchback’s stockholders to be held on February 11, 2021 in relationship with the Business Mixture. The proxy statement/prospectus/consent solicitation statement is currently being mailed to Switchback’s stockholders of history as of the shut of organization on December 16, 2020. The Business Combination and connected transactions are envisioned to close in February 2021, topic to acceptance by Switchback’s stockholders and other customary closing disorders.
Extra Info on the Enterprise Combination and Where to Obtain It
In link with the proposed Small business Mix, Switchback filed the Registration Statement with the SEC, which includes a proxy assertion/prospectus of Switchback and a consent solicitation assertion of ChargePoint. The Registration Assertion has been declared efficient by the SEC and the definitive proxy assertion/prospectus/consent solicitation statement will be mailed out to Switchback’s stockholders. Switchback’s stockholders and other interested people are encouraged to go through the definitive proxy assertion/prospectus/consent solicitation assertion (including all amendments and supplements thereto) and other paperwork relating to the Company Combination submitted with the SEC as these components comprise critical facts about Switchback, ChargePoint and the Business Combination. Stockholders may well attain copies of the definitive proxy statement/prospectus/consent solicitation statement and other paperwork filed with the SEC, without having demand, at the SEC’s world wide web web-site at www.sec.gov, or by directing a ask for to: Switchback Strength, 5949 Sherry Lane, Suite 1010, Dallas, TX, 75225, Focus: Jim Mutrie, Chief Industrial Officer, Standard Counsel, Secretary and Director, (214) 368-0821.
Members in the Solicitation
Switchback and its directors and govt officers might be considered to be members in the solicitation of proxies from Switchback’s stockholders in relationship with the Small business Blend. ChargePoint and its officers and directors could also be considered members in these solicitation. Information about the administrators and executive officers of Switchback is set forth in Switchback’s Annual Report on Variety 10-K which was filed with the SEC on March 30, 2020. Other data about the contributors in the proxy solicitation and a description of their immediate and oblique passions, by stability holdings or in any other case, are contained in the definitive proxy statement/prospectus/consent solicitation statement and other related supplies submitted with the SEC.
Switchback is a unique purpose acquisition firm and was fashioned for the function of effecting a merger, funds stock exchange, asset acquisition, inventory invest in, reorganization or very similar enterprise mixture with 1 or extra enterprises in the energy price chain. Switchback is sponsored by NGP Switchback, LLC, which is owned by a personal expense fund recommended by NGP Energy Cash Administration, L.L.C. and the administration team of Switchback. Switchback started buying and selling on the NYSE in July 2019 and its prevalent inventory, models and warrants trade underneath the ticker symbols SBE, SBE.U and SBE.WS, respectively. For additional data, you should check out www.switchback-vitality.com.
Considering that 2007, ChargePoint has been committed to creating it simple for firms and motorists to go electric. The firm has crafted one particular of the largest EV charging network and most finish portfolio of charging alternatives available today. ChargePoint’s cloud membership platform and software program-outlined charging hardware are created to contain selections for each charging circumstance from dwelling and multifamily to place of work, parking, hospitality, retail and transport fleets of all types. These days, 1 ChargePoint account supplies accessibility to hundreds-of-hundreds of locations to demand in North America and Europe. To day, motorists have logged more than 85 million charging classes, with drivers plugging into the ChargePoint network approximately every single two seconds. ChargePoint is developing the new fueling community to go all persons and goods on electricity. For more information, go to the ChargePoint pressroom or get in touch with the North American and European press workplaces.
Ahead Wanting Statements
The facts included herein and in any oral statements made in connection herewith contain “forward-on the lookout statements” in just 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 ahead-looking statements. Forward-hunting statements may typically be identified by the use of words these kinds of as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other equivalent expressions that predict or suggest foreseeable future situations or traits or that are not statements of historical issues. These forward-looking statements include things like, but are not minimal to, statements pertaining to estimates and forecasts of other economical and performance metrics, projections of market place prospect and market place share. These statements are centered on different assumptions, irrespective of whether or not identified herein, and on the existing expectations of ChargePoint and Switchback’s administration and are not predictions of real efficiency. These ahead-seeking statements are presented for illustrative functions only and are not intended to serve as, and should not be relied on by any investor as a warranty, an assurance, a prediction or a definitive assertion of, point or chance. Real occasions and circumstances are tough or unachievable to predict and might differ from assumptions, and these types of variations may possibly be content. Many precise situations and conditions are past the handle of ChargePoint and Switchback. These ahead-searching statements are subject to a amount of pitfalls and uncertainties, together with changes in domestic and international small business, sector, fiscal, political and legal conditions hazards relating to the uncertainty of the projected economic details with respect to ChargePoint the inability of the parties to properly or well timed consummate the proposed transactions, together with the risk that any needed regulatory approvals are not obtained, are delayed or are subject to unanticipated circumstances that could adversely influence the blended business or the expected gains of the proposed transactions or that the approval of the stockholders of Switchback or ChargePoint is not obtained the failure to understand the anticipated rewards of the proposed transactions threats linked to the rollout of ChargePoint’s small business and the timing of anticipated organization milestones ChargePoint’s dependence on popular acceptance and adoption of electric powered motor vehicles and enhanced installation of charging stations ChargePoint’s capability to preserve effective interior controls about economical reporting, which includes the remediation of identified material weaknesses in inside control more than economic reporting relating to segregation of duties with respect to, and accessibility controls to, its economical document trying to keep method, and ChargePoint’s accounting staffing amounts ChargePoint’s present dependence on gross sales of charging stations for most of its revenues overall demand from customers for electric car charging and the prospective for decreased demand if governmental rebates, tax credits and other fiscal incentives are diminished, modified or removed or governmental mandates to enhance the use of electric vehicles or minimize the use of automobiles powered by fossil fuels, both instantly or indirectly through mandated limits on carbon emissions, are minimized, modified or removed possible adverse outcomes on ChargePoint’s revenue and gross margins if customers progressively claim clean up strength credits and, as a result, they are no longer accessible to be claimed by ChargePoint the results of competitors on ChargePoint’s long term organization pitfalls related to ChargePoint’s dependence on its intellectual home and the possibility that ChargePoint’s engineering could have undetected problems or errors the total of redemption requests produced by Switchback’s general public stockholders the means of Switchback or the combined business to issue equity or fairness-linked securities or receive debt financing in connection with the proposed transactions or in the foreseeable future and all those factors talked over in Switchback’s final prospectus dated July 25, 2019, Annual Report on Type 10-K for the fiscal year ended December 31, 2019 and any subsequently filed Quarterly Report on Type 10-Q, and the definitive proxy statement/prospectus/consent solicitation statement, in each and every situation, beneath the heading “Risk Things,” and other documents of Switchback submitted, or to be submitted, with the SEC. If any of these risks materialize or Switchback’s or ChargePoint’s assumptions establish incorrect, real benefits could differ materially from the benefits implied by these ahead-seeking statements. There might be further pitfalls that neither Switchback nor ChargePoint presently know or that Switchback and ChargePoint currently consider are immaterial that could also lead to actual benefits to differ from people contained in the ahead-hunting statements. In addition, forward-hunting statements reflect Switchback’s and ChargePoint’s expectations, plans or forecasts of foreseeable future gatherings and views as of the day hereof. Switchback and ChargePoint anticipate that subsequent situations and developments will cause Switchback’s and ChargePoint’s assessments to transform. Having said that, though Switchback and ChargePoint could elect to update these ahead-seeking statements at some place in the long run, Switchback and ChargePoint exclusively disclaim any obligation to do so. These ahead-hunting statements ought to not be relied on as representing Switchback’s and ChargePoint’s assessments as of any day subsequent to the day hereof. Appropriately, undue reliance should not be placed upon the forward-looking statements. Additional information and facts concerning these and other aspects that may possibly effects Switchback’s expectations and projections can be observed in Switchback’s periodic filings with the SEC, together with Switchback’s Once-a-year Report on Form 10-K for the fiscal yr finished December 31, 2019 and any subsequently submitted Quarterly Report on Sort 10-Q, and the definitive proxy assertion/prospectus/consent solicitation assertion. Switchback’s SEC filings are obtainable publicly on the SEC’s website at www.sec.gov.
No Supply or Solicitation
This communication does not represent an offer you to offer or the solicitation of an provide to acquire any securities or represent a solicitation of any vote or acceptance.
Switchback Power Acquisition Company
Media and Investors
Scott McNeill and Jim Mutrie
Economical Profiles, Inc.
Dan Oppenheim, CFA