---
schema_version: "secwatch.filing_event.v1"
accession: "0000950142-24-000266"
form_type: "8-K"
ticker: null
cik: "0001820630"
company_name: "Proterra Inc"
filed_at: "2024-02-01T23:59:59+00:00"
generated_at: "2026-06-06T11:22:08.882716+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Proterra completes Powered asset sale to Volvo for ~$223M; stock expected worthless

## Summary
- 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.

## SEC filing metadata
- accession: 0000950142-24-000266
- form_type: 8-K
- cik: 0001820630
- company_name: Proterra Inc
- filed_at: 2024-02-01T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 2.01, 5.02, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820630/000095014224000266/0000950142-24-000266-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820630/000095014224000266/eh240444587_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950142-24-000266
- JSON: https://secwatch.observer/filing/0000950142-24-000266.json
- Plain text: https://secwatch.observer/filing/0000950142-24-000266.txt

## Key facts
- Executive change
  Justin Pugh was appointed as Acting Chief Financial Officer at Proterra Inc.
  - Action: appointed
  - Role: Acting Chief Financial Officer
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820630/000095014224000266/0000950142-24-000266-index.htm
- Executive change
  Julian R. Soell resigned as Chief Operating Officer at Proterra Inc.
  - Action: resigned
  - Role: Chief Operating Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820630/000095014224000266/0000950142-24-000266-index.htm
- Executive change
  Christopher L. Bailey resigned as Chief Business Officer at Proterra Inc.
  - Action: resigned
  - Role: Chief Business Officer
  source text: Christopher L. Bailey resigned as Chief Business Officer of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820630/000095014224000266/0000950142-24-000266-index.htm
- Executive change
  David S. Black resigned as Chief Financial Officer at Proterra Inc.
  - Action: resigned
  - Role: Chief Financial Officer
  source text: David S. Black resigned as Chief Financial Officer of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820630/000095014224000266/0000950142-24-000266-index.htm
- Executive change
  Jeffrey D. Embt resigned as Chief Accounting Officer at Proterra Inc.
  - Action: resigned
  - Role: Chief Accounting Officer
  source text: Jeffrey D. Embt resigned as Chief Accounting Officer of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820630/000095014224000266/0000950142-24-000266-index.htm
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820630/000095014224000266/0000950142-24-000266-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.