EVgo files Delaware Section 205 petition to validate stockholder vote, warns of material risk if unsuccessful

EVgo Inc.

Filed petition on Feb 3, 2023 in Delaware Court of Chancery under DGCL Section 205 to validate charter amendment vote.
Uncertainty stems from recent court ruling on whether separate class votes were required for the amendment that increased authorized shares to 1.2B Class A and 400M Class B.
If Section 205 proceeding fails, the company faces potential material adverse impact on capitalization, stock compensation, equity/debt financing, and strategic transactions.
Company had issued 5.75M shares of Class A common stock upon conversion of Class B shares in reliance on the amendment's validity.

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