Allego N.V. - ALLG STOCK NEWS

Allego (NYSE: ALLG), a leading pan-European electric vehicle network, has secured a €20 million loan from the European Bank for Reconstruction and Development (EBRD) as part of the CROSS-E project co-funded by the European Union. This funding will support Allego's expansion of EV-charging infrastructure in Poland, where EV charging penetration is among the lowest in Europe.

The project aims to deploy over 200 light and heavy-duty vehicle EV recharging points across more than 50 strategic locations in Poland. Allego will install, integrate, maintain, and operate these facilities, enhancing user experience with smart charging and efficient billing systems. This initiative is part of the EU's efforts to decarbonize road transportation and is co-funded by the Connecting Europe Facility (CEF) program.

Allego N.V. (NYSE: ALLG), a leading electric vehicle charging solutions provider, has announced its intention to voluntarily delist its ordinary shares from the New York Stock Exchange (NYSE). This decision follows the completion of a tender offer by Madeleine Charging B.V., Allego's majority shareholder. The company plans to file a Form 25 with the SEC on August 12, 2024, initiating the delisting process. The delisting is expected to take effect ten days after filing, with the last trading day of Allego shares on the NYSE anticipated to be around August 22, 2024. Allego has already notified the NYSE of its intention to voluntarily delist its shares.

Allego N.V. (NYSE: ALLG) and its majority shareholder, Meridiam, have announced the expiration and final results of Meridiam's cash tender offer for Allego's outstanding ordinary shares. The offer, which expired on July 31, 2024, resulted in 38,718,988 shares being tendered and accepted for purchase. Consequently, Meridiam now holds 236,556,055 shares, representing approximately 86.6% of Allego's total outstanding shares as of July 3, 2024.

Following the completion of the tender offer, Allego plans to voluntarily delist its shares from the New York Stock Exchange, with the delisting expected to be effective in August 2024. This decision is based on the belief that operating as a private company will provide greater flexibility to focus on long-term financial performance without the pressures of public market valuation and short-term performance emphasis.

Allego and Meridiam announced an agreement where Meridiam will launch a tender offer for Allego's outstanding shares not owned by Meridiam, followed by delisting Allego from the NYSE. The offer is priced at $1.70 per share, a 131% premium over the closing price on June 14, 2024. Meridiam commits to providing €46 million for Allego's operations in Germany and €310 million in new capital post-delisting. The independent board members of Allego unanimously approved the transaction, emphasizing its benefits for Allego's long-term growth and strategy. The deal is expected to conclude in Q4 2024.

Allego (NYSE: ALLG) announced its sponsorship of the Le Mans 2024 Road Trip, showcasing a 1600 km electric vehicle journey from Denmark to France. The event, featuring 50 electric vehicles and an electric truck, aims to disprove concerns about long-distance EV travel and highlight Allego's charging network. The trip, with 120 participants from six countries, will save 17 tons of CO2. Key partners include Ford and Danfoss, with exclusive product previews and real-time journey tracking available online. This initiative underscores Allego's commitment to sustainable mobility and the growth of the EV market.

Allego N.V. (NYSE: ALLG), a leading provider of electric vehicle charging solutions, has announced Steven Salo as its new Chief Financial Officer (CFO), effective July 1, 2024. Salo brings decades of financial experience, having held key roles in companies like Citigroup, Arabtec Holding, and Accsys Technologies. His educational background includes a Bachelor of Commerce from Deakin University and a Masters of Applied Finance and Investment from Finsia. He is also a Chartered Accountant. Salo's strategic financial leadership is expected to bolster Allego's mission to promote sustainable mobility. The current CFO, Ton Louwers, will remain until June 30, 2024.

Allego N.V. (NYSE: ALLG) has filed its Annual Report on Form 20-F for the fiscal year ending December 31, 2023, with the Securities and Exchange Commission (SEC). The report, filed on May 16, 2024, includes audited financial statements. Shareholders can access the report on Allego's website and the SEC's website or request a hard copy via email.