2023-08-09 17:12:41
© Archyde.com. US Proterra (PTRA.O) finally files for bankruptcy protection
[알파경제=(시카고) 김지선 특파원] Protera Co., Ltd., a manufacturer of mid-sized electric vehicle parts such as chargers and batteries, filed for bankruptcy protection on the 8th (local time).
Proterra (NASDAQ:) is said to have listed assets and liabilities of at least $500 million each in its Chapter 11 filing for bankruptcy protection in Delaware.
As a result, Proterra is protected from creditors while helping to devise a way to repay it.
In addition, Proterra said in a statement that it “plans to recapitalize or sell the business and the company will continue to operate the business using existing funds.”
Shares of Proterra are down 65% in pre-market trading following filing for bankruptcy protection.
“While our best-in-class EV and battery technology has set the industry standard, we have been stymied by a variety of market and macroeconomic headwinds, impacted by our ability to efficiently expand all opportunities,” Proterra CEO Gareth Joyce said in a statement.
According to the regulatory filing, Protera has a division that makes EV batteries and chargers for equipment manufacturers, as well as a division that produces electric buses.
By the end of 2022, Proterra will generate most of its revenue from selling electric buses.
Previously, Protera went public in June 2021 following merging with Blank Check Company (SPAC). Since then, the stock has gone from over $15 to less than $2.
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