Anuncio • Feb 09
Fourth Amended Joint Reorganization Plan and Disclosure Statement Filed by Proterra Inc. Proterra Inc. filed fourth amended joint plan of reorganization in the US Bankruptcy Court on February 8, 2024. As per the amended plan filed, there is no change in the treatment of any claim class. Anuncio • Feb 03
Proterra Inc. Announces CFO Changes Proterra Inc. announced that on February 1, 2024, in connection with the closing of the Powered Sale, David S. Black resigned as Chief Financial Officer and appointment of Justin Derek Pugh as acting chief financial officer. Justin Pugh, has served as Chief Transformation Officer of the Debtors since August 7, 2023. In his capacity as Chief Transformation Officer of the Debtors, Mr. Pugh has authority to act on behalf of the Debtors in connection with activities related to operational analysis and reporting, negotiation with counterparties, in each case as may be requested by the Debtors’ Chief Executive Officer. Effective as of February 1, 2024, the Restructuring Committee of the Boards of Directors of the Debtors 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; Mr. Pugh, age 42, is a Senior Managing Director at FTI, a global consulting firm, where he has worked since 2017. Mr. Pugh earned a bachelor’s degree in finance and a master’s degree in finance and mathematics from Louisiana State University and an MBA from the University of Rochester. He is a chartered financial analyst and certified public accountant. FTI serves as financial advisor to the Company to support their contingency planning efforts. Anuncio • Feb 02
Proterra Inc. Announces Board Changes Proterra Inc. announced that on February 1, 2024 in connection with the closing of the Powered Sale, Christopher L. Bailey resigned as Chief Business Officer, Jeffrey D. Embt resigned as Chief Accounting Officer and 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. On February 1, 2024, in connection with the closing of the Powered Sale, Jeffrey E. Mitchell resigned as General Counsel of the Company. Anuncio • Jan 10
Motion for Asset Sale Approved for Proterra Inc. The US Bankruptcy Court gave an order approving the sale of certain assets of Proterra Inc. and Proterra Operating Company, Inc. on January 9, 2024. The debtor has been authorized to sell its certain assets to Phoenix Motor, Inc. for a purchase price of $3.50 million. The debtor’s assets include certain assets of Proterra Transit excluding the Battery Leases. Anuncio • Dec 27
Proterra Inc. Announces Resignation of Julian Soell as Chief Operating Officer, Effective March 15, 2024 Proterra Inc. announced that Mr. Julian Soell notified the company of his resignation from his position as Chief Operating Officer of the Company, effective as of March 15, 2024. In connection with Mr. Soell’s resignation, he did not express any disagreement on any matter relating to the Company’s operations, policies or practices. Anuncio • Sep 09
Nasdaq to Delist the Common Stock of Proterra Nasdaq announced that it will delist the common stock of Proterra Inc. Proterra Inc.’s securities were suspended on August 17, 2023, and have not traded on Nasdaq since that time. Anuncio • Sep 08
Frank R. Cruz Announces Securities Fraud Lawsuit Against Proterra Inc The Law Offices of Frank R. Cruz announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Proterra Inc. Class Period: August 11, 2021 – August 7, 2023. Lead Plaintiff Deadline: September 12, 2023. The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) the Company repeatedly stated the $523 million on their balance sheet meant the company had abundant liquidity and financial stability; (2) the new factory would continue to improve production efficiency and gross margins; and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. To be a member of the class action need not take any action at this time; may retain counsel of choice or take no action and remain an absent member of the class action. Anuncio • Aug 25
Bragar Eagel & Squire, P.C. Announces That a Class Action Lawsuit Has Been Filed Against Proterra, Inc Bragar Eagel & Squire, P.C. announced that a class action lawsuit has been filed against Proterra Inc. in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired Proterra securities between August 2, 2022, and March 15, 2023, both dates inclusive (the “Class Period”). Investors have until September 12, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit. On March 15, 2023, Proterra announced their quarterly earnings. In that announcement, the Company stated they were in violation of a liquidity clause in their secured convertible notes and that they may have to qualify an audit report with a “going concern” clause. The financial issues stemmed from an increase in cash burn because of a decrease in gross margin and an increase in accounts receivable during the relevant quarter. The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company repeatedly stated the $523 on their balance sheet meant the company had abundant liquidity and financial stability; and, (ii) the new factory in Greer, South Carolina would continue to improve production efficiency and gross margins. Anuncio • Aug 18
Proterra Inc.(OTCPK:PTRA.Q) dropped from NASDAQ Transportation Index Proterra Inc. has been dropped from NASDAQ Transportation Index Anuncio • Aug 17
Rain Oncology Inc., Proterra Inc., Bioxcel Therapeutics, Inc Announces Class Action Update Johnson Fistel, LLP, a law firm specializing in shareholder rights, has announced the initiation of class action lawsuits on behalf of investors of the following companies. Investors are encouraged to review the deadlines listed and submit their information. Class Period: July 20, 2021 and May 19, 2023. Lead Plaintiff Deadline: September 12, 2023. The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company concealed risks inherent in the design of its Phase 3 MANTRA study particularly with regard to proceeding directly to Phase 3 from Phase 1; (2) as a result, the Company’s statements about the trial and the likelihood of FDA approval were materially misleading during the Class Period, and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.The lawsuit alleges Proterra made materially false and/or misleading statements and/or failed to disclose material adverse facts, including: (i) Proterra repeatedly stated the $523 million of cash on its balance sheet meant Proterra had abundant liquidity and financial stability; and (ii) Proterra’s new Greer, South Carolina factory would continue to improve production efficiency and gross margins. BioXcel Therapeutics, Inc. (NASDAQ: BTAI). Class Period: December 15, 2021 and June 28, 2023; Lead Plaintiff Deadline: September 5, 2023; The BioXcel class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) BioXcel lacked adequate internal controls over protocol adherence and data integrity; (ii) as a result, BioXcel’s principal investigator failed to adhere to the informed consent form approved by the Institutional Review Board; (iii) BioXcel’s principal investigator failed to maintain adequate case histories for certain patients whose records were reviewed by the U.S. Food and Drug Administration (“FDA”); (iv) BioXcel’s principal investigator fabricated email correspondence with a pharmacovigilance safety vendor that was then provided to the FDA; and (v) the above would negatively impact BioXcel’s ability to obtain regulatory approval of BXCL501 for the treatment of agitation associated with dementia in patients with probable Alzheimer’s disease. A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. Anuncio • Aug 10
Proterra Inc. Announces Executive Appointments Proterra Inc. announced that on August 7, 2023, Jill Frizzley was elected as a director of the Board of the Company, effective immediately. With this election, the Company’s Board of Directors is comprised of 9 members. There is no agreement or understanding between Ms. Frizzley and any other person pursuant to which she was selected as a director. Ms. Frizzley has also been appointed as a member of the Restructuring Committee of the Board (the Restructuring Committee) and the Investigation Committee of the Board. The members of the Restructuring Committee are Jill Frizzley, Jan Hauser, Gareth Joyce, Mary Louise Krakauer, and Roger Nielsen. The Board has formed an Investigation Committee with Ms. Frizzley as the sole member. The Investigation Committee is vested with the power and authority of the Board to oversee and undertake certain investigations. On August 7, 2023, the Company appointed Justin D. Pugh, Managing Director of FTI Consulting, as Chief Transformation Officer of the Company. Mr. Pugh has joined the Company’s senior management team and will help facilitate the Company’s restructuring efforts. Anuncio • Aug 08
Motion for Joint Administration Filed by Proterra Inc. Proterra Inc., along with its affiliate, filed a motion for joint administration of their Chapter 11 bankruptcy cases in the US Bankruptcy Court on August 07, 2023. As per the motion, the debtor seeks the joint administration of the cases of its affiliate, Proterra Operating Company Inc., with its own case for administrative and procedural purposes. Proterra Inc. has been proposed as the lead debtor. Anuncio • Jul 15
Levi & Korsinsky, LLP Files A Complaint to Recover Losses Suffered by Purchasers of Proterra Inc Levi & Korsinsky, LLP filed a complaint to recover losses suffered by purchasers of Proterra Inc. Securities and Sets a Lead Plaintiff Deadline of September 12, 2023. On March 15, 2023, Proterra announced their quarterly earnings. In that announcement, the Company stated they were in violation of a liquidity clause in their secured convertible notes and that they may have to qualify an audit report with a “going concern” clause. The financial issues stemmed from an increase in cash burn because of a decrease in gross margin and an increase in accounts receivable during the relevant quarter. In response to the announcement, Proterra’s stock price substantially dropped from $2.51 per share to $1.16 per share, eliminating approximately $118 million in market capitalization in one day. The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company repeatedly stated the $523 on their balance sheet meant the company had abundant liquidity and financial stability; and, (ii) the new factory in Greer, South Carolina would continue to improve production efficiency and gross margins. Anuncio • Jun 09
Proterra Inc. Announces Appointment of Jeffrey Embt as Chief Accounting Officer Proterra Inc. announced the appointment of Jeffrey Embt as Chief Accounting Officer (CAO), effective June 8, 2023. Mr. Embt brings nearly 20 years of corporate accounting and financial management experience to Proterra. Prior to joining Proterra, Mr. Embt served as Head of Finance of BWXT Medical, a manufacturer of radiopharmaceuticals, radiotherapies, and medical isotopes. He previously held roles in technical accounting with companies including BWX Technologies and within the audit practice of Deloitte. A Certified Public Accountant, Mr. Embt holds a Bachelor of Science in Accounting and Finance from Coastal Carolina University. Anuncio • May 12
Proterra Inc. Announces Board Changes Proterra Inc. announced that Jack Allen’s term as Non-Executive Chairman and Member of Proterra’s Board of Directors will expire at the company’s annual stockholders’ meeting and he will retire from the Board. Proterra’s Board of Directors has reduced the size of the board from nine to eight directors effective upon the expiration of Mr. Allen’s term, and appointed Roger M. Nielsen as the company’s new Chairman of the Board, as of the annual meeting. Mr. Allen joined Proterra’s Board of Directors in 2017 after more than 30 years at Navistar International, the global truck and bus company. In addition to his role as Board Chairman, Mr. Allen served as Proterra’s Chief Executive Officer from March 2020 through December 2021. Mr. Allen subsequently assumed the role of Non-Executive Chairman on Proterra’s Board of Directors following his retirement as Proterra CEO in late 2021. Roger Nielsen was appointed to the Proterra Board of Directors in 2022 following his retirement from Daimler Truck, a leading global commercial vehicle manufacturer after a 35-year career that included serving as President and CEO of Daimler Truck North America. As a Proterra Board Director, Mr. Nielsen also serves on its Audit Committee. Recent Insider Transactions • Mar 31
Chief Business Officer recently sold Mex$266k worth of stock On the 27th of March, Christopher Bailey sold around 10k shares on-market at roughly Mex$27.86 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth Mex$2.1m. Insiders have been net sellers, collectively disposing of Mex$5.1m more than they bought in the last 12 months. Breakeven Date Change • Mar 29
No longer forecast to breakeven The 6 analysts covering Proterra no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$24.0m in 2025. New consensus forecast suggests the company will make a loss of US$72.2m in 2025. Board Change • Mar 29
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. No experienced directors. No highly experienced directors. Independent Director Joan Robinson-Berry is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 17
Full year 2022 earnings released: US$1.06 loss per share (vs US$2.07 loss in FY 2021) Full year 2022 results: US$1.06 loss per share (improved from US$2.07 loss in FY 2021). Revenue: US$309.4m (up 27% from FY 2021). Net loss: US$238.0m (loss narrowed 4.8% from FY 2021). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Machinery industry in South America. Breakeven Date Change • Mar 17
No longer forecast to breakeven The 6 analysts covering Proterra no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$24.0m in 2025. New consensus forecast suggests the company will make a loss of US$72.2m in 2025. Anuncio • Feb 14
Proterra Inc. Appoints Julian Soell as Chief Operating Officer and Chris Bailey as Chief Business Officer, Effective March 1, 2023 Proterra Inc. announced the appointments of Julian Soell as Chief Operating Officer and Chris Bailey as Chief Business Officer effective March 1, 2023. As Chief Operating Officer, Julian will oversee all of Proterra’s manufacturing and plant operations, quality, and supply chain across the Company’s business units that includes Proterra Transit and Proterra Powered & Energy. In his role as Chief Business Officer, Chris will lead all commercial activities for Proterra including business development, sales and marketing, customer program management, as well as customer success and service. Previously President of Proterra Transit, Julian has more than 30 years of automotive and operational experience. Prior to joining Proterra, Julian most recently serving as Chief Operating Officer at Repairify. Previously, he held engineering leadership roles at automotive companies including Mercedes Benz USA, Ford Motor Company, and Harley-Davidson Motor Company. Outside of the automotive industry, Julian has also held large operational and customer service roles at Delta Air Lines. Chris Bailey most recently held the role of President of Proterra Powered & Energy. Chris is a technology and market development executive who, prior to joining Proterra, served in numerous customer-focused product management roles over 17 years with Hubbell Incorporated. At Hubbell, he most recently served as Vice President of Product Innovation and Technology Strategy and Vice President of Hubbell Integrated Solutions, responsible for product management and market development efforts for Hubbell’s integrated technology strategy. Recent Insider Transactions • Jan 26
President recently sold Mex$2.1m worth of stock On the 23rd of January, Gareth Joyce sold around 23k shares on-market at roughly Mex$94.35 per share. This transaction amounted to 6.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Gareth has been a net seller over the last 12 months, reducing personal holdings by Mex$2.5m. Anuncio • Jan 13
Proterra Inc Produces Proterra Powered EV Battery At Its New Powered 1 Battery Manufacturing Plant Located in Greer, South Carolina Proterra Inc. announced that the company has produced the first Proterra Powered EV battery at its new Powered 1 battery manufacturing plant located in Greer, South Carolina. By achieving this end-to-end production milestone at Powered 1, Proterra is expected to begin deliveries to customers of Proterra Powered™ battery systems from the new battery factory in the first quarter of 2023. In addition, Powered 1 has started production of drivetrains and other ancillary systems incorporated into electric medium- and heavy-duty electric vehicles and equipment, such as high voltage junction boxes. Powered 1 is Proterra’s first purpose-built, high-volume battery production plant in the Eastern United States with multiple gigawatt hours of annual production capacity planned at the facility. Proterra has already created more than 100 new jobs at the 327,000 square foot battery plant, with roles including engineering, production, quality, and other positions within the company’s Proterra Powered & Energy business unit. By opening the company’s first battery factory in South Carolina Proterra is bringing state-of-the art battery production closer to its Proterra Powered customers on the East Coast, Europe, and its own Proterra Transit electric bus manufacturing operations in Greenville, South Carolina. Breakeven Date Change • Dec 31
Forecast to breakeven in 2025 The 6 analysts covering Proterra expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$24.0m in 2025. Average annual earnings growth of 50% is required to achieve expected profit on schedule. Board Change • Nov 16
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. No experienced directors. No highly experienced directors. Independent Director Joan Robinson-Berry is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 05
Third quarter 2022 earnings released: US$0.29 loss per share (vs US$0.17 profit in 3Q 2021) Third quarter 2022 results: US$0.29 loss per share (down from US$0.17 profit in 3Q 2021). Revenue: US$96.2m (up 55% from 3Q 2021). Net loss: US$65.1m (down 279% from profit in 3Q 2021). Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Global Machinery industry. Recent Insider Transactions • Sep 08
Chief Legal Officer recently sold Mex$424k worth of stock On the 2nd of September, JoAnn Covington sold around 3k shares on-market at roughly Mex$121 per share. This transaction amounted to 2.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of Mex$1.3m more than they bought in the last 12 months. Recent Insider Transactions • Sep 01
President recently sold Mex$422k worth of stock On the 26th of August, Gareth Joyce sold around 3k shares on-market at roughly Mex$124 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Gareth's only on-market trade for the last 12 months. Reported Earnings • Aug 03
Second quarter 2022 earnings released: US$0.19 loss per share (vs US$4.24 loss in 2Q 2021) Second quarter 2022 results: US$0.19 loss per share (up from US$4.24 loss in 2Q 2021). Revenue: US$74.6m (up 28% from 2Q 2021). Net loss: US$41.8m (loss narrowed 78% from 2Q 2021). Over the next year, revenue is forecast to grow 63%, compared to a 36% growth forecast for the industry in Mexico. Board Change • Jul 18
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. No experienced directors. No highly experienced directors. Independent Director Joan Robinson-Berry is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Jun 02
Insider recently sold Mex$448k worth of stock On the 26th of May, Christopher Bailey sold around 4k shares on-market at roughly Mex$120 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Jun 02
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. Independent Director Joan Robinson-Berry is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Jan 06
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 1 experienced director. No highly experienced directors. Non-Executive Chairman Jack Allen is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS US$0.17 (vs US$10.11 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$61.9m (up 30% from 3Q 2020). Net income: US$36.3m (up US$83.2m from 3Q 2020). Profit margin: 59% (up from net loss in 3Q 2020). The move to profitability was primarily driven by lower expenses. Board Change • Nov 09
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. Chairman & CEO Jack Allen is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 13
Second quarter 2021 earnings released: US$4.24 loss per share (vs US$10.11 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: US$58.5m (up 23% from 2Q 2020). Net loss: US$189.0m (loss widened 303% from 2Q 2020).