Volta Inc. Receives Notice from NYSE Regarding Trading Share Price Listing Rule
November 25 2022 - 3:15PM
Business Wire
Volta Inc. (NYSE: VLTA, VLTA WS) (“Volta'' or the “Company”), an
industry-leading electric vehicle (“EV”) charging and media
company, today announced that it received notice from the New York
Stock Exchange (the “NYSE”) that the Company’s Class A Common Stock
is not in compliance with the NYSE’s continued listing standard
because the average closing price was less than $1.00 over a
consecutive 30 trading-day period. The notice does not result in
the immediate delisting of the Company’s Class A Common Stock from
the NYSE.
The Company plans to notify the NYSE by December 8, 2022, that
it intends to cure the stock price deficiency and regain compliance
with the NYSE continued listing requirements. The Company can
regain compliance at any time within the six-month period following
receipt of the NYSE notice if on the last trading day of any
calendar month during the cure period the Company has a closing
share price of at least $1.00 and an average closing share price of
at least $1.00 over the 30 trading-day period ending on the last
trading day of that month. The Company intends to consider
available alternatives, including, but not limited to, a reverse
stock split, subject to stockholder approval no later than at the
Company’s next annual meeting of stockholders, if necessary to cure
the stock price non-compliance. Under the NYSE’s rules, if the
Company determines that it will cure the stock price deficiency by
taking an action that will require stockholder approval at its next
annual meeting of stockholders, the price condition will be deemed
cured if the price promptly exceeds $1.00 per share, and the price
remains above that level for at least the following 30 trading
days.
The Company’s Class A Common Stock will continue to be listed
and traded on the NYSE during this period, subject to the Company’s
compliance with other NYSE continued listing standards.
About Volta Inc.
Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle
(“EV”) charging and media company. Volta's unique network of
charging stations powers vehicles and drives business growth while
accelerating a clean energy future. Volta delivers value to site
hosts, brands, and consumers by installing charging stations that
feature large-format digital advertising screens located steps away
from the entrances of popular commercial locations. Retailers can
attract and influence foot traffic, advertisers can precisely
target audiences, and EV drivers can charge their vehicles
seamlessly as they go about their daily routines. Volta's extensive
network leverages its proprietary PredictEV® platform, which uses
sophisticated behavioral science and machine learning technology to
help commercial property owners, cities, and electric utilities
plan EV infrastructure intelligently, efficiently, and equitably.
To learn more, visit www.voltacharging.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of federal securities laws. These
forward-looking statements generally are identified by words such
as “anticipate,” “believe,” “estimate,” “expect,” “future,”
“intend,” “may,” “opportunity,” “plan,” “potential,” “project,”
“should,” “strategy,” “will,” “would,” and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to the factors, risks and
uncertainties included in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2021, as updated in our subsequent
Quarterly Reports on Form 10-Q, as such factors may be updated from
time to time in our other filings with the Securities and Exchange
Commission (the "SEC"), accessible on the SEC’s website at
www.sec.gov and the Investor Relations section of our website at
www.voltacharging.com. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and, except as
required by law, we assume no obligation and do not intend to
update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221125005377/en/
For Investor / Analyst: Drew Lipsher, Chief Development Officer
Drew@voltacharging.com
For Media / Press: Jette Speights, SVP of Communications
Jette@voltacharging.com
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