Climate Change Crisis Real Impact I Acquisition Corporation
(NYSE: CLII) (“CLII”) announced today that it intends to
voluntarily transfer the listing of its shares of Class A common
stock, $0.0001 par value per share (“Class A common stock”) and its
warrants to The Nasdaq Global Select Market (“Nasdaq”) from the New
York Stock Exchange (the “NYSE”) following the completion of its
previously announced business combination (the “business
combination”) with EVgo Services, LLC, (“EVgo”), which is expected
to close on or around July 1, 2021, pending approval by
stockholders of CLII at its special meeting for stockholders on
June 29, 2021. In connection with the closing of the business
combination, CLII will change its corporate name to “EVgo Inc.”
CLII expects its Class A common stock and warrants to commence
trading on Nasdaq the day after the closing of the business
combination under the symbols “EVGO” and “EVGOW,” respectively. The
Class A common stock and warrants will continue to trade on the
NYSE until the transfer to Nasdaq is complete.
The decision to list on Nasdaq was made in connection with the
business combination and enables the post-combination company to be
listed alongside similar companies that are also listed on Nasdaq.
At the closing of the business combination, CLII will also delist
its units, Class A common stock and warrants from the NYSE. The
Nasdaq listing of the Class A common stock and warrants and the
NYSE delisting of the units are subject to the closing of the
business combination and the fulfillment of all Nasdaq listing
requirements.
About EVgo
EVgo is the nation’s largest public fast charging network for
electric vehicles, and the first to be powered by 100% renewable
energy. With more than 800 fast charging locations, EVgo’s charging
network serves over 65 metropolitan areas across 34 states, owns
and operates the most public fast charging locations in the US. and
serves more than 250,000 customers. Founded in 2010, EVgo leads the
way on transportation electrification, partnering with automakers;
fleet and rideshare operators; retail hosts such as hotels,
shopping centers, gas stations and parking lot operators; and other
stakeholders to deploy advanced charging technology to expand
network availability and make it easier for drivers across the U.S.
to enjoy the benefits of driving an EV. As a charging technology
first mover, EVgo works closely with business and government
leaders to accelerate the ubiquitous adoption of EVs by providing a
reliable and convenient charging experience close to where drivers
live, work and play, whether for a daily commute or a commercial
fleet. EVgo’s parent company is LS Power, a New York-headquartered
development, investment and operating company focused on leading
edge solutions for the North American power and energy
infrastructure sector. On January 22, 2021, EVgo announced that it
entered into a definitive business combination agreement with CLII
(NYSE: CLII). For more information visit evgo.com and
lspower.com.
About LS Power
LS Power is a development, investment and operating company
focused on the North American power and energy infrastructure
sector. Since its inception in 1990, LS Power has developed,
constructed, managed or acquired more than 45,000 MW of power
generation, including utility-scale solar, wind, hydro, natural
gas-fired and battery energy storage projects, and has developed
more than 660 miles of high voltage electric transmission.
Additionally, LS Power actively invests in businesses focused on
renewable energy and renewable fuels, as well as distributed energy
resource platforms, such as CPower Energy Management, Endurant
Energy and EVgo. Across its efforts, LS Power has raised in excess
of $47 billion in debt and equity capital to support North American
infrastructure. For more information, please visit
www.lspower.com.
About CLII
CLII is a special-purpose acquisition company (“SPAC”) formed to
identify and acquire a scalable company making significant
contributions to the fight against the climate crisis. CLII is
co-sponsored by private funds affiliated with Pacific Investment
Management Company LLC (“PIMCO”), which has more than $640 billion
in sustainability investments across its portfolios. CLII is led by
a seasoned operations and leadership team that has decades of
experience at the intersection of climate change and capitalism,
and includes veterans from NRG, Credit Suisse, General Electric and
Green Mountain Power. For more information, please visit
www.climaterealimpactsolutions.com/.
Important Information About the Business Combination and
Where to Find It
In connection with the proposed business combination between
EVgo and CLII and related transactions (the “Proposed
Transactions”), CLII has filed its definitive proxy statement on
Schedule 14A (the “Proxy Statement”) with the SEC, which was
distributed to holders of CLII’s common stock in connection with
CLII’s solicitation of proxies for the vote by CLII’s stockholders
with respect to the Proposed Transactions and other matters as
described in the Proxy Statement. Investors and security holders
and other interested parties are urged to read the Proxy Statement,
and any amendments thereto and any other documents filed with the
SEC carefully and in their entirety because they contain important
information about CLII, EVgo and the Proposed Transactions.
Investors and security holders may obtain free copies of the Proxy
Statement and other documents filed with the SEC by CLII through
the website maintained by the SEC at http://www.sec.gov, or by
directing a request to: Climate Change Crisis Real Impact I
Acquisition Corporation, 300 Carnegie Center, Suite 150, Princeton,
New Jersey 08540. The information contained on, or that may be
accessed through, the websites referenced in this press release is
not incorporated by reference into, and is not a part of, this
press release.
Participants in the Solicitation
CLII and EVgo and their respective directors and certain of
their respective executive officers and other members of management
and employees may be considered participants in the solicitation of
proxies with respect to the Proposed Transactions. Information
about the directors and executive officers of CLII and EVgo is set
forth in the Proxy Statement. Stockholders, potential investors and
other interested persons should read the Proxy Statement carefully
before making any voting or investment decisions. These documents
can be obtained free of charge from the sources indicated
above.
Forward Looking Statements
Certain statements in this press release that are not historical
facts may constitute forward-looking statements are forward-looking
statements for purposes of the safe harbor provisions under the
United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally are accompanied by words such
as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “should,” “would,” “plan,” “predict,”
“potential,” “seem,” “seek,” “future,” “outlook,” and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. All statements,
other than statements of present or historical fact included in
this press release, regarding CLII’s proposed business combination
with EVgo, CLII’s ability to consummate the transaction, the
benefits of the transaction and the combined company’s future
financial performance, as well as the combined company’s strategy,
future operations, estimated financial position, estimated revenues
and losses, projected costs, prospects, plans and objectives of
management are forward-looking statements. These statements are
based on various assumptions, whether or not identified in this
press release, and on the current expectations of the respective
management of CLII and EVgo and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on as, a guarantee, an assurance, a prediction
or a definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of CLII or EVgo. Potential risks and
uncertainties that could cause the actual results to differ
materially from those expressed or implied by forward-looking
statements include, but are not limited to, changes in domestic and
foreign business, market, financial, political and legal
conditions; the inability of the parties to successfully or timely
consummate the business combination, including the risk that any
regulatory approvals are not obtained, are delayed or are subject
to unanticipated conditions that could adversely affect the
combined company or the expected benefits of the business
combination or that the approval of the stockholders of CLII or
EVgo is not obtained; failure to realize the anticipated benefits
of business combination; risk relating to the uncertainty of the
projected financial information with respect to EVgo; the amount of
redemption requests made by CLII’s stockholders; the overall level
of consumer demand for EVgo’s products; general economic conditions
and other factors affecting consumer confidence, preferences, and
behavior; disruption and volatility in the global currency,
capital, and credit markets; the financial strength of EVgo’s
customers; EVgo’s ability to implement its business strategy;
changes in governmental regulation, EVgo’s exposure to litigation
claims and other loss contingencies; disruptions and other impacts
to EVgo’s business, as a result of the COVID-19 pandemic and
government actions and restrictive measures implemented in
response; stability of EVgo’s suppliers, as well as consumer demand
for its products, in light of disease epidemics and health-related
concerns such as the COVID-19 pandemic; the impact that global
climate change trends may have on EVgo and its suppliers and
customers; EVgo’s ability to protect patents, trademarks and other
intellectual property rights; any breaches of, or interruptions in,
CLII’s information systems; fluctuations in the price, availability
and quality of electricity and other raw materials and contracted
products as well as foreign currency fluctuations; changes in tax
laws and liabilities, tariffs, legal, regulatory, political and
economic risks. More information on potential factors that could
affect CLII’s or EVgo’s financial results is included from time to
time in CLII’s public reports filed with the SEC, as well as the
Proxy Statement that CLII has filed with the SEC in connection with
CLII’s solicitation of proxies for the meeting of stockholders to
be held to approve, among other things, the proposed business
combination. If any of these risks materialize or CLII’s or EVgo’s
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that neither CLII nor EVgo presently know,
or that CLII and EVgo currently believe are immaterial, that could
also cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect CLII’s and EVgo’s expectations, plans or forecasts of
future events and views as of the date of this press release. CLII
and EVgo anticipate that subsequent events and developments will
cause their assessments to change. However, while CLII and EVgo may
elect to update these forward-looking statements at some point in
the future, CLII and EVgo specifically disclaim any obligation to
do so, except as required by law. These forward-looking statements
should not be relied upon as representing CLII’s or EVgo’s
assessments as of any date subsequent to the date of this press
release. Accordingly, undue reliance should not be placed upon the
forward-looking statements.
Non-Solicitation
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210618005524/en/
CLII
For Investors: Daniel Gross
dan.gross@climaterealimpactsolutions.com
For Media: Isaac Steinmetz Director of Media Relations
cris@antennagroup.com 646-883-3655
EVgo
For Investors: EVgoIR@icrinc.com
For Media: EVgoPR@icrinc.com
LS Power
Steven Arabia Director, Government Affairs & Media Relations
sarabia@lspower.com 609-212-3857
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