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Volta Industries Inc (NYSE:VLTA) announced that founder Scott Mercer would resign from the top position after a transitional period and immediately resign from the board. Mercer will advise the Board through March 31, 2023, and assist in the company’s search for a new CEO.
Co-Chair of the Board Vince Cubbage said the Board and Mercer “mutually determined” that now is the right time for a change.
The resignation has already prompted two Wall Street downgrades.
DA Davidson analyst Matt Summerville downgraded the stock from Buy to Neutral with a price target of $5. Canaccord Genuity analyst Jed Dorsheimer also downgraded from Buy to Hold with a price target of $3.
Dorsheimer said the news provides more questions than answers for now.
by Michael Elkins
