This action stems from a proposed transaction announced on January 18, 2023, pursuant to which Volta, Inc. will be acquired by Shell USA, Inc. Volta, Inc. was formed on August 26, 2021 when Volta Industries, Inc. (“Legacy Volta”), a private entity, and Tortoise Acquisition Corp. II, a special purpose acquisition company, completed a business combination.

On February 8, 2023, Defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.

Plaintiff voluntarily dismissed the case on May 8, 2023. On February 2, 2024, the Court issued an Order denying Plaintiff's Motion for Attorneys' Fees. On February 23, 2024, Lead Plaintiff filed a notice appealing the Court's ruling. The appeal was withdrawn on May 22.