Stockholders of EV Charging Network Volta Approve Transaction with Shell USA, Inc.

Volta Inc. today announced that at a special meeting of Volta stockholders held earlier today, stockholders of Volta approved the proposal to adopt the agreement and plan of merger dated as of January 17, 2023 (the “merger agreement”), under which Shell USA Inc., a subsidiary of Shell plc, has agreed to acquire Volta through a merger of a direct, wholly-owned subsidiary of Shell USA Inc. with and into Volta, with Volta continuing as the surviving corporation in the merger.

See background on the transaction here

At the special meeting, holders of a majority of the shares of Volta Class A common stock issued and outstanding at the close of business on the record date and entitled to vote at the special meeting voted in favor of the proposal to adopt the merger agreement. The formal results of the vote will be included in a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.

The transaction is expected to close on or about March 31, 2023, subject to customary closing conditions. Following the closing of the transaction, shares of Volta common stock will be delisted from trading on the New York Stock Exchange (“NYSE”) and de-registered under the Securities Exchange Act of 1934, as amended. Under the terms of the merger agreement, Volta stockholders will be entitled to receive $0.86 in cash, without interest and net of withholding taxes, for each share of Volta Class A common stock upon the completion of the merger.