Proterra Announces Strategic Initiatives to Strengthen Financial Position and Sharpen Technology Focus
07 Agosto 2023 - 11:35PM
Proterra Inc (Nasdaq: PTRA) (“Proterra” or the “Company”), a
leading innovator in commercial vehicle electrification technology,
today announced that the Company is taking action to maximize the
value of its business and enhance the potential of each of its
product lines. To do so, Proterra has voluntarily filed for
protection under Chapter 11 of the U.S. Bankruptcy Code in the
District of Delaware in an effort to strengthen its financial
position through a recapitalization or going-concern sale. The
Company intends to continue to operate in the ordinary course of
business as it moves through this process and plans to file the
customary motions with the Bankruptcy Court to use existing capital
to fund operations, including paying employee salaries and
benefits, and compensating vendors and suppliers on a go-forward
basis in accordance with Chapter 11 rules, all while ensuring
business continuity for customers.
“Proterra is at the forefront of the innovations that are
driving commercial vehicle electrification. We know we’re building
industry-leading products that our customers want and need,” said
Gareth Joyce, Proterra CEO. “The foundation we have built has set
the stage for decarbonization across the commercial vehicle
industry as a whole, and we recognize the great potential in all of
our product offerings to enable this important transformation. This
is why we are taking action to separate each product line through
the Chapter 11 reorganization process to maximize their independent
potential.”
“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. As commercial vehicles
accelerate towards electrification, we look forward to sharpening
our focus as a leading EV battery technology supplier for the
benefit of our many stakeholders,” said Joyce.
Proterra is a pioneer in zero-emission transportation with over
a decade of production experience. The Company introduced
zero-emission, electric transit buses to the North American market
in 2010, which have now cumulatively amassed more than 40 million
real-world service miles and displaced over 180 million pounds of
CO2 emissions. Today, the Company’s best-in-class battery
technology is powering more than 20 commercial vehicle applications
spanning Class 3 cargo vans through to Class 8 semi-trucks, as well
as off-highway equipment in the construction and mining segments,
in the U.S., European, and Asia-Pacific markets. The Company has
further installed more than 100 megawatts of heavy-duty EV charging
infrastructure to support commercial vehicle fleets across North
America.
As a result of today’s announcement, Proterra will no longer be
holding an earnings conference call on Wednesday, August 9,
2023.
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.
About ProterraProterra is a leader in the
design and manufacture of zero-emission electric transit vehicles
and EV technology solutions for commercial applications. With
industry-leading durability and energy efficiency based on rigorous
U.S. independent testing, Proterra products are proudly designed,
engineered, and manufactured in America, with offices in Silicon
Valley, South Carolina, and Los Angeles. For more information,
please visit www.proterra.com
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. The Company’s
actual results may differ materially from those anticipated in
these forward-looking statements as a result of certain risks and
other factors, which could include the following: risks and
uncertainties relating to the Company’s chapter 11 cases (the
“Chapter 11 Case”), including but not limited to, the Company’s
ability to obtain Bankruptcy Court approval with respect to motions
in the Chapter 11 Case, the effects of the Chapter 11 Case on the
Company and on the interests of various constituents, Bankruptcy
Court rulings in the Chapter 11 Case and the outcome of the Chapter
11 Case in general, the length of time the Company will operate
under the Chapter 11 Case, risks associated with any third-party
motions in the Chapter 11 Case, the potential adverse effects of
the Chapter 11 Case on the Company’s liquidity or results of
operations and increased legal and other professional costs
necessary to execute the Company’s reorganization; the conditions
to which the Company’s cash collateral is subject and the risk that
these conditions may not be satisfied for various reasons,
including for reasons outside of the Company’s control; the
consequences of the acceleration of the Company’s debt obligations
and the trading price and volatility of the Company’s common stock.
Many factors could cause actual future events to differ materially
from the forward-looking statements in this press release,
including risks and uncertainties set forth in the sections
entitled “Risk Factors” in the Company’s Annual Report for the year
ended December 31, 2022 filed with the Securities and Exchange
Commission (the “SEC”) on March 17, 2023, as amended on May 1,
2023, the Company’s Quarterly Report for the three months ended
March 31, 2023 filed with the SEC on May 10, 2023, or the Company’s
other filings with the SEC. The forward-looking statements included
in this press release speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and the Company assumes no obligation and does not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. The Company does not give any assurance that it will
achieve its expectations.
Contacts
Investor Contact
IR@proterra.com
Media Contact
PR@proterra.com
Grafico Azioni Proterra (NASDAQ:PTRA)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Proterra (NASDAQ:PTRA)
Storico
Da Mag 2023 a Mag 2024