Shares of Climate Change Crisis Real Impact I Acquisition Corp. CLII, -1.77% soared 48.3% in premarket trading Friday, after special purpose acquisition company (SPAC) announced a deal in which EVgo Services LLC will go public. EVgo, which boasts being the “nation’s largest electric vehicle (EV) public fast charging network,” said its expects $575 million in proceeds from the merger deal, values the combined company at $2.6 billion. After the deal closes, which is expected to occur in the second quarter of 2021, the combined company will be named EVgo Inc. and the stock will trade under the ticker symbol “EVGO.” EVgo said it has has more than 800 charging locations in 67 metropolitan markets across 34 states. “Time is precious for all of us, so a public fast charging option with an expanding footprint like EVgo is essential to meet the rapidly growing needs of EV drivers of all types,” said EVgo Chief Executive Cathy Zoi. The SPAC’s stock, which went public on Nov. 20, has rallied 24.6% year to date through Thursday, while the Renaissance IPO ETF IPO, +0.30% has gained 8.4% and the S&P 500 SPX, +0.03% has tacked on 2.6%.
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