EVgo Stock Plummets as Biggest Investor Sells 23M Shares

Investopedia12-17

Key Takeaways EVgo said its largest investor would be selling 23 million shares of Class A common stock.The electric charging station operator reported that EVgo Holdings, an affiliate of LS Power ...

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class=\"title\">\nEVgo Stock Plummets as Biggest Investor Sells 23M Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-17 23:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.investopedia.com/evgo-stock-plummets-as-biggest-investor-sells-23m-shares-8762558><strong>Investopedia</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Key Takeaways\nEVgo said its largest investor would be selling 23 million shares of Class A common stock.The electric charging station operator reported that EVgo Holdings, an affiliate of LS Power ...</p>\n\n<a href=\"https://www.investopedia.com/evgo-stock-plummets-as-biggest-investor-sells-23m-shares-8762558\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"EVGO","symbol_name":"EVgo Inc.","start_time":0,"source_url":"https://www.investopedia.com/evgo-stock-plummets-as-biggest-investor-sells-23m-shares-8762558","article_id":"2492696090","we_media_id":null,"thumbnails":["https://www.investopedia.com/thmb/g7lYknMGT9LSAJ1C3H4eUQZVRUM=/7761x5177/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-1444620607-ffd05833caf242948364a214739669b0.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2492696090","pubTimestamp":1734447954,"columns":[],"sourceInfo":{"source_id":"investopedia_highlight","name":"Investopedia"},"weMediaInfo":null,"summary":"EVgo said its largest investor would be selling 23 million shares of Class A common stock.The electric charging station operator reported that EVgo Holdings, an affiliate of LS Power Equity Partners, would also offer underwriters a 30-day option to buy another 3.45 million shares.EVgo will receive no proceeds from the sale.Shares of EVgo  shorted out when the electric vehicle  charging station operator announced a secondary public offering of its stock by its largest investor.The company reported that EVgo Holdings, an affiliate of LS Power Equity Partners, is planning to sell 23 million shares of Class A common stock, and intends to give the underwriters a 30-day option to purchase an additional 3.45 million shares at the public offering price.EVgo noted that it was not putting any of its shares on the market, and the proceeds of this sale will go entirely to LS Power.Do you have a news tip for Investopedia reporters?","collect":0,"end_time":0,"defaultTopTitle":"investopedia.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"EVGO":"EVgo Inc.","BK4214":"汽车零售","EVGO.AU":"EVION Group NL"},"translate_title":"最大投资者出售2300万股，EVgo股价暴跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"EVGO":1,"EVGO.AU":1},"content_text":"Key Takeaways\nEVgo said its largest investor would be selling 23 million shares of Class A common stock.The electric charging station operator reported that EVgo Holdings, an affiliate of LS Power Equity Partners, would also offer underwriters a 30-day option to buy another 3.45 million shares.EVgo will receive no proceeds from the sale. \n Shares of EVgo (EVGO) shorted out when the electric vehicle (EV) charging station operator announced a secondary public offering of its stock by its largest investor.\n\n\n The company reported that EVgo Holdings, an affiliate of LS Power Equity Partners, is planning to sell 23 million shares of Class A common stock, and intends to give the underwriters a 30-day option to purchase an additional 3.45 million shares at the public offering price. \n\n\n EVgo noted that it was not putting any of its shares on the market, and the proceeds of this sale will go entirely to LS Power.\n\n\n The company noted in a regulatory filing that \"LS Power, the Selling Stockholder in this offering, owns the majority of our voting stock.\" It added that because of those large holdings, \"LS Power is able to substantially influence matters requiring our stockholder or board approval, including the election of directors, approval of any of our potential acquisitions, changes to our organizational documents and significant corporate transactions.\"\n\n\n While EVgo did not detail EVgo Holdings' Class A stock stake, the company did show that it owns 195.8 million shares of Class B stock, giving EV Holdings 66.5% of EVgo's total investor voting power.\n\n\n  EVgo Last Week Closed on $1.25B DOE Loan  \n Last week, EVgo said it had closed on $1.25 billion in Department of Energy loan guarantees to install 7,000 EV chargers throughout the country over the next five years. However, its warning that its business would \"be materially and adversely affected\" if it failed to meet the loan conditions sent shares lower.\n\n\n Despite losses of roughly 25% soon after markets opened Tuesday, shares of EVgo are up about 30% in 2024.\n\n\n \n\n\n\n\n\n \n TradingView\n\nDo you have a news tip for Investopedia reporters? 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