Stock Track | EVgo Plunges 14.72% in Pre-Market as Major Shareholder Launches Share Offering

Stock Track12-17

EVgo Inc. (NASDAQ: EVGO), a leading electric vehicle charging station operator, saw its stock plummet 14.72% in Tuesday's pre-market session. The sharp decline was primarily driven by the announcement of a secondary offering of 23 million shares of Class A common stock by EVgo Holdings, LLC, an affiliate of major shareholder LS Power Equity Partners IV, L.P.

According to the company's press release, LS Power expects to grant the underwriters a 30-day option to purchase up to an additional 3.45 million shares. EVgo itself will not receive any proceeds from the offering, as the shares are being sold by the existing shareholder. The offering is subject to market conditions and could still be modified or cancelled.

While there were also unconfirmed reports about potential policy shifts by the incoming Trump administration that could negatively impact the electric vehicle industry, these speculative news items appear to have had a limited effect on EVgo's stock compared to the dilutive impact of the significant share offering.

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(NASDAQ: EVGO), a leading electric vehicle charging station operator, saw its stock plummet 14.72% in Tuesday's pre-market session. 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