Quanergy Systems, Inc.: going-concern / distress — Quanergy sells substantially all assets for $3.15M in Chapter 11; warns equity may be worthless

Quanergy Systems, Inc.

Court-approved sale of substantially all assets to ROLISI, LLC for up to $3.15M completed Feb 3, 2023.
Net loss of $2.41M for 19-day post-petition period; revenue $0.21M, cash $8.4M.
Prepetition unsecured debt $31.0M; total liabilities $31.1M; stockholder equity $11.1M.
Company cautions that trading in its securities is highly speculative; common stock may have no recovery.

item 1.01 item 1.03 item 2.01 item 8.01 item 9.01

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 (such court, the "Court" and such case, the "Case").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Quanergy Systems, Inc. entered into Asset Purchase Agreement with ROLISI, LLC valued at up to $3,150,000 (effective 2023-02-03).

Action: entry
Agreement: asset purchase
Counterparty: ROLISI, LLC
Value: up to $3,150,000
Effective: 2023-02-03

Exact text from the filing

On February 3, 2023, the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) with ROLISI, LLC (the “Buyer”) to sell substantially all of its assets pursuant to a sale conducted under Section 363 of the U.S. Bankruptcy Code (the “Asset Sale”).

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Source: SEC EDGAR

accession 0001193125-23-024954

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