Quanergy Systems Inc. plans to cut 72 jobs in Sunnyvale as part of the bankruptcy reorganization it filed for on Tuesday.
The company last month said in a filing with the Securities and Exchange Commission that it planned an 11% reduction in its workforce, cutting 15 workers to get staffing down to 126 employees globally. "We are confident that Quanergy's efforts have positioned the company for a value-maximizing transaction during the Chapter 11 sale process," Lawrence Perkins, who will head the company as its newly named chief restructuring officer and president, said in the news release.
In addition to announcing its bankruptcy, the company said Kevin Kennedy will retire as its CEO Dec. 31. Quanergy is paying Kennedy, who will remain its non-executive chairman, a lump sum of $285,000 as part of his separation agreement with it, the company said in a filing with the Securities and Exchange Commission.
The move into bankruptcy also comes just 10 months after Quanergy went public in a merger with a blank-check entity. The lidar company got far less capital from that deal than it expected. The bankruptcy filing also comes despite the company having raised $16.7 million last month by selling additional shares to investors.
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