8-K
filed February 1, 2024, 6:59 PM ET
CIK 0001820630
M&A
confidence high
sentiment negative
materiality 1.00
Proterra Inc: M&A transaction — Proterra completes Powered asset sale to Volvo for ~$223M; stock expected worthless
Proterra Inc
- Sale of Powered business to Volvo Battery Solutions closed Feb 1 for approx. $223M plus assumed liabilities.
- No proceeds to common stockholders; proposed reorganization plan provides zero recovery for shares.
- CFO David Black, CBO Chris Bailey, CAO Jeff Embt, and GC Jeff Mitchell resigned effective Feb 1.
- Justin Pugh (FTI Consulting) appointed as acting CFO effective Feb 1.
- Common stock may have little or no value; company urges extreme caution in trading.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Justin Pugh was appointed as Acting Chief Financial Officer at Proterra Inc.
- Action
- appointed
- Role
- Acting Chief Financial Officer
Exact text from the filing
Effective as of February 1, 2024, the Restructuring Committee of the Boards of Directors of the Debtors (which has been vested with the full power and authority of the Boards of Directors of the Debtors with respect to certain activities related to the Debtors’ Chapter 11 Cases) approved that Mr. Pugh, in his capacity as the Debtors’ Chief Transformation Officer, shall assume all of the responsibilities, and the authority to act on behalf of the Debtors, of the Debtors’ acting Chief Financial Officer until a permanent Chief Financial Officer is appointed
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Julian R. Soell resigned as Chief Operating Officer at Proterra Inc.
- Action
- resigned
- Role
- Chief Operating Officer
Exact text from the filing
As previously disclosed, Julian R. Soell resigned as Chief Operating Officer of the Company, effective March 15, 2024. Mr. Soell’s resignation has been revised to take effect February 2, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Christopher L. Bailey resigned as Chief Business Officer at Proterra Inc.
- Action
- resigned
- Role
- Chief Business Officer
Exact text from the filing
Christopher L. Bailey resigned as Chief Business Officer of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
David S. Black resigned as Chief Financial Officer at Proterra Inc.
- Action
- resigned
- Role
- Chief Financial Officer
Exact text from the filing
David S. Black resigned as Chief Financial Officer of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jeffrey D. Embt resigned as Chief Accounting Officer at Proterra Inc.
- Action
- resigned
- Role
- Chief Accounting Officer
Exact text from the filing
Jeffrey D. Embt resigned as Chief Accounting Officer of the Company.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Proterra Inc completed a disposition involving Volvo Battery Solutions LLC for approximately $223 million (closed 2024-02-01).
- Action
- disposition
- Counterparty
- Volvo Battery Solutions LLC
- Consideration
- approximately $223 million
- Closing
- 2024-02-01
Exact text from the filing
the Powered Sale on November 29, 2023. On February 1, 2024, the Debtors and Volvo consummated the Powered Sale. The purchase price for the Powered Assets was approximately $223 million, plus the assumption of certain liabilities and the payment of certain cure amounts. The financial impact to the Company of the disposition of the Powered Assets will be
View on SEC.gov
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