Proterra Tumbled Over 64% in Premarket Trading After Filing for Bankruptcy
Tiger Newspress2023-08-08
Proterra Inc. tumbled over 64% in premarket trading after filing for bankruptcy.
It voluntarily filed for Chapter 11 bankruptcy in Delaware on Monday to strengthen its financial position "through a recapitalization or going-concern sale."
It plans to continue to operate in the ordinary course of business during the bankruptcy process.
Chief Executive Gareth Joyce said Proterra is "taking action to separate each product line through the chapter 11 reorganization process to maximize their independent potential."
Proterra also said it won't hold its earnings call on Aug. 9 as a result of today's announcement.
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