Shares of Star Peak Energy Transition Corp. (STPK), a special purpose acquisition company, are tumbling more than 8 percent or $4.08 in Thursday’s morning trade at $45.89.
Stem Inc., a provider of artificial intelligence or AI-driven clean energy storage systems, and Star Peak Energy said in December they have agreed for a business combination that will result in Stem becoming a public company that will remain listed on the New York Stock Exchange under the new ticker symbol “STEM. The transaction is expected to close in the first quarter of 2021.
Thursday, Star Peak said that Stem’s post-merger board of directors will be comprised of eight members, including seven independent directors. The board members include John Carrington, CEO of Stem; and Michael Morgan, Chairman of Star Peak Energy.
Star Peak Energy has traded in a range of $9.60 to $51.49 in the past 52 weeks.
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