Proterra sinks after filing for Chapter 11 bankruptcy protection

Proterra

08/08/2023 12:54

** Proterra  PTRA.O  shares drop 65% to 48 cents premarket
    ** The electric-vehicle parts supplier filed for Chapter 11
bankruptcy protection on Monday
    ** The co listed its assets and liabilities in the range of
$500 million to $1 billion
    ** "We have faced various market and macroeconomic headwinds
that have impacted our ability to efficiently scale," CEO Gareth
Joyce said in a statement
    ** Up to last close, stock had fallen 62% YTD

 (Reporting by Zaheer Kachwala in Bengaluru)
 ((Zaheer.Kachwala@thomsonreuters.com))