Here’s Why The Electric Vehicle Charging Business Is On The Rise By

© Reuters EV Allego (ALLG) The stock is up 22% today. here’s why

Shares of Allego (NYSE:) rose more than 150% on Wednesday evening, just days after the provider of electric vehicle (EV) charging solutions entered into a business combination with the acquisition company in Special Purpose (SPAC) Spartan Acquisition Corp.

“We look forward to completing our combination with Allego tomorrow and are very pleased to list them on the New York Stock Exchange to continue to advance electric vehicle charging across Europe,” said Geoffrey Strong, CEO of Spartan. .

Although there is no specific underlying reason for today’s rise, Allego stock has been regularly quoted on social media sites Twitter and Stocktwits in recent days. The stock was halted four times due to volatility during Wednesday’s session and continued to advance to new highs throughout the session.

Twitter data traffic shows that Allego stock has seen an increase in volume, alongside Company Pass (NASDAQ:) and Koss (NASDAQ:).

Today’s move comes after meme shares surged yesterday, led by GameStop (NYSE:) and AMC (NYSE:).

By Senad Karaahmetovic

(Posted at 11:02 a.m. ET, updated at 2:44 p.m. ET).

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