Business Context and Reporting Period
This Form 8-K, dated October 2, 2020 and filed October 8, 2020, was filed by Climate Change Crisis Real Impact I Acquisition Corporation, a special purpose acquisition company. The filing does not identify Evgo Inc. as the registrant. It reports completion of the company’s initial public offering and related private placement.
Key Financial Metrics and Liquidity
- The company sold 23,000,000 units at $10.00 per unit, including 3,000,000 units issued upon the underwriters’ full exercise of their overallotment option.
- The company completed a private placement of 6,600,000 warrants to its sponsor at $1.00 per warrant.
- Aggregate proceeds of $230,000,000 were placed in a trust account for public stockholders and the IPO underwriters.
- The filing does not provide revenue, profit, operating cash flow, margins, or debt balances.
- Trust-account funds may generally be used only for specified tax withdrawals, permitted redemptions, completion of an initial business combination, or redemption of all public Class A shares if no business combination is completed within 24 months after the IPO closing.
Material Changes Versus the Prior Comparable Period
The filing reports the company’s IPO and private placement transactions. No prior-period operating results or comparable financial metrics are provided.
Guidance, Outlook, Risks, and Unusual Items
- The company must complete an initial business combination within 24 months after the IPO closing or redeem 100% of the outstanding public Class A shares, subject to the governing documents.
- Funds in the trust account are restricted pending a business combination or applicable redemptions, with limited permitted withdrawals for franchise and income taxes and certain redemptions.
- The filing does not provide guidance, identify a target business, or include management commentary on future operating performance.
- An audited balance sheet as of October 2, 2020 was filed as Exhibit 99.1.
Investor Verification Items
- Verify the audited October 2, 2020 balance sheet and the composition of the $230 million trust-account proceeds.
- Confirm the terms, exercise conditions, and potential dilution associated with the 6.6 million private-placement warrants and public warrants.
- Review the company’s subsequent filings for identification and completion of any initial business combination.
- Confirm the applicable 24-month deadline and the conditions governing public-shareholder redemptions.