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SPAC Electric Charger Firm to Restate on Stock Accounting Error

Feb. 28, 2022, 5:21 PM

Electric vehicle charging station operator Volta Inc. said Monday it would have to restate its third-quarter financials to correct how it accounted for employee stock award pay.

The San Francisco-based company, which went public via a special purpose acquisition company, or SPAC, in 2021, incorrectly dated the timing of the awards, which led to an understatement of their expense. This meant it had understated Volta’s net loss, the company said in a securities filing, which also included a warning about a material weakness in internal controls over financial reporting.

Volta will have to make a $26.7 million adjustment to ...