Proterra (PTRAQ) has released an update.
On January 23, 2024, the Bankruptcy Court announced its intent to approve the Debtors’ Disclosure Statement and the Solicitation and Voting Procedures, leading to an order on January 25 that authorized the start of the voting process for the Proposed Plan. While the confirmation hearing for the Proposed Plan is tentatively set for March 5, 2024, there is no guarantee that the plan will be approved or successfully implemented. The Proposed Plan implies that the Company’s common stock will likely be worthless after the bankruptcy proceedings, warning stockholders of the high risk and speculative nature of trading during this period.
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