EVgo Confirms Receipt of Unsolicited and Non-Binding Take Private Proposal

(NASDAQ:EVGO) EVgo Inc. announced that its Board of Directors has received an unsolicited and non-binding proposal from LS Power Equity Advisors, LLC and certain of its affiliates to acquire all of the outstanding shares of EVgo’s Class A common stock not currently owned by LS Power for cash consideration of $2.00 per share. LS Power currently holds approximately 56% of the combined voting power of EVgo’s outstanding common stock. The proposal is available as an exhibit to EVgo’s Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission on the date of the announcement. The Board has formed a special committee composed of independent and disinterested directors to review and evaluate the proposal. The special committee is authorized to retain independent legal and financial advisors to assist in its evaluation. No decisions have been made regarding EVgo’s response to the proposal. There is no assurance that any definitive agreement relating to a proposed transaction will be executed, or as to the terms thereof, or that any transaction will be approved or consummated. EVgo stated that shareholders do not need to take any action at this time. EVgo operates more than 1,200 fast charging locations across 47 states. The company partners with leading businesses including retailers, grocery stores, rideshare operators, and autonomous vehicle companies. EVgo is deploying high-power chargers, including EVgo Superchargers, across the U.S. The company operates a dedicated Innovation Lab for developing next-generation chargers and performing interoperability testing. EVgo collaborates with leading automakers and industry partners to advance the EV charging industry.