Proterra Sells Battery Assets Amidst Chapter 11 Proceedings

Proterra (PTRAQ) has released an update.

Proterra Inc has been undergoing Chapter 11 bankruptcy proceedings, and in a court-supervised sale, has agreed to sell certain battery lease assets to Phoenix Motor Inc. for $6.5 million. The sale was approved by the Bankruptcy Court, but the proceeds are not expected to benefit Proterra’s stockholders. Additionally, stockholders have been warned that trading the company’s common stock is highly speculative and risky, as the reorganization plan suggests they won’t recover any investment following the bankruptcy.

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For a comprehensive understanding of the announcement, you can read the full document here.