EVgo Inc. Announces Redemption of Units and Shares, and Secondary Offering

EVgo Inc. (NYSE:EVGO) revealed in a recent SEC filing that the company has entered into a stock and unit purchase agreement with EVgo OpCo, LLC and EVgo Holdings, LLC, affiliated with LS Power. This agreement involves the redemption of 23,000,000 units of OpCo and 23,000,000 shares of the company’s Class B common stock. In exchange, 23,000,000 newly issued shares of the company’s Class A common stock have been transferred, with potential for an additional 3,450,000 shares, pending exercise of the Underwriters’ Option.

The redemption, which concluded on December 17, 2024, was highlighted in the SEC filing. The company emphasized that the full details of the stock and unit purchase agreement can be found in the complete document filed as Exhibit 10.1 with the SEC.

Moreover, EVgo Inc. made headlines by entering into an underwriting agreement with J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Evercore Group L.L.C., among others. This agreement, in connection with LS Power as the selling stockholder, pertains to an underwritten public offering of 23,000,000 Class A Shares at a public offering price of $5.00 per share. LS Power has granted the underwriters a 30-day option to purchase up to an additional 3,450,000 Class A Shares.

The Secondary Offering is expected to close on December 18, 2024, subject to standard closing conditions. It is noted that the company confirmed that it will not receive any proceeds from the sale of the Class A Shares in the Secondary Offering. Detailed aspects of this agreement and offering are outlined in the underwriting agreement filed as Exhibit 1.1 alongside the SEC filing.

Notably, the company, its directors, and executive officers, along with LS Power, agreed to specific restrictions on the sale and transfer of Class A Shares for a duration of 60 days post the prospectus supplement date relating to the Secondary Offering. The agreement includes customary representations, warranties, and covenants, along with indemnification clauses for the involved parties.

Additionally, the SEC filing includes the opinion of Freshfields US LLP concerning the validity of the Class A Shares involved in the Secondary Offering. This opinion is filed as Exhibit 5.1 and referred to within the filing as well.

Investors and stakeholders can find further information and details surrounding these events in the full 8-K SEC filing by EVgo Inc. The document contains key agreements, offerings, and pertinent financial information related to the recent transactions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read EVgo’s 8K filing here.

EVgo Company Profile

EVgo, Inc owns and operates a direct current fast charging network for electric vehicles (EVs) in the United States. The company offers electricity directly to drivers, who access its publicly available networked chargers; original equipment manufacturer charging and related services; fleet and rideshare public charging services; and charging as a service and fleet dedicated charging services.