Proterra (PTRAQ) has released an update to notify the public and investors about its asset transaction finalization.
Proterra Inc, along with its subsidiary, filed for Chapter 11 bankruptcy in August 2023, and continue to manage their operations through the bankruptcy proceedings. They have agreed to sell most of their Proterra Powered business assets to Volvo for approximately $223 million plus additional liabilities, with the sale being approved by the Bankruptcy Court and finalized on February 1, 2024. The proceeds from this sale are not expected to benefit Proterra Inc’s stockholders and the Chapter 11 Cases are still ongoing, with the proposed reorganization plan indicating no recovery for the company’s common stockholders.
For further insights into PTRAQ financials, check out TipRanks’ Financials page.
For a comprehensive understanding of the announcement, you can read the full document here.
