July 02, 2021

Mayer Brown represents Climate Change Crisis Real Impact SPAC in business combination with EVgo

Mayer Brown represented Climate Change Crisis Real Impact I Acquisition Corporation, a special purpose acquisition company (SPAC) in connection with the SPAC's business combination with EVgo Services, LLC (EVgo), the nation’s largest, public, fast charging network for electric vehicles, and the first powered by 100 percent renewable electricity.

The business combination made use of a complex "Up-C" structure to add tax efficiencies to the combined company going forward. The transaction was supported by a fully committed $400 million PIPE led by institutional investors such as Blackrock, PIMCO and Wellington.

Based on the share price as of the close on June 30, 2021, the market capitalization of the combined company was approximately $3.97 billion. In connection with the business combination, the combined company switched its exchange listing to Nasdaq from the NYSE. Beginning July 2, 2021, the newly renamed company, EVgo Inc., will commence trading on the Nasdaq Global Select Market under the symbol "EVGO".

Mayer Brown’s team was led by Corporate & Securities partners Eddie Best and Esther Chang and associate John Ablan (all Chicago) and Tax Transactions & Consulting partner Remmelt Reigersman (NorCal).

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