VLTA - Why Beleaguered EV Stock Volta Jumped Today
Volta (NYSE: VLTA) stock zoomed this morning and rallied 13.2% within minutes of the market's opening before cooling off a bit. As of 1:30 p.m. ET Monday, shares of the electric vehicle (EV) charging infrastructure company were still trading 7.3% higher.
Volta filed for a mixed securities shelf offering worth $500 million today, which means the company can sell a variety of securities, including common stock, over time to raise that amount of funds. Although any issue of common stock is dilutive for existing shareholders, investors are optimistic about Volta's move.
Volta said it'll use any proceeds from a security sale for "general corporate purposes." That doesn't say much, but any money right now matters for a company facing a cash crunch.
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Why Beleaguered EV Stock Volta Jumped Today