Why Switchback Energy Acquisition Popped 19.2% in December

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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. But it has agreed to buy ChargePoint, the electric-vehicle charging network company, and ultimately that’s what investors are betting on. 

Image source: Getty Images.

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