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Dallas, Texas, Jan 11, 2021 (Globe NEWSWIRE through COMTEX) —
Dallas, Texas, Jan. 11, 2021 (World NEWSWIRE) — Switchback Power Acquisition Company (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 enterprise mix (the “Enterprise Mixture”) with ChargePoint, Inc. (“ChargePoint”) has been declared successful by the Securities and Exchange Fee (“SEC”). Switchback’s Class A frequent inventory is at the moment traded on the New York Inventory Exchange (the “NYSE”) below the symbol “SBE.” Upon closing of the Enterprise Mix, the write-up-mixture enterprise is anticipated to be renamed “ChargePoint Holdings, Inc.” and the Course A popular stock is predicted to continue trading on the NYSE under the new symbol “CHPT.”
Switchback has commenced mailing the definitive proxy statement/prospectus/consent solicitation assertion relating to the Specific Conference of Switchback’s stockholders to be held on February 11, 2021 in link with the Business Combination. The proxy assertion/prospectus/consent solicitation assertion is currently being mailed to Switchback’s stockholders of report as of the close of small business on December 16, 2020. The Company Blend and similar transactions are predicted to shut in February 2021, subject matter to acceptance by Switchback’s stockholders and other customary closing ailments.
Additional Data on the Business enterprise Blend and Where to Uncover It
In relationship with the proposed Small business Mixture, Switchback submitted the Registration Statement with the SEC, which incorporates a proxy statement/prospectus of Switchback and a consent solicitation assertion of ChargePoint. The Registration Statement has been declared effective by the SEC and the definitive proxy assertion/prospectus/consent solicitation assertion will be mailed out to Switchback’s stockholders. Switchback’s stockholders and other interested individuals are recommended to study the definitive proxy statement/prospectus/consent solicitation assertion (including all amendments and health supplements thereto) and other paperwork relating to the Business Combination filed with the SEC as these supplies have crucial information about Switchback, ChargePoint and the Organization Mix. Stockholders may possibly acquire copies of the definitive proxy statement/prospectus/consent solicitation assertion and other files submitted with the SEC, with out cost, at the SEC’s internet web-site at www.sec.gov, or by directing a request to: Switchback Power, 5949 Sherry Lane, Suite 1010, Dallas, TX, 75225, Interest: Jim Mutrie, Chief Professional Officer, Typical Counsel, Secretary and Director, (214) 368-0821.
Contributors in the Solicitation
Switchback and its directors and government officers may possibly be deemed to be individuals in the solicitation of proxies from Switchback’s stockholders in link with the Business Mix. ChargePoint and its officers and administrators may also be deemed members in such solicitation. Information and facts about the directors and executive officers of Switchback is set forth in Switchback’s Once-a-year Report on Sort 10-K which was filed with the SEC on March 30, 2020. Other details regarding the individuals in the proxy solicitation and a description of their direct and oblique pursuits, by protection holdings or if not, are contained in the definitive proxy statement/prospectus/consent solicitation assertion and other pertinent materials filed with the SEC.
Switchback is a unique intent acquisition company and was shaped for the objective of effecting a merger, cash inventory trade, asset acquisition, stock order, reorganization or similar business mix with just one or additional corporations in the power price chain. Switchback is sponsored by NGP Switchback, LLC, which is owned by a private investment decision fund recommended by NGP Energy Cash Administration, L.L.C. and the management team of Switchback. Switchback commenced buying and selling on the NYSE in July 2019 and its popular stock, models and warrants trade below the ticker symbols SBE, SBE.U and SBE.WS, respectively. For a lot more data, please stop by www.switchback-strength.com.
Considering that 2007, ChargePoint has been fully commited to generating it quick for enterprises and drivers to go electric powered. The company has constructed one particular of the greatest EV charging community and most complete portfolio of charging options readily available now. ChargePoint’s cloud subscription platform and software-outlined charging hardware are intended to incorporate selections for every single charging state of affairs from dwelling and multifamily to office, parking, hospitality, retail and transportation fleets of all kinds. Today, just one ChargePoint account supplies access to hundreds-of-countless numbers of destinations to charge in North America and Europe. To day, drivers have logged extra than 85 million charging classes, with drivers plugging into the ChargePoint community around just about every two seconds. ChargePoint is creating the new fueling network to go all men and women and items on electricity. For much more facts, pay a visit to the ChargePoint pressroom or get hold of the North American and European push workplaces.
Forward Seeking Statements
The info included herein and in any oral statements designed in relationship herewith contain “forward-seeking statements” inside the which means of Part 27A of the Securities Act of 1933, as amended, and Segment 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical details contained herein are forward-looking statements. Forward-wanting statements may perhaps typically be identified by the use of text this sort of as “imagine,” “could,” “will,” “estimate,” “go on,” “foresee,” “intend,” “expect,” “ought to,” “would,” “approach,” “task,” “forecast,” “predict,” “potential,” “seem to be,” “request,” “long term,” “outlook,” “target” or other comparable expressions that predict or reveal potential gatherings or traits or that are not statements of historical issues. These ahead-wanting statements include, but are not minimal to, statements concerning estimates and forecasts of other money and overall performance metrics, projections of market prospect and marketplace share. These statements are based on numerous assumptions, regardless of whether or not determined herein, and on the existing expectations of ChargePoint and Switchback’s administration and are not predictions of actual general performance. These ahead-on the lookout statements are supplied for illustrative functions only and are not supposed to serve as, and will have to not be relied on by any trader as a guarantee, an assurance, a prediction or a definitive statement of, fact or likelihood. Real activities and situations are challenging or unattainable to forecast and could vary from assumptions, and these kinds of variances might be substance. Many genuine activities and circumstances are further than the management of ChargePoint and Switchback. These forward-looking statements are issue to a number of pitfalls and uncertainties, like modifications in domestic and international enterprise, marketplace, economical, political and authorized problems threats relating to the uncertainty of the projected money details with respect to ChargePoint the incapability of the parties to efficiently or timely consummate the proposed transactions, such as the chance that any demanded regulatory approvals are not obtained, are delayed or are subject to unanticipated ailments that could adversely influence the blended enterprise or the envisioned positive aspects of the proposed transactions or that the acceptance of the stockholders of Switchback or ChargePoint is not attained the failure to realize the expected advantages of the proposed transactions dangers similar to the rollout of ChargePoint’s enterprise and the timing of envisioned company milestones ChargePoint’s dependence on prevalent acceptance and adoption of electrical autos and enhanced installation of charging stations ChargePoint’s skill to preserve productive inner controls around financial reporting, such as the remediation of recognized product weaknesses in inner regulate about economic reporting relating to segregation of duties with respect to, and entry controls to, its monetary history maintaining technique, and ChargePoint’s accounting staffing degrees ChargePoint’s latest dependence on sales of charging stations for most of its revenues over-all desire for electric powered automobile charging and the prospective for lowered demand from customers if governmental rebates, tax credits and other monetary incentives are lessened, modified or eradicated or governmental mandates to maximize the use of electric cars or reduce the use of motor vehicles driven by fossil fuels, both directly or indirectly through mandated boundaries on carbon emissions, are diminished, modified or eradicated possible adverse consequences on ChargePoint’s earnings and gross margins if prospects significantly declare clean vitality credits and, as a outcome, they are no for a longer time available to be claimed by ChargePoint the consequences of competition on ChargePoint’s foreseeable future organization threats relevant to ChargePoint’s dependence on its mental assets and the risk that ChargePoint’s technological innovation could have undetected flaws or problems the volume of redemption requests designed by Switchback’s general public stockholders the ability of Switchback or the combined firm to challenge equity or equity-linked securities or get hold of personal debt financing in connection with the proposed transactions or in the long term and those variables reviewed in Switchback’s closing prospectus dated July 25, 2019, Yearly Report on Type 10-K for the fiscal calendar year finished December 31, 2019 and any subsequently submitted Quarterly Report on Type 10-Q, and the definitive proxy assertion/prospectus/consent solicitation statement, in just about every situation, beneath the heading “Hazard Aspects,” and other paperwork of Switchback filed, or to be filed, with the SEC. If any of these risks materialize or Switchback’s or ChargePoint’s assumptions confirm incorrect, real results could differ materially from the outcomes implied by these forward-seeking statements. There may possibly be added hazards that neither Switchback nor ChargePoint presently know or that Switchback and ChargePoint presently imagine are immaterial that could also cause real final results to vary from those people contained in the ahead-searching statements. In addition, forward-seeking statements reflect Switchback’s and ChargePoint’s anticipations, options or forecasts of upcoming gatherings and sights as of the date hereof. Switchback and ChargePoint anticipate that subsequent events and developments will trigger Switchback’s and ChargePoint’s assessments to alter. However, though Switchback and ChargePoint could elect to update these ahead-on the lookout statements at some place in the future, Switchback and ChargePoint exclusively disclaim any obligation to do so. These ahead-seeking statements need to not be relied on as symbolizing Switchback’s and ChargePoint’s assessments as of any date subsequent to the date hereof. Appropriately, undue reliance need to not be positioned on the ahead-hunting statements. Supplemental information concerning these and other elements that may well effects Switchback’s expectations and projections can be observed in Switchback’s periodic filings with the SEC, which include Switchback’s Once-a-year Report on Kind 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 assertion. Switchback’s SEC filings are obtainable publicly on the SEC’s web site at www.sec.gov.
No Present or Solicitation
This interaction does not represent an offer you to offer or the solicitation of an supply to acquire any securities or represent a solicitation of any vote or approval.
Switchback Electrical power Acquisition Company
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