Form 8-K - Current report
09 February 2024 - 8:10AM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
February 7, 2024
Proterra Inc |
(Exact name of registrant as specified in its charter) |
|
Delaware |
001-39546 |
90-2099565 |
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(I.R.S. Employer
Identification No.) |
|
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500 Pennsylvania Avenue
PO Box 2205
Greer, South Carolina 29652 |
(Address of principal executive offices, including zip code) |
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(303) 689-8855 |
(Registrant’s Telephone Number, Including Area Code) |
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1815 Rollins Road
Burlingame, California 94010
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(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class |
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Trading
Symbol(s) |
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Name
of each exchange
on which registered |
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Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging
growth company ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events
As previously disclosed, on August 7, 2023, Proterra Inc, a Delaware
corporation (the “Company”), and its subsidiary Proterra Operating Company, Inc. (collectively, the “Debtors”)
filed voluntary petitions under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States
Bankruptcy Court for the District of Delaware (such court, the “Bankruptcy Court” and such proceedings, the “Chapter
11 Cases”). The Chapter 11 Cases are currently jointly administered under the caption In re Proterra Inc, Case No. 23-11120
(BLS). The Debtors continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy
Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.
As previously disclosed, on November 13, 2023, following a Bankruptcy
Court-supervised process pursuant to Bankruptcy Court-approved bidding procedures, the Company entered into a certain asset purchase agreement
(as subsequently amended on December 1, 2023, December 15, 2023 and January 11, 2024, the “Battery Leases APA”) with Phoenix
Motor Inc. (“Phoenix”), for the sale of certain battery leases of the Company and other related assets used in the conduct
of the Proterra Transit business (the “Battery Leases Assets”) to Phoenix as described in the Battery Leases APA (the “Battery
Leases Sale”). The Battery Leases Sale was subject to the approval of the Bankruptcy Court. The Bankruptcy Court entered an order
approving the Battery Leases Sale on January 9, 2024.
On February 7, 2024, the Company and Phoenix consummated the Battery
Leases Sale. The aggregate final purchase price of the Battery Leases Assets was approximately $6.5 million.
The financial impact to the Company of the disposition of the Battery
Leases Assets will be reflected in the monthly operating reports of the Company commencing for the month of February 2024.
The Company expects that no proceeds from the Battery Leases Sale
will be distributed to the Company’s stockholders. The Chapter 11 Cases remain pending. The terms of the proposed Third Amended
Joint Chapter 11 Plan of Reorganization for Proterra Inc and its Debtor Affiliate, as filed with the Bankruptcy Court on January 25,
2024, provide that holders of the Company’s common stock will not receive any recovery on account of those shares following the
conclusion of the Chapter 11 Cases.
The Battery Leases APA, as well as other filings for the Debtors’
bankruptcy proceedings and further information regarding such proceedings can be accessed free of charge at a website maintained by the
Debtors’ claims, noticing, and solicitation agent, Kurtzman Carson Consultants LLC, at www.kccllc.net/proterra. The information
in that website or available elsewhere is not incorporated by reference and does not constitute part of this Current Report on Form 8-K
(“Form 8-K”).
Cautionary Note Regarding Trading in the Company’s
Common Stock
The Company’s stockholders are cautioned that trading in shares of
the Company’s common stock during the pendency of the Company’s bankruptcy proceedings will be highly speculative and will
pose substantial risks. The terms of the proposed Third Amended Joint Chapter 11 Plan of Reorganization for Proterra Inc and its Debtor
Affiliate, as filed with the Bankruptcy Court on January 25, 2024, provide that holders of the Company’s common stock will not
receive any recovery on account of those shares following the conclusion of the bankruptcy proceedings. As a result, the shares of common
stock may have little or no value. Trading prices for the Company’s common stock may bear little or no relation to the absence of
any recovery by holders thereof in the Company’s bankruptcy proceedings. Accordingly, the Company urges extreme caution with respect
to existing and future investments in its common stock.
Cautionary Note Regarding Forward-Looking Statements
This Form 8-K contains forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Exchange Act. The Company’s actual results may differ materially from those
anticipated in these forward-looking statements as a result of certain risks and other factors, including risks and uncertainties relating
to the Company’s Chapter 11 Cases. Many factors could cause actual future events to differ materially from the forward-looking statements
in this Form 8-K, including risks and uncertainties set forth in the sections entitled “Risk Factors” in the Company’s
Annual Report for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the “SEC”) on March
17, 2023, as amended on May 1, 2023, the Company’s quarterly report for the three and nine months ended September 30, 2023, filed
on November 6, 2023 or the Company’s other filings with the SEC. The forward-looking statements included in this Form 8-K speak
only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes
no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future
events, or otherwise. The Company does not give any assurance that it will achieve its expectations.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 8, 2024
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PROTERRA INC |
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By: |
/s/ Gareth T. Joyce |
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Name: |
Gareth T. Joyce |
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Title: |
Chief Executive Officer |
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Feb. 07, 2024 |
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Entity File Number |
001-39546
|
Entity Registrant Name |
Proterra Inc
|
Entity Central Index Key |
0001820630
|
Entity Tax Identification Number |
90-2099565
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
500 Pennsylvania Avenue
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Entity Address, Address Line Two |
PO Box 2205
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Entity Address, City or Town |
Greer
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Entity Address, State or Province |
SC
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Entity Address, Postal Zip Code |
29652
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City Area Code |
303
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Local Phone Number |
689-8855
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1815 Rollins Road
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