STPK - Why Star Peak Energy Transition Stock Just Popped 10%
The stars are aligning again for investors in special purpose acquisition company -- and soon to be smart energy storage IPO -- Star Peak Energy Transition (NYSE: STPK) this morning. As of 11:20 a.m. EST, shares of the clean energy SPAC are up a strong 10.7% on no apparent news whatsoever.
It's been nearly two months since Star Peak, a shell company whose only purpose in life is to find a private company, buy it, and bring it public in a reverse merger IPO , announced it has found a target to bring public.
Star Peak will buy "Stem," which uses artificial intelligence to manage the energy storage and release of integrated battery storage systems for its customers, effectively bringing Stem public and changing its own ticker symbol to "STEM." The result: a new publicly traded renewable energy company with a $1.35 billion market capitalization, armed with at least $525 million in cash available to grow the business.
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Why Star Peak Energy Transition Stock Just Popped 10%