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Volta Inc. (VLTA) Stock Plunged 18.74% Today, Here’s Why

Volta Inc. (VLTA) stock plummeted 18.74% in the current-market trading session at the price of $3.36 after reporting leadership transitions.

VLTA is a leader in electric vehicle charging networks that catalyze the transition from combustion to electric miles. Volta’s vision is to facilitate brands, clients, and real-estate sites while building the future infrastructure.

VLTA Brought Leadership Changes

On 28th March 2022, VLTA announced the resignation of Scott Mercer from his role as chief executive officer and board advisor. Mr. Scott will keep serving as a board advisor till 31st March 2023. He will also help in the search for the next CEO.

VLTA has also appointed two directors, Kathy Savitt and Vince Cubbage, as the co-chairs of the company’s board. Additionally, the company announced the resignation of president Chris Wendel from the board. All changes became effective immediately.

Management Comments

Departing CEO of VLTA, Scott Mercer, commented that he is very proud of Volta and the achievements of his whole team so far. He is excited for the company’s next growth phase as the market evolves and accelerates. Volta had created as a top business platform in EV charging, and now it is turning towards scaled growth.

Co-chair of the board, Kathy Savitt, added that they believe Volta is an outstanding enterprise with great vision and fundamentals. The company is well-positioned to capitalize on the opportunities in front of it. They look forward to its transition as VLTA’s proficient team executes strategic plans to create the fueling infrastructure.

VLTA Rescheduled Q4 Conference Call

Earlier on 21st March 2022, VLTA reported rescheduling its Q4 and year 2021 conference call upon completing the required review of results. The company has also filed an amendment to its quarterly report on Form 10-Q for the fourth quarter of 2021.

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