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VLTA.US
id: 587

Volta, Inc. (VLTA) M&A Misconduct Case

S.D. New York
Court
23-CV-01406
Case number
  • The Merger was executed by Volta (VLTA) and Shell.
  • The Price of the Deal is lower by 90% than after the original announcement of the consummation of the Business Combination.
  • Investors suspect the Company, its Leaders, and Service providers (IBs) of misleading and breaching fiduciary duties.
On January 17, 2023, the Merger Agreement was executed by Volta (VLTA) and Shell.

Additionally, Volta and Shell executed a bridge loan agreement under which an affiliate of Shell agreed to provide a loan facility to Volta in an aggregate principal amount not to exceed $20 million. Volta borrowed $5 million under the bridge loan agreement on January 18, 2023, and again on January 31, 2023.

According to the Proxy, there were 174,502,050 shares of Volta capital stock outstanding as of February 3, 2023. Thus, Shell’s proposal to acquire all of the outstanding shares of Volta common stock for $0.86 per share in cash values the equity in Volta at approximately $150 million. This value represents a decline of approximately 90.4% from the $8.92 per share at which Volta stock closed on August 27, 2021, the first day of trading following the consummation of the Business Combination.

Investors have reasons to suspect the Company, its Leaders, and Service providers (IBs) that:
  • the Proxy Statement omits material information concerning the Proposed Transaction, which renders the Proxy Statement false and misleading.
  • the Value of the transaction was not fair, violating investors' rights.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Investment Bank
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
21 February 2023
Filing date
21 February 2023
Collecting participants…

Volta Industries Inc

Volta Inc. operates a network of smart media-enabled charging stations for electric vehicles in the United States. Volta Inc. was founded in 2010 and is headquartered in San Francisco, California.

    Ticker
    VLTA.US
    ISIN
    US92873V1026
    CIK
    1819584
    Sector
    Utilities
    Industry
    Electrical Utilities & IPPs
    Country
    USA
    Address
    155 De Haro Street, San Francisco, CA, United States, 94103