GWH - Why ESS Tech Stock Slumped More Than 11% in November
ESS Tech (NYSE: GWH) has taken its investors on a roller-coaster ride over the past couple of months. The battery storage company completed its business combination with special purpose acquisition company ( SPAC ) ACON S2 Acquisition Corp. on Oct. 11, becoming the first publicly traded U.S. long-duration storage company.
Shares skyrocketed immediately following the business combination, rising over 70% by the end of October. However, they cooled off a bit in November, declining by 11.4% for the month, according to data provided by S&P Global Market Intelligence . Among the factors weighing on the stock price was filing a prospectus to sell shares and its first report as a public company.
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Why ESS Tech Stock Slumped More Than 11% in November