Why Volta Shares Are Falling Today

Volta Inc VLTA is trading lower Monday after the company announced founder Scott Mercer has resigned as CEO and stepped down from the board.

He will remain CEO for a transitional period and will serve as an advisor to the board through March 31, 2023.

"Volta was started with the ambition to be the best business model in the EV charging space, and now the company’s focus needs to turn to scaled, public-market-facing growth," Mercer said.

Volta aims to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop and play. 

See Also: Why Kaixin Shares Are Surging Today

VLTA 52-Week Range: $3.60 - $14.34

The stock was down 19.1% at $3.34 at time of publication.

Photo: courtesy of Volta.