EVgo Services, an electric vehicle (EV) public fast charging network and wholly-owned subsidiary of LS Power, and Climate Change Crisis Real Impact I Acquisition announced today a definitive agreement for a business combination.
The SPAC’s share price popped nearly 50 percent on the news.
The pro forma implied market capitalization of the combined company is $2.6 billion at the $10 per share PIPE subscription price, assuming no redemptions. Net cash proceeds are estimated to be approximately $575 million, comprised of $400 million from the PIPE and approximately $230 million of cash held in trust by CRIS before any adjustments due to redemptions by CRIS shareholders and payment of deferred underwriting compensation, less transaction expenses.
If the deal meets shareholder approval, upon closing the combined company will be named EVgo and list on the NYSE under EVGO. Read more.
