Shares of commercial vehicle electrification technology provider Proterra (NASDAQ:PTRA) are plummeting today after it filed for Chapter 11 bankruptcy protection in the district of Delaware.
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The company has undertaken the Chapter 11 route to maximize its business value and augment the potential of its product lines. Proterra expects the move to help in shoring up its financials via a recapitalization or a going-concern sale.
Gareth Joyce, the CEO of the company commented, “We have faced various market and macroeconomic headwinds, that have impacted our ability to efficiently scale all of our opportunities simultaneously.”
In the meantime, Proterra plans to continue to operate its business operations as it maintains its focus on becoming a ‘leading EV battery technology supplier.’ Concurrently, the company has also canceled its earnings conference call slated for August 9.
After plummeting nearly 78.5% over the past year, Proterra shares are down a further 64.6% at the time of writing.
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