Tritium Shares Plunge 66% On Insolvency Disclosure

Dow Jones04-19

By Ben Glickman

Shares of Tritium DCFC fell sharply in early trading Friday after the company reported it was insolvent or likely to become insolvent.

The stock was down 64% to $1.33 in premarket trading. Shares are down nearly 92% since the start of the year.

The electric vehicle fast-charger provider said in a regulatory filing late Thursday that it had determined it was insolvent or likely to become insolvent, and that three joint administrators had been appointed under Australian law.

The company and three of its Australian subsidiaries are affected by the appointment. Tritium said its other subsidiaries would continue to operate outside the voluntary administration.

The powers of the directors of Tritium and its three Australian subsidiaries are suspended with the appointment of the three administrators.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

April 19, 2024 07:26 ET (11:26 GMT)

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