Proterra (PTRAQ) has provided an update.
Proterra Inc, now known as Prodigy Investments Holdings, Inc., has successfully emerged from Chapter 11 bankruptcy, with the Bankruptcy Court approving its reorganization plan. Upon emergence, existing shares were canceled and new common stock was issued, with 1,000,000 shares allocated to former holders of Second Lien Convertible Notes. A Distribution Trust was established, funded with approximately $80 million to distribute to certain claim holders. Additionally, the company’s organizational documents were amended, authorizing the issuance of new common stock and introducing changes to indemnification provisions and business opportunity expectations. Consequently, the company has deregistered its securities and ceased SEC reporting obligations, rendering old equity interests valueless.
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