EVgo Inc shares slipped after the company announced an underwritten public offering of $125 million of its Class A common stock.
The offering will consist of shares solely offered by the company, with a 30-day option for the underwriters to purchase up to an additional $18.75 million of shares.
Shares of the NYSE-listed company had fallen 13.6% to reach $4.95 by midmorning Wednesday.
EVgo specializes in providing electric vehicle (EV) charging solutions. It operates one of the largest public fast-charging networks for electric vehicles in the United States.
The company builds and maintains fast-charging stations strategically located in urban areas, along major highways, and at key destinations to provide convenient charging options for EV drivers.
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