Why This EV SPAC's Stock Soared Today

Why This EV SPAC's Stock Soared Today

Shares of Climate Change Crisis Real Impact I Acquisition (NYSE: CLII) soared Friday morning after the company announced plans to merge with electric-vehicle (EV) charging network provider EVgo. As of 10 a.m. EST, shares of the special purpose acquisition company (SPAC) were 65% higher. The combination with the SPAC will provide EVgo with $575 million in proceeds to be used to facilitate the growth of its network.