EVgo Inc 8-K/A, filed Aug 12, 2021

EVgo Inc. (EVGO)

8-K/A 2021-08-12 For: 2021-07-01

View Original

Added on April 11, 2026

About this 8-K/A

EVgo Inc filed this 8-K/A on August 12, 2021, reporting on events of July 1, 2021.

Items reported

Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Delaware	001-39572	85-2326098
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)


11835 West Olympic Boulevard, Suite 900E Los Angeles, California		90064
(Address of principal executive offices)		(Zip Code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Shares of Class A common stock, $0.0001 par value	EVGO	Nasdaq Global Select Market
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50	EVGOW	Nasdaq Global Select Market


Exhibit Number	Description
99.1	Unaudited consolidated financial statements of HoldCo as of June 30, 2021 and for the six months ended June 30, 2021 and 2020.
99.2	Management’s Discussion and Analysis of Financial Condition and Results of Operations of HoldCo for the six months ended June 30, 2021 and 2020.
99.3	Unaudited Pro Forma Condensed Combined Financial Information of the Company as of June 30, 2021 and for the six months ended June 30, 2021.
104	Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document


	EVgo Inc.

Date: August 12, 2021	By:	/s/ Olga Shevorenkova
	Name:	Olga Shevorenkova
	Title:	Chief Financial Officer
		(Principal Financial Officer)


	June 30,		December 31,
	2021		2020
	(unaudited)
Assets
Current assets
Cash	$	1,040,046	$	7,914,150
Restricted cash		361,030		—
Accounts receivable, net		2,157,140		2,164,346
Accounts receivable, capital build		3,249,706		3,258,724
Deferred offering costs		7,215,869		3,071,282
Prepaid expenses and other current assets		2,858,797		3,563,021
Total current assets		16,882,588		19,971,523
Property and equipment, net		94,827,359		71,265,503
Intangible assets, net		63,661,371		67,956,371
Goodwill		22,111,166		22,111,166
Other assets		1,839,114		836,347
	$	199,321,598	$	182,140,910

Liabilities and Members’ Equity
Current liabilities
Accounts payable	$	3,211,032	$	2,998,448
Payables to related parties		1,554,400		135,146
Accrued liabilities		20,315,881		10,945,013
Deferred revenue, current		2,962,647		1,653,042
Customer deposits		6,537,688		7,660,378
Note payable, related party		59,578,994		39,164,383
Capital-build, buyout liability		—		627,647
Other current liabilities		136,635		397,228
Total current liabilities		94,297,277		63,581,285
Deferred revenue, noncurrent		22,200,470		2,732,257
Capital-build liability, excluding buyout liability		17,086,501		17,387,686
Asset retirement obligations		10,271,676		8,801,806
Other liabilities		—		150,903
Total liabilities		143,855,924		92,653,937
Members’ equity		55,465,674		89,486,973
	$	199,321,598	$	182,140,910


	Successor								Predecessor
	(unaudited)

							January 16,		January 1,
	Three months		Three months		Six months		2020		2020
	ended		ended		ended		through		through
	June 30,		June 30,		June 30,		June 30,		January 15,
	2021		2020		2021		2020		2020
Revenue	$	4,783,250	$	2,956,974	$	8,352,045	$	5,283,287	$	1,461,395
Revenue from related parties		—		—		561,700		—		65,294
Total revenues		4,783,250		2,956,974		8,913,745		5,283,287		1,526,689
Cost of sales		7,548,717		5,915,939		14,288,264		11,176,535		1,135,789
Gross (loss) profit		(2,765,467)		(2,958,965)		(5,374,519)		(5,893,248)		390,900

General and administrative		12,246,772		6,796,485		23,319,765		12,572,392		1,084,284
Transaction bonus		—		—		—		5,316,124		—
Depreciation, amortization, and accretion		2,545,075		2,451,122		5,055,303		4,488,154		69,435
Total operating expenses		14,791,847		9,247,607		28,375,068		22,376,670		1,153,719
Operating loss		(17,557,314)		(12,206,572)		(33,749,587)		(28,269,918)		(762,819)

Interest expense, related party		1,038,826		279,699		1,914,610		401,561		—
Interest income		(716)		(7)		(716)		(7)		—
Other income, related party		—		—		—		—		(341,954)
Other income, net		(173,975)		(2,080,135)		(631,863)		(3,876,149)		—
Total other expense (income) , net		864,135		(1,800,443)		1,282,031		(3,474,595)		(341,954)
Net loss	$	(18,421,449)	$	(10,406,129)	$	(35,031,618)	$	(24,795,323)	$	(420,865)


	Class A		Class B		Class D
	Voting		Voting		Non-Voting				Additional
	Preferred		Common		Preferred		LLC		Paid-In		Accumulated		Members’
	Units		Units		Units		Interests		Capital		Deficit		Equity
Predecessor
Balance, December 31, 2019	$	57,037,633	$	22,167,000	$	39,027,891	$	—	$	645,489	$	(104,484,948)	$	14,393,065
Share-based compensation		—		—		—		—		12,733		—		12,733
Net loss		—		—		—		—		—		(420,865)		(420,865)
Balance, January 15, 2020		57,037,633		22,167,000		39,027,891		—		658,222		(104,905,813)		13,984,933


Successor (unaudited)
New basis of equity on push down of LS acquisition		(57,037,633)		(22,167,000)		(39,027,891)		131,032,003		(658,222)		104,905,813		117,047,070
Balance, January 16, 2020		—		—		—		131,032,003		—		—		131,032,003
Share-based compensation		—		—		—		—		208,330		—		208,330
Contributions		—		—		—		5,316,124		—		—		5,316,124
Net loss		—		—		—		—		—		(14,389,194)		(14,389,194)
Balance, March 31, 2020		—		—		—		136,348,127		208,330		(14,389,194)		122,167,263
Share-based compensation		—		—		—		—		243,308		—		243,308
Net loss		—		—		—		—		—		(10,406,129)		(10,406,129)
Balance, June 30, 2020	$	—	$	—	$	—	$	136,348,127	$	451,638	$	(24,795,323)	$	112,004,442

Successor (unaudited)
Balance, December 31, 2020	$	—	$	—	$	—	$	136,348,127	$	928,905	$	(47,790,059)	$	89,486,973
Share-based compensation		—		—		—		—		479,726		—		479,726
Net loss		—		—		—		—		—		(16,610,169)		(16,610,169)
Balance, March 31, 2021		—		—		—		136,348,127		1,408,631		(64,400,228)		73,356,530
Share-based compensation		—		—		—		—		530,593		—		530,593
Net loss		—		—		—		—		—		(18,421,449)		(18,421,449)
Balance, June 30, 2021	$	—	$	—	$	—	$	136,348,127	$	1,939,224	$	(82,821,677)	$	55,465,674


	Shares	%
Stockholder
Holdings (LS Power) ¹	195,800,000	74%
CRIS's Class A stockholders	22,986,770	9%
PIPE Investors	40,000,000	15%
CRIS's converted founder shares	5,750,000	2%
Closing Class A and B shares	264,536,770	100%


Gross proceeds from PIPE	$	400,000
Gross proceeds from Trust Account		230,180
Less transaction costs		(57,496)
Less redemptions		(132)
	$	572,552


	June 30, 2021
							Remaining
							weighted
	Gross				Net		average
	carrying		Accumulated		carrying		amortization
	amount		amortization		value		period
Trade name	$	3,900,000	$	(379,516)	$	3,520,484	13.6 years
Host relationships		41,500,000		(5,048,051)		36,451,949	10.6 years
Customer relationships		19,000,000		(5,962,782)		13,037,218	3.3 years
Developed Technology		11,800,000		(1,148,280)		10,651,720	13.6 years
	$	76,200,000	$	(12,538,629)	$	63,661,371


		Combined
		Successor
		And
	Successor	Predecessor
	June 30,	June 30,
	2021	2020
Network throughput (GWh) for the three months ended	6.1	2.7
Network throughput (GWh) for the six months ended	10.2	7.5

Number of DC stalls on EVgo network	1,548	1,376


	●	The unaudited historical condensed consolidated financial statements of EVgo as of and for the six months ended June 30, 2021, which are included in Exhibit 99.1 of the Amended Super 8-K and incorporated herein by reference;

	●	The audited historical consolidated financial statements of EVgo as of and for the year ended December 31, 2020, which combine the predecessor and successor periods, which are included in the Proxy Statement and incorporated herein by reference;

	●	The unaudited historical condensed financial statements of CRIS as of and for the six months ended June 30, 2021, which are included in the Quarterly Report on Form 10-Q filed with the SEC on August 12, 2021 and incorporated herein by reference; and

	●	The audited historical financial statements of CRIS as of December 31, 2020 and for the period from August 4, 2020 (inception) through December 31, 2020, which are included in the Proxy Statement and incorporated herein by reference.


	○	The payment of transaction costs incurred by both EVgo and CRIS;


	○	The redemption of 13,230 shares of Class A common stock held by CRIS’s public stockholders (see additional information below);


	Successor				Predecessor
			January 16,		January 1,
	Six months		2020		2020
	ended		through		through
	June 30,		December 31,		January 15,
	2021		2020		2020
Beginning balance	$	12,028,182	$	9,091,031	$	9,137,395
Additions		21,846,208		5,825,187		65,412
Recognized in revenue		(1,954,900)		(2,285,007)		(106,113)
Marketing activities		(218,685)		(603,029)		(5,663)
Ending balance	$	31,700,805	$	12,028,182	$	9,091,031


	June 30,		December 31,
	2021		2020
Construction in process	$	16,414,781	$	10,437,382
Charging equipment		8,496,941		3,041,630
Charging stations and other technical installations		87,590,898		68,871,879
Office equipment and vehicles		651,749		456,265
		113,154,369		82,807,156
Less accumulated depreciation and amortization		(18,327,010)		(11,541,653)
Total property and equipment, net	$	94,827,359	$	71,265,503


	○	The conversion of CRIS’s founder shares to shares of Class A common stock on a one-for-one basis (see additional information below);


	○	Immediately following the SPAC Contribution, in the Holdings Contribution, Holdings’ contribution to OpCo of all of the issued and outstanding limited liability company interests of EVgo and, in connection therewith, OpCo issues to Holdings the Holdings OpCo Units;


	●	EVgo’s existing equity holders hold a majority ownership interest in the Combined Company;


	●	EVgo’s existing senior management team comprise the senior management of the Combined Company;


	●	EVgo is the larger of the Companies based on historical assets and revenue and employee base; and


	●	EVgo’s operations comprise the ongoing operations of the Combined Company.


	Shares	%
Stockholder
EVgo rollover equity (1)	195,800,000	74%
CRIS's Class A stockholders (2)	22,986,770	9%
PIPE Investors	40,000,000	15%
CRIS's converted founder shares (3)	5,750,000	2%
Closing shares	264,536,770	100%


	HISTORICAL				Pro Forma			Pro Forma
	EVgo		CRIS		Adjustments			Combined
Assets
Current Assets
Cash and cash equivalents	$	1,040,046	$	264,262,731	$	310,576,602	(A)	$	575,879,379
Restricted cash		361,030		-		-			361,030
Accounts receivable, net of allowance for doubtful accounts		2,157,140		-		-			2,157,140
Accounts receivable - capital build		3,249,706		-		-			3,249,706
Deferred offering costs		7,215,869		-		(7,215,869)	(I)		-
Prepaid expenses and other current assets		2,858,797		209,510		-			3,068,307
Total current assets		16,882,588		264,472,241		303,360,733			584,715,562
Property, plant, and equipment, net		94,827,359		-		-			94,827,359
Intangible assets, net		63,661,371		-		-			63,661,371
Goodwill		22,111,166		-		-			22,111,166
Investments held in Trust Account		-		230,009,180		(230,009,180)	(C)		-
Other noncurrent assets		1,839,114		-		-			1,839,114
Total Assets	$	199,321,598	$	494,481,421	$	73,351,553		$	767,154,572

Liabilities
Current liabilities
Accounts payable	$	3,211,032	$	-	$	-		$	3,211,032
Accrued expenses		20,315,881		5,904,054		(11,027,049)	(F)(G)		15,192,886
Deferred revenue, current		2,962,647		-		-			2,962,647
Customer deposits		6,537,688		-		-			6,537,688
Note payable - EVgo Holdings, LLC		-		280,000		(280,000)	(F)		-
Note payable - related party		59,578,994		-		(59,578,994)	(J)		-
Payables to related parties		1,554,400		-		(305,222)	(G)		1,249,178
Earnout share liability		-		-		16,020,938	(K)		16,020,938
Other current liabilities		136,635		-		-			136,635
Total current liabilities		94,297,277		6,184,054		(55,170,327)			45,311,004
Deferred revenue, noncurrent		22,200,470		-		-			22,200,470
Capital-build liability, excluding NEDO buyout liability		17,086,501		-		-			17,086,501
Asset retirement obligations		10,271,676		-		-			10,271,676
Warrant liability		-		83,262,182		-			83,262,182
PIPE investment		-		264,092,960		(264,092,960)	(L)		-
Deferred underwriting fee payable		-		8,050,000		(8,050,000)	(D)		-
Total liabilities		143,855,924		361,589,196		(327,313,287)			178,131,833
Class A common stock subject to possible redemption (N)		-		127,892,220		(127,892,220)	(M)		-
Non-controlling interest - Class B (N)		-		-		435,972,104	(M)		435,972,104
Stockholders’/Members' Equity:
Members' equity		136,348,127		-		(136,348,127)	(M)		-
Preferred stock (N)		-		-		-			-
Class A common stock (N)		-		1,021		5,709	(M)		6,730
Founder shares - Class B (N)		-		575		(575)	(M)		-
Additional paid-in capital		1,939,224		76,021,428		75,083,253	(M)		153,043,905
Accumulated deficit		(82,821,677)		(71,023,019)		153,844,696	(M)		-
Total Stockholders’/Members' Equity		55,465,674		5,000,005		92,584,956			153,050,635
Total Liabilities, Non-controlling Interest and Stockholders'/Members Equity	$	199,321,598	$	494,481,421	$	73,351,553		$	767,154,572


Cash inflow from the PIPE, net of amounts received	$	135,907,040	(B)
Cash inflow from CRIS’s Trust Account		230,009,180	(C)
Payment of CRIS’s deferred IPO fees		(8,050,000)	(D)
Payment of transaction and advisory fees for the PIPE		(30,937,517)	(E)
Payment of transaction fees incurred by CRIS		(10,250,934)	(F)
Payment of transaction fees incurred by EVgo		(5,968,867)	(G)
Redemption of CRIS's publicly traded shares		(132,300)	(H)
Net Pro Forma Adjustment to Cash	$	310,576,602	(A)


			Par Value (1)								Total		Class A common stock		Non-
	Members' Equity		Class A Common Stock		Founder Shares - Class B		Additional Paid-In Capital		Accumulated Deficit		Stockholders'/ Members' Equity		subject to possible redemption		controlling Interest - Class B
Historical EVgo	$	136,348,127	$	-	$	-	$	1,939,224	$	(82,821,677)	$	55,465,674	$	-	$	-
Historical CRIS		-		1,021		575		76,021,428		(71,023,019)		5,000,005		127,892,220		-
Total historical balance		136,348,127		1,021		575		77,960,652		(153,844,696)		60,465,679		127,892,220		-
Reclassification of EVgo's note payable - related party		59,578,994		-		-		-		-		59,578,994		-		-
EVgo rollover equity (2)		(195,927,121)		-		-		-		-		(195,927,121)		-		195,927,121
Conversion of CRIS's founder shares to Class A common shares (3)		-		575		(575)		-		-		-		-		-
Fair value of the Earnout Shares issued to the CRIS equity holders (4)		-		(144)		-		(16,020,794)		-		(16,020,938)		-		-
Reclassification of Class A common stock subject to possible redemption		-		1,279		-		127,890,941		-		127,892,220		(127,892,220)		-
PIPE Investors		-		4,000		-		399,996,000		-		400,000,000		-		-
Pro forma adjustments for share issuance and conversion transactions		(136,348,127)		5,710		(575)		511,866,147		-		375,523,155		(127,892,220)		195,927,121
Transaction and advisory fees for the PIPE and the Business Combination		-		-		-		(30,937,517)		-		(30,937,517)		-		-
Transaction fees incurred by CRIS (5)		-		-		-		-		(4,066,880)		(4,066,880)		-		-
Transaction fees incurred by EVgo (5)		-		-		-		(7,739,876)		(16,643)		(7,756,519)		-		-
Elimination of CRIS's historical accumulated deficit		-		-		-		(75,089,899)		75,089,899		-		-		-
Reclassification of EVgo's historical accumulated deficit (6)		-		-		-		(82,838,320)		82,838,320		-		-		-
Redemption of Class A common stock (7)		-		(1)		-		(132,299)		-		(132,300)		-		-
Allocate amount to non-controlling interest (8)		-		-		-		(240,044,983)		-		(240,044,983)		-		240,044,983
Total pro forma adjustments to equity		(136,348,127)		5,709		(575)		75,083,253		153,844,696		92,584,956		(127,892,220)		435,972,104
Total pro forma balance	$	-	$	6,730	$	-	$	153,043,905	$	-	$	153,050,635	$	-	$	435,972,104


	Historical			Pro Forma
	Authorized	Issued	Outstanding	Authorized	Issued	Outstanding
Preferred Stock	1,000,000	-	-	1,000,000	-	-

Common Stock - Class A	100,000,000	N/A	N/A	100,000,000	N/A	N/A
CRIS's Class A stockholders (1)	N/A	23,000,000	23,000,000	N/A	22,986,770	22,986,770
PIPE Investors	N/A	-	-	N/A	40,000,000	40,000,000
CRIS's converted founder shares (2)	N/A	-	-	N/A	5,750,000	5,750,000
Total Common Stock - Class A	100,000,000	23,000,000	23,000,000	100,000,000	68,736,770	68,736,770
Common stock - Class B (3)	10,000,000	N/A	N/A	195,800,000	N/A	N/A
CRIS's founder shares	N/A	5,750,000	5,750,000	N/A	-	-
EVgo rollover equity (4)	N/A	-	-	N/A	195,800,000	195,800,000
Total Common Stock - Class B	10,000,000	5,750,000	5,750,000	195,800,000	195,800,000	195,800,000
Total Common Stock	110,000,000	28,750,000	28,750,000	295,800,000	264,536,770	264,536,770


	For the six months ended June 30, 2021
Numerator
Pro forma net loss attributable to controlling interests	$	(21,032,089)
Denominator
CRIS's Class A stockholders (1)		22,986,770
CRIS's converted founder shares (2)		5,750,000
PIPE Investors		40,000,000
Basic and diluted weighted average shares outstanding		68,736,770
Loss per share
Basic and diluted (3)	$	(0.31)


	For the year ended December 31, 2020
Numerator
Pro forma net loss attributable to controlling interests	$	(15,341,157)
Denominator
CRIS's Class A stockholders (1)		22,986,770
CRIS's converted founder shares (2)		5,750,000
PIPE Investors		40,000,000
Basic and diluted weighted average shares outstanding		68,736,770
Loss per share
Basic and diluted (3)	$	(0.22)