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Tag: STPK

  • Why Star Peak Energy Transition Corp (STPK) stock are falling in the current trading session?

    Why Star Peak Energy Transition Corp (STPK) stock are falling in the current trading session?

    Star Peak Energy Transition Corp. (STPK) shares were falling -8.73% to trade at $27.49 in the current market at the last check. STPK’s stock closed the previous session at $30.12. The STPK stock volume remained 1.3 million shares.

    What is the recent news on STPK stock?

    On 12th April 2021, STPK and Stem Inc. announced that they will host a fireside chat on that same day with IPO Edge at 2 pm EDT. The event will be broadcasted live and has also been announced by IPO Edge on their website. The event will feature the Chairman of STPK stock, Michael Morgan, and CEO of Stem, John Carrington. The moderator chosen for the event will be Editor-in-Chief of IPO Edge John Jannarone. The event’s agenda is to discuss merger/business combination and the session will last for 45 minutes along with a Q&A session with the audience

    Michael Morgan and John Carrington will talk on topics related to general discussions pertaining as to why shareholders regardless of how much they own, should vote for merger; what the main points of the merger; how shift of power grid to renewable energy will create opportunity for smart battery usage; how SPAC deals have evolved; how investors vote through their brokers.

    Both the companies are looking forward the Special Meeting to discuss the business combination and vote for it approval which will take place on 27th April 2021 at 11 am ET. Every shareholder owning STPK stock since 4th March (even if sold) should vote for the merger before 26th April’s deadline.

    About STPK

    Star Peak Energy Transition Corp. is a blank check company that has its headquarters in Delaware. The main objective of this company is effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

    The strongest aspect of the company is its management team which makes the core of the operational activities related to the acquisition. The executive team has broad, in-depth as well as extensive experience under their belt for investing specifically in the energy, energy sector, infrastructures, and renewable sectors. The company changed its name from Star Peak Energy Acquisition Corp to Star Peak Energy Transition.

    Background of the senior-most executives in Star Peak

    Michael Morgan is the Chairman of STPK while Eric Scheyer is the Chief Executive Officer. However, these are not the only executive seats that both senior-most executives are a part of. Michael Morgan is Chairman and CEO at Triangle Peak Partners LP and working under the title of director for Sunnova Energy international as well as the lead director of Kinder Morgan, Inc. Eric Scheyer is a partner at Magnetar and previously served as Head of the Magnetar Energy and Infrastructure Group right from the start when the company was founded.

    About Stem

    Stem is an energy storage solutions company that is uniquely differentiated in the energy market particularly by the fact that it is causing disruption in the energy market. It is doing so by combining Artificial Intelligence with a platform with energy storage solution services. The AI platform is known as Athena that serves as an analytical platform.  Stem provides full support to solar partners that are inclined towards adding storage to any scale of solar projects.

  • Star Peak Energy Transition (STPK) Enters into a Merger deal with Stem, Inc.

    Star Peak Energy Transition (STPK) Enters into a Merger deal with Stem, Inc.

    Stem will go public after combining with Star Peak Energy Transition. The closing of the merger is set to happen in Q1 of 2020 with the combined company valued at $1.35 billion. 

    Star Peak Energy Transition Corp. (STPK) shares rallied up to 70% on Friday after the merger deal was announced. Star Peak is set to combine with a leading AI-driven clean energy storage system, Stem, Inc.

    The stock rocketed from the prior close of $10.06 on Friday to as high as $17.57 before closing at $17.01. This ranks the stock at its 52-weeks price.

    The new merger deal was announced on December 4, 2020,as Star Peak entered into a definitive agreement for a business combination that will make Stem a public traded company at NYSE.

    The closing of the merger transaction is expected to happen in the first half of 2021. The new company will be named Stem and will be traded under the ticker ‘STEM’.

    Stem was founded in 2009 and is one of the leading global AI-driven energy storage firms that focuses on the clean energy environment. Stem attains revenue through various services which include integrated energy storage system services, energy market participation via its proprietary software, and long-term recurring software services.

    The new company will be headed by the current CEO of Stem, John Carrington, and Star Peak’s Chairman, Mike Morgan will become part of Stem’s Board of Directors.

    The combined company is valued at around $1.35 billion pro forma equity value. This is based on Star Peak’s per share price of $10, imagining no redemptions by the firm’s shareholders. Moreover, the transaction will end up with gross proceeds of $608 million to the company, including a $225 million stock PIPE at a per share price of $10.

    Stem expects this deal to thrive its growth across different markets. Athena™ is a well-known software platform of Stem that is highly recognized in the U.S., Canada, and Japan. The merger will allow help Athena™ software to reach out to different additional markets worldwide.

    The BoDs of both Star Peak and Stem have unanimously approved the merger deal, while the transaction will require the approval of shareholders of both companies.

    Based on the agreement, all the shareholders of Star Peak Energy Transition Corp. (STPK) will roll 100% of their equity holdings into the new public company. The combination will help Stem to develop a solid balance sheet with no debt. The clean energy storage growth will continue to grow at a swift speed. This will bring more investors for the new company as soon as it will go public.