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Volta Stock Craters as Founder and CEO Resigns -Breaking

by Mike Robinson

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© Reuters. Volta (VLTA), CEO and Founder Resigns

Monday’s budget of President Biden 2023 included $1.4 Billion for infrastructure and charging networks. EV charging businesses should rejoice. One stock is now down 18%, however, after the CEO of that company abruptly resigned.

Volta Industries Inc. (NYSE 🙂 announced today that Scott Mercer will resign as founder after a transition period. He immediately resigned from his position on the board. Mercer will continue to advise the Board up until March 31st 2023. He also assists in the company’s search for a CEO.

Vince Cubbage was co-chair of the Board. He stated that the Board had “mutually decided” now was the best time to change.

Already, Wall Street has been downgraded twice by his resignation.

Matt Summerville, DA Davidson Analyst, has downgraded the stock to Buy from Neutral with a $5 price target. Jed Dorsheimer from Canaccord Genuity also downgraded the stock to Hold, with a target price of $3.

Dorsheimer claimed that news brings more questions to the table than it answers.

Michael Elkins

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