Why Is EVGO Stock Down 11% Today?


  • EVgo (EVGO) stock is falling on public offering news.
  • The electric vehicle (EV) charging company is selling $125 million worth of its stock.
  • The company is also offering an additional $18.75 million of EVGO stock to underwriters.
EVGO Stock - Why Is EVGO Stock Down 11% Today?

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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

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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.

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