EVgo Inc. (NASDAQ: EVGO), one of the largest public fast charging networks for electric vehicles in the U.S., received a proposal on November 2, 2026 from its majority shareholder, LS Power, to buy the shares it does not already own for $2.00 each in cash. According to LS Power’s letter to the board, the price represents a 59% premium to EVgo’s October 30 closing price and a 62% premium to its 30-day volume-weighted average price.

Inside the Proposal

LS Power already controls EVgo. According to its amended Schedule 13D, its affiliates beneficially own 178,682,352 shares of Class A and Class B common stock, or about 56.8% of the voting power. Based on share counts in the same filing, the Class A shares that LS Power does not own total roughly 136 million, which would put the proposal’s value at about $272 million.

LS Power said it plans to use a long-form merger rather than a tender offer, because that structure provides more complete disclosure to public shareholders and preserves their appraisal rights. The firm also stated that it is only interested in buying the remaining shares. In other words, it has no interest in selling its own stake or in taking part in a different change-of-control deal.

At the same time, the proposal comes with conditions. LS Power said it expects the board to appoint a special committee of independent directors, and it will not move forward unless that committee recommends the deal. The letter, signed by LS Power President David Nanus, describes the offer as a non-binding expression of interest that LS Power can modify or withdraw at any time. “We believe that time is of the essence and are prepared to move immediately to negotiate and finalize a transaction with the special committee,” Nanus wrote.

Where EVgo Stands

The proposal follows a mixed second quarter. Charging network revenue rose 19% to $61 million, marking EVgo’s 18th straight quarter of double-digit growth in that line. Meanwhile, total revenue fell 16% to $82.6 million, and the net loss widened to $46.3 million from $29.8 million a year earlier. Adjusted EBITDA came in at a loss of $10.6 million, compared with a loss of $1.9 million.

On the operating side, EVgo ended June with 5,380 stalls in operation, up 24%, and more than 1.8 million customer accounts. It also signed an agreement with Tesla to deploy EVgo-owned and branded V4 Superchargers starting in 2026. For the full year, the company guided to revenue of $400 million to $430 million and an adjusted EBITDA loss of $5 million to $25 million.

Building that network takes capital. In the first half of 2026, GAAP capital expenditures rose to $64.4 million from $41.2 million, and operating activities used $41.9 million in cash. As of June 30, EVgo had $197.7 million in cash, cash equivalents and restricted cash, along with $293.7 million in noncurrent long-term debt. Even so, CEO Badar Khan said in August that “EVgo represents a uniquely differentiated growth profile at an attractive valuation for shareholders.”

What Comes Next

For now, no deal is in place. Any transaction would first need a recommendation from the special committee and then mutually acceptable definitive agreements, according to LS Power. If a deal does close, the amended 13D notes that it could lead to the delisting of EVgo’s Class A shares from the NASDAQ Global Select Market.

In the meantime, EVgo plans to report its third quarter 2026 results on November 9, which will give shareholders a fresh look at the business as they weigh the offer.

Strategic Investment Summary

• Buyout Proposal: EVgo Inc. (NASDAQ: EVGO) received a $2.00 per share cash proposal on November 2, 2026 from majority shareholder LS Power.
• Premium: The price represents a 59% premium to the October 30 close and a 62% premium to the 30-day volume-weighted average price.
• Existing Stake: LS Power affiliates hold about 56.8% of EVgo’s voting power through Class A and Class B shares.
• Conditions: LS Power will not proceed unless a special committee of independent directors recommends the deal, and the proposal is non-binding.
• Charging Growth: Second quarter charging network revenue rose 19% to $61 million, while total revenue fell 16% to $82.6 million.
• Next Update: EVgo plans to report third quarter 2026 results on November 9.

Find out more about the latest corporate developments and financial reports at the EVgo investor portal.

The post EVgo Receives $2.00 per Share Buyout Proposal From Majority Owner LS Power appeared first on PRISM MarketView.

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