Allego N.V. Announces Voluntarily Delisting from the New York Stock Exchange

Rhea-AI Summary

Allego N.V. (NYSE: ALLG), a leading electric vehicle charging solutions provider, has announced its intention to voluntarily delist its ordinary shares from the New York Stock Exchange (NYSE). This decision follows the completion of a tender offer by Madeleine Charging B.V., Allego's majority shareholder. The company plans to file a Form 25 with the SEC on August 12, 2024, initiating the delisting process. The delisting is expected to take effect ten days after filing, with the last trading day of Allego shares on the NYSE anticipated to be around August 22, 2024. Allego has already notified the NYSE of its intention to voluntarily delist its shares.

Positive

• None.

Negative

• Voluntary delisting from NYSE
• Reduced liquidity for shareholders
• Potential decrease in investor visibility
• access to public equity markets

Insights

Financial Analyst

Allego N.V.'s decision to voluntarily delist from the NYSE marks a significant shift in the company's public market presence. This move, following the completion of a tender offer by majority shareholder Madeleine Charging B.V., suggests a strategic realignment towards private ownership.

From an investor's perspective, this delisting has several implications:

• Reduced liquidity: Once delisted, shareholders will find it more challenging to buy or sell Allego shares, potentially impacting the stock's value.
• Decreased transparency: As a private company, Allego will no longer be subject to the same level of public reporting requirements, potentially reducing the information available to investors.
• Potential for streamlined operations: Without the pressures of quarterly reporting and public market scrutiny, Allego may have more flexibility to focus on long-term strategies in the competitive EV charging market.

The timing of this move, with the delisting expected to take effect around August 22, 2024, gives current shareholders a clear timeline to make decisions about their holdings. It's important for investors to understand that post-delisting, the value and tradability of their shares may be significantly affected.

This delisting also reflects broader trends in the EV charging sector, where companies are reassessing their capital structures and market positions amidst evolving industry dynamics. As the EV market continues to grow, we may see more strategic moves like this as companies seek to optimize their operational and financial structures.

Legal Expert

The voluntary delisting of Allego N.V. from the NYSE involves several key legal and regulatory considerations:

• Compliance with SEC regulations: Allego's intention to file a Form 25 on August 12, 2024, adheres to the SEC's Rule 12d2-2, which governs the process of voluntary delisting. This demonstrates the company's commitment to following proper legal procedures.
• Shareholder rights: While the delisting follows a tender offer by the majority shareholder, minority shareholders should be aware of their rights during this transition. They may have options such as selling their shares before the delisting or holding onto them as the company goes private.
• Reporting obligations: Post-delisting, Allego's reporting requirements will change significantly. The company may no longer be subject to the extensive disclosure requirements of the Securities Exchange Act of 1934, potentially reducing the amount of public information available about the company's operations and financials.

It's important to note that while the delisting process appears to be following standard procedures, shareholders should carefully review any communications from the company regarding their options and rights during this transition. Additionally, the delisting doesn't necessarily mean the company will immediately cease all SEC filings; there may be a period where certain reporting obligations continue.

From a broader perspective, this move highlights the ongoing balance companies must strike between the benefits of public listing (such as access to capital markets) and the potential advantages of private ownership (including reduced compliance costs and greater operational flexibility). As the EV charging market evolves, we may see more companies in this sector reassessing their public/private status to align with their strategic goals.

PARIS & ARNHEM, Netherlands--(BUSINESS WIRE)-- Allego N.V. (“Allego” or the “Company”) (NYSE: ALLG), a leading provider of electric vehicle charging solutions, today announced that it has commenced the process to voluntarily delist its ordinary shares (the “Shares”) from the New York Stock Exchange (“NYSE”) following the completion of the previously announced tender offer by Madeleine Charging B.V., Allego’s majority shareholder.

The Company intends to file a Form 25 with the U.S. Securities and Exchange Commission (“SEC”) on August 12, 2024, relating to the delisting of the Shares, in accordance with Rule 12d2-2 promulgated under the Securities Exchange Act of 1934, as amended, which delisting is expected to take effect ten days thereafter. As a result, the Company expects that the last trading day of the Shares on the NYSE will be on or about August 22, 2024. The Company has notified the NYSE of its intention to voluntarily delist the Shares.

About Allego

Allego is a leading electric vehicle charging solutions provider dedicated to accelerating the transition to electric mobility with 100% renewable energy. Allego has developed a comprehensive portfolio of innovative charging infrastructure and proprietary software, including Allamo and EV Cloud platforms. With a network of 35,000 charging points (and counting) spanning 16 countries, Allego delivers independent, reliable, and safe charging solutions, agnostic of vehicle model or network affiliation. Founded in 2013 and publicly listed on the NYSE in 2022, Allego now employs a team of 220 people striving daily to make charging accessible, sustainable, and enjoyable for all.

For reference you'll find all releases here: https://ir.allego.eu/events-publications/press-releases

View source version on businesswire.com: https://www.businesswire.com/news/home/20240801808960/en/

Investors:

investors@allego.eu

Media

press@allego.eu

Source: Allego N.V.

FAQ

When will Allego N.V. (ALLG) be delisted from the NYSE?

Allego N.V. (ALLG) expects to be delisted from the NYSE approximately ten days after filing Form 25 with the SEC on August 12, 2024. The anticipated last trading day is around August 22, 2024.

Why is Allego N.V. (ALLG) voluntarily delisting from the NYSE?

Allego N.V. (ALLG) is voluntarily delisting following the completion of a tender offer by its majority shareholder, Madeleine Charging B.V. This decision suggests a shift in the company's strategic direction or ownership structure.

What are the implications of Allego N.V. (ALLG) delisting for shareholders?

The delisting of Allego N.V. (ALLG) from the NYSE may result in reduced liquidity for shareholders, potentially making it more difficult to buy or sell shares. It could also lead to decreased visibility among investors and access to public equity markets.

Will Allego N.V. (ALLG) shares be tradable after delisting from the NYSE?

After delisting from the NYSE, Allego N.V. (ALLG) shares may still be tradable on over-the-counter markets, but with potentially reduced liquidity and less regulatory oversight compared to being listed on a major exchange.