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Sunday, Sep 25, 2022

EVgo Shares Post Decline Following Market Debut

EVgo Inc., a supplier of charging stations for electric vehicles, saw its share price and trading volume decline in the company’s first week of trading on the Nasdaq.

Sawtelle-based EVgo went public July 2 under the ticker symbol EVGO. Its shares opened at $15 and peaked that morning at $16.10 before closing at $15.10. Volume for the stock’s first day reached more than 3.7 million.

The following days brought price drops to the stock, which dipped to around $12.90 on July 8. The company’s trading volume fell to roughly 1 million on July 7.

In January, EVgo announced plans to go public through a merger with Climate Change Crisis Real Impact I Acquisition Corp., a special purpose acquisition company. The day before EVgo’s debut, shares for Climate Change, under the symbol CLII, closed at $14.36.

The companies completed the merger on June 29 and changed the newly combined company’s name to EVgo Inc.

The merger valued EVgo at $2.6 billion, with the company expecting to receive $575 million in proceeds from the transaction.

“The completion of our business combination represents a critical milepost in EVgo’s ongoing evolution,” EVgo Chief Executive Cathy Zoi said in a statement. “With our new public platform, we are armed with greater resources and are more motivated than ever to make it easier for drivers to go electric.”

EVgo was founded in 2010 and operates more than 800 charging stations across 34 states, according to the company. Only ChargePoint Inc. and Tesla Inc. have more charging stations.


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