On Monday, local time, Volta, a concept stock of US stock charging piles, announced that both the company's CEO and the chairman of the board had resigned, but did not give specific reasons for their resignation.
Affected by the news, Volta closed down more than 18% on Monday, and its share price was only nearly 1/4 of its all-time high since landing in the capital market. Last August, Volta went public through a reverse takeover of SPAC.
According to the announcement, although, CEO Scott Mercer announced his resignation and resigned from the board of directors, he will remain in charge of the company as an interim CEO until March 31, 2023, and act as an adviser to the board of directors in search of the new CEO. In addition, Chris Wendel, another founder and chairman of the board of directors, immediately resigned, and two independent directors were appointed as co-chairmen of the board of directors.
Mercer also said in the announcement that he is extremely proud of Volta and all the achievements the team has made so far, and is very excited about the next phase of the company's growth as the industry accelerates and matures. Volta began with its ambition to become the best business model in electric car charging, and now the company's focus needs to shift to scale and the growth of the public market.
It is worth mentioning that although we call Volta the charging pile concept unit, in terms of the business model, Volta is more like a media unit in the charging field. As the company's iconic business model, Volta's charging post has a giant 55-inch advertising display, and consumers can charge electric cars for free.
Although the announcement is light, the departure of the founder of a technology company is not a good sign, especially without warning or confirmation of a successor. What makes investors even more suspicious is that Volta just announced last week that it would postpone the scheduled announcement of the four Seasons. Although the company did not clarify the relationship between the two events, it did not clarify the confusion enough to make investors more anxious.
