Quanergy Files for Bankruptcy, Changes Leadership
Lidar technology company Quanergy has initiated an orderly sale process for its business, filing for protection under Chapter 11 of the U.S. Bankruptcy Code. The move comes less than one year after the developer of optical phased array-based solid-state lidar sensors and smart 3D solutions became a publicly traded company following a business combination with publicly traded special purpose acquisition company CITIC Capital Acquisition Corp.
Quanergy expects to continue operations during the Chapter 11 process.
In addition, Quanergy CEO Kevin Kennedy will retire effective Dec. 31. Kennedy will continue to serve as nonexecutive chair of the board of directors as he transitions executive leadership to newly appointed chief restructuring officer and President Lawrence Perkins.
Perkins is the founder and CEO of SierraConstellation Partners, an interim management and advisory firm, which he founded in 2013.
Prior to filing its Chapter 11 case, the company said, it resolved patent litigation with lidar competitor Velodyne — which itself announced that it won a patent challenge brought by Quanergy in the U.S. Ninth Circuit Court of Appeals one day after Quanergy announced the close of its public transaction. Velodyne and Ouster, which targets the industrial, robotics, and smart infrastructure markets with its lidar offerings, announced plans to merge last month. Angus Pacala, current Ouster co-founder and CEO — and co-founder of Quanergy — will run the combined company.
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