Shares EverbridgeOn Friday, almost half of their value was lost after CEO David Meredith left the software company. resignedIt is effective immediately

Everbridge’s technology assists companies in managing public safety emergencies saw its stock price rise rocketIn the first months of the Covid-19 pandemic many cities deployed their software in order to send out notifications to the general public.

The stock plummeted 29% in November as investors turned on each other. This drop began after Nov. 9’s earnings reports. The drop was despite reportingThe shares dropped 13% on the following day after the company announced better than expected sales and a positive revenue outlook.

Meredith’s unexpected departure from Meredith is shocking, and it has no explanation.

“Mr. Meredith’s resignation is not related to any matter regarding the Company’s financial condition, reported financial results, internal controls or disclosure controls and procedures,” Everbridge said in a press release on Thursday, after the close of regular trading.

A spokesperson for Everbridge declined to speak beyond the information in the release.

Everbridge announced that Chief Financial Officer Patrick Brickley, and Chief Revenue Officer Vernon Irvin would become interim co-CEOs to “assume strategic and operational control over the company.” It said that it is currently searching for a permanent CEO. The search will include both internal and external candidates.

Meredith, who spent over two years at Everbridge as the operating chief, joined Everbridge mid-2019. Rackspace. The stock rose 63% in his time as CEO by October’s end. It’s down 37% now since his resignation as CEO.

Everbridge reiterated its fourth-quarter guidance and stated that it expects revenue growth between 20% and 23% by 2022. This is lower than expected analysts’ growth of 24%, according to Refinitiv.

Stifel analysts downgraded their rating to buy after the announcement.

They wrote that “The timing of and uncertainty surrounding Mr. Meredith’s departure, combined with the company’s guidance introduces high levels of uncertainty into this story in the short term.” We are moving to the sidelines as we process the impact Mr. Meredith’s departure on company operations, and evaluate the possible changes to the business under the new Co-CEO and its future leadership.

Everbridge shares fell 46% by afternoon New York time to $62.

WATCH: David Meredith on Everbridge growth