EVgo (NASDAQ:EVGO) shares are down nearly 10% at the time of publishing today after the fast-charging solutions provider announced an underwritten public offering of about $125 million of its Class A shares.
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All the shares on offer are being sold by EVgo and it also plans to grant the underwriters a 30-day option to acquire an additional $18.75 million worth of its shares. The company plans to use the funds raised for general corporate purposes.
The offer comes fresh on the heels of EVgo’s recent first-quarter numbers. The company reported a net loss per share of $0.18 on revenue of $25.3 million for the quarter.
Overall, the Street has a $9.75 consensus price target on EVgo alongside a Moderate Buy consensus rating. Short interest in the stock currently stands at a massive ~31.3%.
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