tiprankstipranks
Proterra Sells Battery Assets Amidst Chapter 11 Proceedings
Company Announcements

Proterra Sells Battery Assets Amidst Chapter 11 Proceedings

Proterra (PTRAQ) has released an update.

Don't Miss our Black Friday Offers:

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.

For further insights into PTRAQ stock, check out TipRanks’ Stock Analysis page.

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

Related Articles
TipRanks Auto-Generated NewsdeskProterra’s Transformation Post-Bankruptcy and New Stock Issuance
TipRanks Auto-Generated NewsdeskProterra Files for Bankruptcy, Cautions on Forward-Looking Statements
TipRanks Auto-Generated NewsdeskProterra’s Restructuring Journey Amid Bankruptcy Risks
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App