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Why ChargePoint Stock Crashed on Tuesday
Shares of ChargePoint (NYSE: CHPT) crashed today, down by 10% as of 3:30 p.m. EDT, after the company announced it is conducting a secondary offering. The news comes just a few months after ChargePoint completed its merger with a special purpose acquisition company (SPAC). The secondary offering is being launched in order for existing shareholders, primarily early venture capital (VC) funds, to sell stock in an orderly fashion.
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