LS Power Equity Advisors, LLC has proposed paying $2 in cash for every EVgo Inc. Class A share held outside its group, in a nonbinding transaction that requires an independent committee’s recommendation.
A Schedule 13D Amendment No. 2 filed Monday with the U.S. Securities and Exchange Commission disclosed the proposal. Its accompanying letter puts the $2 offer 59% above EVgo’s Oct. 30 closing price and 62% above its 30-day volume-weighted average price through that date.
The filing lists 178,682,352 shares as shared or deemed beneficial ownership. It identifies 5,882,352 Class A shares held by EVgo Member Holdings and 172.8 million Class B shares held by EVgo Holdings; other reporting persons may also be deemed to share beneficial ownership of the block. Based on share counts as of July 28, 2026, the block represented 56.81% of EVgo’s combined voting power.
LS Power expects EVgo’s board to form an independent, disinterested special committee to assess the offer; proceeding depends on its recommendation. The proposal is structured as a long-form merger, and LS Power may revise or withdraw it.
The letter says neither side would be legally bound before signing final transaction documents and sets no closing date. EVgo’s Oct. 30 announcement scheduled its third-quarter 2026 results report for Monday, Nov. 9.
