EVgo Inc., Announces a leading provider of public fast-charging networks for electric vehicles, announced today the pricing details for its previously disclosed underwritten public secondary offering. This offering, carried out by EVgo Holdings, LLC, an affiliate of LS Power Equity Partners IV, L.P. (“LS Power”), includes 23,000,000 shares of Class A common stock, each with a par value of $0.0001 per share (the “Class A Shares”), priced at $5.00 per share. Additionally, LS Power has granted underwriters a 30-day option to purchase up to 3,450,000 more Class A Shares at the same public offering price, minus underwriting discounts and commissions.
The proceeds from the sale of the Class A Shares will go entirely to LS Power. EVgo Inc. Announces itself is not selling any shares in this offering and will not receive any portion of the proceeds. The offering is expected to close on December 18, 2024, contingent on standard closing conditions being met.
Key Players in the Offering
J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley, and Evercore ISI are serving as the lead book-running managers for the offering. Additional book-running managers include UBS Investment Bank, BofA Securities, RBC Capital Markets, and TD Cowen. Acting as co-managers for this offering are Needham & Company, Roth Capital Partners, Stifel, Capital One Securities, Northland Capital Markets, Loop Capital Markets, and Siebert Williams Shank.
Regulatory Filings and Accessibility of Documents
EVgo Inc.Announces has filed a registration statement (which includes a base prospectus) and a preliminary prospectus supplement for these securities with the U.S. Securities and Exchange Commission (“SEC”). This registration statement became effective on August 25, 2022. The offering will only proceed via a prospectus supplement, which accompanies the base prospectus. Interested parties can request copies of these documents, once available, from the following sources:
- J.P. Morgan Securities LLC
- Address: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717
- Email: [email protected] and [email protected]
- Goldman Sachs & Co. LLC
- Attention: Prospectus Department, 200 West Street, New York, NY 10282-2198
- Telephone: (866) 471-2526
- Email: [email protected]
- Morgan Stanley & Co. LLC
- Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014
- Evercore Group, L.L.C.
- Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055
- Telephone: (888) 474-0200
- Email: [email protected]
Legal Disclaimer
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. Furthermore, there will be no sale of these securities in jurisdictions where such transactions would be unlawful without proper registration or qualification under applicable securities laws.
About EVgo Inc.
EVgo Inc. Announces is a prominent name in the electric vehicle charging sector, operating one of the largest public fast-charging networks in the United States. With a mission to accelerate the adoption of electric vehicles by providing reliable and convenient charging infrastructure, EVgo Announces supports a wide array of customers, including consumers, businesses, and automakers. The company’s offerings are vital to advancing a sustainable and electrified future.
Offering Details and Context
The sale of 23,000,000 Class A Shares reflects a significant move by EVgo Announces Holdings, LLC, the selling stockholder in this transaction. By granting the underwriters the 30-day option to purchase up to 3,450,000 additional shares, LS Power demonstrates its willingness to accommodate strong demand for EVgo’s stock. The $5.00 per share pricing aligns with market expectations and reflects EVgo’s current valuation and future potential as a key player in the clean energy transition.
Key Takeaways for Investors
Investors should note that this is a secondary offering, meaning EVgo Inc. Announces itself will not benefit directly from the proceeds. Instead, the selling shareholder, LS Power, stands to gain from the transaction. Despite this, the offering reinforces the liquidity of EVgo’s Class A Shares and could potentially attract new institutional and retail investors to the company’s shareholder base.
As the electric vehicle market continues to expand, EVgo’s role as a leader in the EV charging space remains pivotal. This offering underscores the market’s confidence in EVgo’s Announces business model and long-term growth trajectory.
The pricing and terms of this secondary offering mark a notable moment for EVgo and its stakeholders. The anticipated closing on December 18, 2024, will further solidify LS Power’s monetization strategy while maintaining EVgo’s standing as a premier provider of EV charging infrastructure. Interested investors are encouraged to review the prospectus and supporting materials thoroughly to make informed decisions.
