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Quanergy Files for Bankruptcy, Changes Leadership

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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....Read full article

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    Published: December 2022
    Glossary
    lidar
    Lidar, short for light detection and ranging, is a remote sensing technology that uses laser light to measure distances and generate precise, three-dimensional information about the shape and characteristics of objects and surfaces. Lidar systems typically consist of a laser scanner, a GPS receiver, and an inertial measurement unit (IMU), all integrated into a single system. Here is how lidar works: Laser emission: A laser emits laser pulses, often in the form of rapid and repetitive laser...
    BusinesslidarLasersQuanergybankruptcyChapter 11FinancecourtsaleDelawareCEOretireKevin KennedyLawrence PerkinsrestructuringAmericasIndustry News

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