EVgo Receives $2/shr Unsolicited Bid From Majority Shareholder LS Power

(RTTNews) - EVgo Inc. (EVGO), a provider of fast charging infrastructure for electric vehicles, Monday confirmed that it has received an unsolicited bid from LS Power Equity Advisors, LLC and certain of its affiliates to acquire EVgo's common stock not currently owned by LS Power for $2 per share in cash.

Currently, LS Power holds approximately 56 percent of the combined voting power of EVgo's outstanding common stock.

The company in turn has formed a special committee consisting of independent and disinterested directors to review and evaluate the non-bonding proposal. Further, this special committee has been authorized to retain independent advisors, including independent legal and financial advisors, to assist it in its work.

EVgo stated that no decisions have been made regarding the bid.

On Monday, EVgo shares closed at $1.85, up 46.83% on the Nasdaq.