CCIV - Switchback Energy stock tanks even as SPAC's shareholders OK $2.4B ChargePoint deal

Switchback Energy Acquisition Corp. (SBE) tanked as much as 14% Friday after shareholders approved the SPAC’s plan to acquire electric-vehicle charging network ChargePoint at a $2.4B valuation.SBE traded as low as $28.28 a share on the New York Stock Exchange on the news. The stock rebounded slightly to $28.01 shortly before 3 p.m. ET, but was still down 14.9% on the session.SBE has lost some 30% of its value since Feb. 8 and dropped more than 40% since peaking on Dec. 24 at $49.48 intraday. The shares have fallen as Wall Street suddenly seems less enthusiastic about SPAC deals involving electric vehicles.Interest has especially waned since Churchill Capital Corp. IV (CCIV) cut a deal to buy EV maker Lucid Motors. CCIV had been rallying as the Lucid acquisition seemed close, but tumbled when the merger was actually announced.As for Switchback, the company had to set a second shareholder vote to approve the

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Switchback Energy stock tanks even as SPAC’s shareholders OK $2.4B ChargePoint deal