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Volta Plunges After Founders of EV-Charging Company Resign

  • Company delayed reporting quarterly earnings last week
  • Volta went public last year through a merger with a SPAC
A Volta electric vehicle charging station in Los Angeles.

A Volta electric vehicle charging station in Los Angeles.

Photographer: Dania Maxwell/Bloomberg
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Volta Inc. dropped sharply after the electric-vehicle charging company announced the abrupt departures of two top executives, both of them founders of the firm.

The resignations of Chief Executive Officer Scott Mercer and President Chris Wendel came a week after the San Francisco-based firm postponed reporting its latest quarterly earnings, although it was unclear if there was any connection between the events. Mercer will continue in the CEO role for a transition period as the company’s board searches for a replacement.