A recent trend in the electric vehicle industry has been companies going public through “SPACs” – Special Purpose Acquisition Companies. SPACs go public without any commercial business operations, but then use the IPO funds to acquire existing businesses who then become public through the merger.

Companies getting acquired by a SPAC don’t go through the typical due diligence and road show with investment bankers, a process that can uncover business model weaknesses and shaky financials. In the last few months, at least eight EV-related companies have been acquired by SPACs, with ChargePoint, the California-based charging network being the latest this past week. It is going to be fascinating to have a look under the covers as all of these deals close and the companies report their financials in an upcoming quarter. Stay tuned …