LiDAR sensors and smart 3D solutions provider Quanergy Systems (OTCPK:QNGY) has initiated an orderly sale process for its business.
The company has filed for bankruptcy protection and intends to pursue a sale of the business under section 363 of the U.S. Bankruptcy Code.
Also, CEO Kevin Kennedy is set to retire, effective Dec. 31.
Kennedy, to continue to serve as nonexecutive board chair, will transition executive leadership to a newly appointed chief restructuring officer and president, Lawrence Perkins.
The company expects to continue operations during the bankruptcy process, seeking to complete an expedited sale process with the approval of the Bankruptcy Court.