EVgo Subsidiary Plans to Sell 23 Million Shares as Stock Declines

LOS ANGELES - Electric vehicle charging station network operator EVgo Inc. (NASDAQ: EVGO) announced that its subsidiary EVgo Holdings, LLC is preparing to sell 23 million shares of Class A common stock in a secondary offering under LS Power Equity Partners IV, L.P. The subsidiary also plans to grant underwriters an additional option to purchase 3.45 million shares. The offering will not include any shares from EVgo itself, and as such, the company will not financially benefit from this offering.

The transaction is subject to market conditions, and there is no certainty regarding the completion of the offering or specific terms. All proceeds from the sale will go to LS Power, and EVgo will not gain any financial advantage from this transaction. Following the announcement, EVgo's stock dropped approximately 15%.