EVgo Confirms Receipt of Unsolicited and Non-Binding Take Private Proposal

LS Power already holds approximately 56% of EVgo’s combined voting power; independent directors will evaluate the proposal.

Rhea-AI Summary

EVgo (NASDAQ: EVGO) received an unsolicited proposal from LS Power to acquire shares it does not already own for $2.00 per share. The non-binding, all-cash proposal covers all outstanding Class A common shares not currently owned by LS Power, which holds approximately 56% of the combined voting power of EVgo’s outstanding common stock.

The board established a special committee of independent and disinterested directors to evaluate the proposal, with authority to retain independent legal and financial advisors. No decision has been made on EVgo’s response, and shareholders do not need to take any action at this time.

1 point · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.LS Power’s proposal offers $2.00 per share in cash for Class A shares it does not own.

Negative

• Moderate pointThe take-private proposal is unsolicited and non-binding; no decision has been made on EVgo’s response.

Key Figures

Cash consideration per share: $2.00 per share Combined voting power held by LS Power: Approximately 56%

Cash consideration per share

$2.00 per share

Unsolicited, non-binding take-private proposal

Combined voting power held by LS Power

Approximately 56%

EVgo outstanding common stock

Key Terms

form 8-k

1 terms

form 8-k regulatory

"Current Report on Form 8-K, which will be filed today"

A Form 8-K is a report that companies file with the government to share important news quickly, such as changes in leadership, major business deals, or financial updates. It matters because it helps investors stay informed about significant events that could affect the company's value or stock price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LOS ANGELES, Nov. 02, 2026 (GLOBE NEWSWIRE) -- EVgo Inc. (“EVgo”) (NASDAQ: EVGO), one of the nation’s largest providers of public fast charging infrastructure for electric vehicles, today announced that its Board of Directors (“Board”) received an unsolicited and non-binding proposal (“Proposal”) from LS Power Equity Advisors, LLC and certain of its affiliates (collectively, “LS Power”) to acquire all of the outstanding shares of EVgo’s Class A common stock not currently owned by LS Power for cash consideration of $2.00 per share. LS Power currently holds approximately 56% of the combined voting power of EVgo’s outstanding common stock. A copy of the Proposal is available as an exhibit to EVgo’s Current Report on Form 8-K, which will be filed today with the Securities and Exchange Commission.

The Board has established a special committee composed of independent and disinterested directors to review and evaluate the Proposal. The special committee is authorized to retain independent advisors, including independent legal and financial advisors, to assist it in its work. No decisions have been made with respect to EVgo’s response to the Proposal. There can be no assurance that any definitive agreement relating to any proposed transaction will be executed or as to the terms thereof, or that any transaction will be approved or consummated. EVgo does not intend to comment further or disclose any developments regarding the Proposal unless and until it deems further disclosure is appropriate or required. EVgo’s shareholders do not need to take any action at this time.

About EVgo

EVgo Inc. (NASDAQ: EVGO) is one of the nation’s largest and most highly utilized public fast charging providers. With more than 1,200 fast charging locations across 47 states, EVgo makes charging part of everyday life by partnering with leading businesses including retailers, grocery stores, rideshare operators and autonomous vehicle companies. EVgo is scaling nationwide, strategically deploying high-power chargers, including EVgo Superchargers, across the U.S. At its dedicated Innovation Lab, EVgo is developing its next-generation chargers, performing extensive interoperability testing and collaborating with leading automakers and industry partners to advance the EV charging industry and deliver a seamless charging experience. 

Caution Concerning Forward Looking Statements

This press release contains forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to certain risks, uncertainties, or other factors that are difficult to predict and could cause actual events or results to differ materially from those indicated in any such statements due to a number of risks and uncertainties. Those risks and uncertainties that could cause the actual events or results to differ from expectations contemplated by forward-looking statements include, among other things: risks and uncertainties relating to the unsolicited and non-binding take private proposal received from LS Power to acquire all of the outstanding shares of EVgo’s Class A common stock not currently owned by LS Power, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeframe, or at all; the special committee’s review and evaluation of the Proposal; the effect of the announcement of the Proposal on EVgo’s business, stock price and relationships with customers, partners and employees; the risk of litigation relating to the Proposal or any proposed transaction; and those described under the heading “Risk Factors” and elsewhere in our most recent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K filed with the Securities and Exchange Commission. Forward-looking statements are based on EVgo’s management’s current assumptions, expectations, and beliefs and are not guarantees of future performance. In light of these risks, uncertainties, and assumptions, actual results could differ materially and adversely from those anticipated or implied by the forward-looking statements. You should not rely on forward-looking statements as predictors of future results. Any forward-looking statements in this release are based on the limited information currently available to EVgo as of the date hereof, which is subject to change, and EVgo does not undertake any obligation to update these statements, even if new information becomes available in the future.

Contacts

For Investors:

investors@evgo.com

For Media:

press@evgo.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is LS Power offering to pay for EVgo shares?

LS Power proposes paying $2.00 per share in cash for all outstanding EVgo Class A common shares it does not currently own. The proposal is unsolicited and non-binding.

Do EVgo shareholders need to act on the take-private proposal?

EVgo shareholders do not need to take any action at this time. A special committee of independent and disinterested directors is reviewing the proposal, and no decision has been made on EVgo’s response.