PTRA - Proterra files for Chapter 11 bankruptcy
2023-08-08 17:56:35 ET
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Proterra ( NASDAQ: PTRA ) said Tuesday it has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware.
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Shares closed down 88.3% on the Nasdaq on Tuesday.
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“While our best-in-class EV and battery technologies have set an industry standard, we have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously," the company said in a statement.
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The company will no longer be holding an earnings conference call on August 9 due to the bankruptcy announcement.
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Moelis & Company LLC is acting as the company’s investment banker, FTI Consulting as financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor.
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Proterra files for Chapter 11 bankruptcy