STPK - Star Peak shares surged on merger announcement with Stem at ~$1.35B valuation

December, 04 2020 08:38 AM Star Peak Energy Transition Corp. Class A

Stem, a global leader in artificial intelligence ((AI))-driven clean energy storage systems to become publicly listed through business combination with Star Peak Energy Transition (STPK) at an estimated equity value of ~$1.35B.Transaction will provide up to $608M in gross proceeds, comprised of Star Peak’s $383M of cash held in trust and a $225M fully-committed common stock PIPE at $1/per share, including investments from funds and accounts managed by BlackRock, Van Eck Associates Corporation, Adage Capital Management, L.P., Electron Capital Partners, and Senator Investment Group. Ownership structure is as follow:The combined company will be named Stem and remain listed on the New York Stock Exchange under the new ticker symbol “STEM", led by John Carrington, Chief Executive Officer of Stem. Founded in 2009, Stem’s energy storage systems address a $1.2T market opportunity, and offers investors a unique ESG opportunity to invest in a pure play clean energy company helping to revolutionize the electric grid.The

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Star Peak shares surged on merger announcement with Stem at ~$1.35B valuation

Company Name:	Star Peak Energy Transition Corp. Class A
Stock Symbol:	STPK
Market:	NYSE

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