Switchback Energy Acquisition Corporation (NYSE: SBE) shares have fallen over 5% on Thursday after the company adjourned the special meeting of shareholders to February 25th 2021 to allow shareholders more time to vote.
The company convened and then adjourned the meeting without conducting any other business to allow for more time for stockholders to vote their shares to reach the required threshold and approve the required proposals.
The special meeting is being held to consider the proposed merger between Switchback and ChargePoint Inc, an electric vehicle charging company that claims to have one of the world’s largest EV charging networks.
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Out of those stockholders that have voted, Switchback has received overwhelming support for the merger. At the time of the meeting, approximately 99.9% of voters have favoured the transaction. However, since shareholders of only around 45% of outstanding shares submitted their vote, the necessary number of votes was not met.
The company has encouraged shareholders to submit their vote to avoid additional delays to the merger.
Switchback energy acquisition shares have fallen over 5% 2 to loads of $36.63 on Thursday.