8-K
filed December 13, 2022, 6:59 PM ET
CIK 0001794621
other material
confidence high
sentiment negative
materiality 0.95
Quanergy Systems, Inc.: going-concern / distress — Quanergy files Chapter 11 to sell business; CEO Kennedy retires, Perkins named CRO
Quanergy Systems, Inc.
- Filed Chapter 11 in Delaware on Dec 13, 2022; intends to sell substantially all assets under Section 363.
- CEO Kevin Kennedy retires effective Dec 31, 2022, remains non-executive chairman.
- Lawrence Perkins appointed Chief Restructuring Officer and President to lead sale process.
- Retention payments approved for CFO ($72.5k), CMO ($67.5k), CRO ($48.3k) to stay through sale.
- Director Lisa Kelley resigned Dec 12, 2022; Board size reduced from 7 to 6.
Key facts
Extracted from this filing and checked against the source text.
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
Quanergy Systems, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2022-12-13).
- Proceeding
- chapter 11
- Court
- United States Bankruptcy Court for the District of Delaware
- Petition
- 2022-12-13
Exact text from the filing
On December 13, 2022, Quanergy Systems, Inc. (the “Company”) filed a voluntary petition (Case No. 22-11305) for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Lisa Kelley resigned as Board of Directors at Quanergy Systems, Inc..
- Action
- resigned
- Role
- Board of Directors
Exact text from the filing
On December 9, 2022, Lisa Kelley, a member of the Company’s Board of Directors (the “Board”), notified the Company of her intention to resign from the Board, effective December 12, 2022.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Kevin J. Kennedy retired as Chief Executive Officer at Quanergy Systems, Inc..
- Action
- retired
- Role
- Chief Executive Officer
Exact text from the filing
On December 13, 2022, the Company announced that Mr. Kevin J. Kennedy, Chairman and Chief Executive Officer of the Company, has elected to retire as Chief Executive Officer, effective December 31, 2022.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Lawrence Perkins was appointed as Chief Restructuring Officer and President at Quanergy Systems, Inc..
- Action
- appointed
- Role
- Chief Restructuring Officer and President
Exact text from the filing
On December 12, 2022, the Company appointed Lawrence Perkins as Chief Restructuring Officer and President.
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.