BUZZ-EVgo shares lose charge as top holder to trim stake

Reuters12-17
BUZZ-EVgo shares lose charge as top holder to trim stake

** Shares of electric-vehicle charging co EVgo EVGO.O down 18.4% to $5.16 premarket on news of secondary offering

** Los Angeles, California-based firm late Mon said affiliate of LS Power Equity Partners to sell 23 mln shares

** LS Power owns 195.8 mln shares for 66.5% stake, per the SEC filing

** JP Morgan, Goldman Sachs, Morgan Stanley and Evercore lead bookrunners for offering

** On Thurs, co closed $1.25 bln guaranteed loan facility from U.S. Department of Energy, which was first announced in early Oct, to help expand public EV-charging infrastructure across the country

** Through Mon, EVGO shares gained ~61% since Oct 2, the day before the DOE loan was unveiled

** In 2024, stock has traded as low as $1.65 (Apr 25) and as high as $9.07 (Oct 25)

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380 ))

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