QNGY - Quanergy Systems initiates sale process files for bankruptcy protection

• LiDAR sensors and smart 3D solutions provider Quanergy Systems ( OTCPK:QNGY ) has initiated an orderly sale process for its business.
• The company has filed for bankruptcy protection and intends to pursue a sale of the business under section 363 of the U.S. Bankruptcy Code.
• Also, CEO Kevin Kennedy is set to retire, effective Dec. 31.
• Kennedy, to continue to serve as nonexecutive board chair, will transition executive leadership to a newly appointed chief restructuring officer and president, Lawrence Perkins.
• The company expects to continue operations during the bankruptcy process, seeking to complete an expedited sale process with the approval of the Bankruptcy Court.
• Source: Press Release

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