Quanergy, a lidar manufacturer, declared bankruptcy and was listed on the New York Stock Exchange in February this year

On December 13, Quanergy, a provider of lidar sensors and smart 3D solutions, announced that it has applied for protection in the Delaware Bankruptcy Court under Chapter 11 of the US Bankruptcy Code and intends to sell the business under the Bankruptcy Code.

Meanwhile, Quanergy CEO Kevin Kennedy will retire on the 31st, but will continue as non-executive chairman of the board; he will hand over executive leadership to newly appointed chief restructuring officer and president Lawrence Perkins .

Lawrence Perkins, Quanergy Chief Restructuring Officer and President, said Quanergy has made considerable efforts to address the ongoing financial challenges posed by capital market volatility...these efforts have maximized the company's value in the sale process oriented transactions. During this process, we will continue to prioritize our customers' needs, and we would like to thank the Quanergy team for their continued efforts and contributions to the business.

Currently, Quanergy has significantly reduced operating expenses and settled a major patent lawsuit with Velodyne. Under the protection provided by the Bankruptcy Code, Quanergy intends to expand its marketing efforts to potential purchasers interested in specific business units or assets and to continue to pursue the sale of the going concern.

36 Krypton news pointed out that as part of the bankruptcy process, Quanergy laid off almost all employees at once, including co-founder and chief development officer Tianyue Yu (Yu Tianyue), chief financial officer Patrick Archambault, chief marketing officer Enzo Signore and senior vice president of operations. The president, Kevin Amiri, only left a team of about 15 people to go through the final bankruptcy procedure.

In February 2022, Quanergy was listed on the New York Stock Exchange; on November 8, the staff of the NYSE regulatory department decided to initiate procedures to delist Quanergy's common stock and common stock purchase warrants.