EVgo jumps 45% after LS Power offers $2 per share

EVgo (NASDAQ:EVGO) shares rose 45.2% to $1.83 in premarket trading after majority shareholder LS Power proposed acquiring the electric vehicle charging company for $2 per share in cash.

The proposed offer represents a premium to EVgo's previous closing price, following a period in which the stock had declined 56.7% since the beginning of 2026.

LS Power already owns approximately 178 million EVgo shares, representing 56% of the company's voting securities, according to a filing with the US Securities and Exchange Commission.

The proposal values EVgo at $2 per share in cash, with LS Power seeking to acquire the remaining shares it does not already own through the proposed transaction.

EVgo shares gained 45.2% to $1.83 in premarket trading, putting the stock on track for its largest single-day increase since October 2024 if the gains hold.

The proposed acquisition remains subject to the applicable transaction process.

EVgo operates a network of public electric vehicle charging stations across the United States, providing charging services to electric vehicle drivers and supporting the expansion of charging infrastructure.

LS Power is an energy infrastructure investment company with interests in electricity generation, transmission, energy storage and related businesses, including its existing investment in EVgo.