Shares of EVgo dropped after the company said that EVgo Holdings, an affiliate of LS Power Equity Partners IV, is launching a secondary offering of up to 23 million shares of Class A common stock.
The stock was down 16.1% to $5.3 in premarket trading Tuesday. Through Monday's close, shares have surged 81% over the past 12 months.
The Los Angeles electric-vehicle charging company said that LS Power expects to grant the underwriters a 30-day option to buy up to an additional 3.5 million Class A shares.
LS Power will receive all the proceeds from the sale of Class A shares in the offering.
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