EVGO EVgo+46.8%Stock move

EVgo Stock Jumps 47% After LS Power Proposes $2.00 Per Share Take-Private Offer

LS Power, which holds about 56% of the voting power, called the offer non-binding and said it would proceed only if a special committee recommends it.

By Zintick Team · Editor: Kratik Mehta
Published Nov. 2, 2026, 5:10 p.m. ET

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Key points

EVgo shares rose 46.8% Monday, closing at $1.85, after LS Power proposed a $2.00 per share cash take-private offer
The proposal is non-binding and depends on a recommendation from a special committee of independent directors
LS Power's offer is a 59% premium to the Oct. 30, 2026 close, per the letter
LS Power holds about 56% of EVgo's voting securities

EVgo Inc. (Nasdaq: EVGO) shares rose 46.8% on Monday, closing at $1.85 against a previous close of $1.26, while the S&P 500 ETF (SPY) fell 0.48% that session. Volume ran at about 22.7 times its normal level.

The move followed an 8-K disclosing an unsolicited, non-binding proposal from LS Power to acquire all of the Class A common stock it does not already own for $2.00 per share in cash.

A 59% premium to the last close

In a letter to EVgo's board dated Nov. 2, LS Power said the price represents a 62% premium to the 30-day volume-weighted average price as of Oct. 30, 2026, and a 59% premium to the closing price on that date. Those premiums are LS Power's own calculations.

Controlling holder with a limited mandate

LS Power said it owns about 178 million Class A and Class B shares, roughly 56% of the company's outstanding voting securities. It said it would use a long-form merger structure, which it said would give public shareholders appraisal rights. The firm said it has no interest in selling its own stake or in any alternative change-of-control deal.

LS Power said it will not move forward unless a fully empowered special committee of independent directors recommends the proposal to the board. It also said the proposal can be withdrawn or modified at any time and creates no obligation unless definitive documents are signed.

Weak results backdrop

EVgo reported a net loss of $20.8 million for the quarter ended June 30, 2026, wider than the $13.0 million loss a year earlier, on revenue of $82.6 million, down 16% from a year earlier. Cash and equivalents stood at $121.8 million as of that date.