LS Power Equity Advisors, LLC has submitted a proposal to acquire all outstanding shares of EVgo Inc. for $2.00 per share in cash. This proposal, filed as an amendment to Schedule 13D on November 2, 2026, represents a 62% premium to the 30-day volume-weighted average price (VWAP) of the company’s shares as of October 30, 2026. The acquisition could significantly impact EVgo's operations and strategy moving forward.

EVgo Inc. operates in the automotive repair and parking services sector. The company is incorporated in Delaware and has its principal office located at 1661 East Franklin Avenue, El Segundo, California. According to recent filings, EVgo Member Holdings, LLC holds a substantial stake in the company, owning approximately 56.81% of the combined Class A and Class B common stock.

The filing states, "On November 2, 2026, LS Power Equity Advisors, LLC delivered to the Board a letter setting forth a proposal for LS Power to acquire all of the outstanding shares of Class A Common Stock that are not owned by it for a purchase price of $2.00 per share in cash." This marks the second amendment to the Schedule 13D, initially filed on October 18, 2024, and amended on December 18, 2024.

LS Power currently holds approximately 178 million shares of EVgo's outstanding common stock, which gives it significant influence over the company's voting power. The proposal may lead to various outcomes, including a merger or other corporate restructuring. However, the filing emphasizes that no assurances can be made regarding the consummation of the proposed transaction.

The potential acquisition could affect various stakeholders, including shareholders, employees, and customers of EVgo. The proposal indicates that LS Power is interested solely in acquiring shares it does not currently own, and it does not plan to sell its existing holdings in the company.

As part of the proposal, LS Power expects a special committee of independent directors to evaluate the offer and make a recommendation to the Board of Directors. The proposal is non-binding and LS Power reserves the right to modify or withdraw it at any time.

Next steps remain unclear as the filing does not specify what will happen following the proposal. However, the outcome of this proposal could significantly alter the landscape for EVgo and its competitors in the automotive repair and parking services sector.