EVgo (NASDAQ:EVGO) stock is dropping on Wednesday after the company announced a public offering for its shares.
According to a press release, EVgo is offering up $125 million worth of its Class A shares in the public offering. The company is also offering an additional $18.75 million worth of EVGO stock to underwriters of the offering.
EVgo notes that it already has plans for the money it intends to raise from the offering. The company says the $125 million it expects from the offering will go toward general corporate purposes.
Investors will note that J.P. Morgan Securities LLC, Evercore Group LLC and Goldman Sachs & Co LLC are serving as the underwriters for the EVGO stock offering. Additionally, all shares in the offering come directly from EVgo.
EVGO Stock Movement Today
Investors in EVGO stock aren’t reacting well to the offering news today. This makes sense as it increases the number of outstanding shares. That also dilutes the stakes held by current investors.
Despite the stock offering news, traders aren’t seeing much in the way of movement from EVGO stock today. As of this writing, around 418,000 shares have changed hands. That’s still well below its daily average trading volume of about 1.8 million shares.
EVGO stock is down 11.3% as of Wednesday morning but still up 23.7% year-to-date (YTD).
Investors looking for even more of the most recent stock market news will want to keep reading!
We’ve got all of the hottest stock market news traders need to know about on Wednesday! Among that is why shares of Ault Alliance (NYSEMKT:AULT), BRF (NYSE:BRFS) and CISO Global (NASDAQ:CISO) stock are moving today. All of that news is ready to go below!
More Wednesday Stock Market News
- Why Is Ault Alliance (AULT) Stock Down 10% Today?
- Why Is BRF (BRFS) Stock Moving Today?
- Why Is CISO Global (CISO) Stock Down 30% Today?
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
