EVgo Inc. has announced a reorganization to direct resources towards the Company’s highest priorities for 2023. Priorities include building out EVgo’s public network in locations meeting its robust investment criteria, building and operating major EVgo eXtend projects on highway corridors, delivering new hubs and infrastructure projects for fleets, implementing EVgo ReNew to ensure EVgo’s public network operates at the charging industry’s highest standards, and continuing to develop and deploy innovative software tools to create a world-class charging experience for drivers and partners alike.
“As a market leader in fast charging, EVgo sees significant growth in demand for EV charging in 2023 and beyond,” said Cathy Zoi, CEO of EVgo. “We are aligning our workforce to capture growing market share in an evolving industry. EVgo is also focusing on operational excellence and efficiencies by optimizing our cost structure with continued resource investments in growth initiatives.”
Operational efficiency improvements are expected to enable EVgo to meet its growth objectives while reducing headcount by approximately 40 employees with continued hiring for operational roles.
EVgo expects to report 2022 financial and operational results within the guidance ranges provided by the Company on November 2, 2022. The Company expects to provide an update on its financial performance as well as its outlook for 2023 during its fourth quarter and full year 2022 earnings call on March 15, 2023. Call details will be announced at a later date.
As previously announced on its Form 8-K dated February 6, 2023 (the “Prior 8-K”), the Company filed a petition on February 3, 2023 in the Court of Chancery of the State of Delaware (the “Court of Chancery”) under Section 205 of the Delaware General Corporation Law (the “Petition”) seeking (i) the validation of the stockholder vote approving the Charter Amendment Proposal (as defined in the Prior 8-K) and (ii) the validation and declaration of effectiveness of (a) the New Charter (as defined in the Prior 8-K) (including its filing and effectiveness, in each case as of July 1, 2021) and (b) the securities issued or to be issued in reliance on the approval of the Charter Amendment Proposal and/or the validity of the New Charter, as of the respective dates of their issuance (including the 5,750,000 shares of Class A common stock into which the shares of Class B common stock converted upon the consummation of the Business Combination (as defined in the Prior 8-K)).
Following a hearing of the Petition, the Court of Chancery issued an order (the “205 Order”) dated February 21, 2023 validating each of the corporate acts described above, effective as of the time each such act was originally taken, notwithstanding any failures of authorization or potential failures of authorization described in, or resulting from the matters described in, the Petition.
The Company welcomes the 205 Order as it eliminates any purported uncertainty with respect to its capital structure.
