EVgo shares lose charge as top holder's stake sale prices at deep discount

Evgo

17/12/2024 12:42

(Updates with pricing details)
    **  Shares of electric-vehicle charging co EVgo  EVGO.O 
down 19.8% to $5.07 premarket as secondary offering prices at
deep discount
  
    ** Los Angeles, California-based firm  23 mln shares sold by
a
    ffiliate of LS Power Equity Partners at $5
  
    ** Offering price is 20.9% discount to stock's last close
  
    ** Prior to offering, 
    LS Power owned 195.8 mln shares for 66.5% stake, per the 
  
    ** 
  
** 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 ))