Proterra amends asset purchase agreement with Phoenix Motor

By Sarah Lizee

Olympia, Wash., Dec. 6 – Proterra Inc. amended its asset purchase agreement with purchaser Phoenix Motor Inc. to move the outside closing date to Dec. 22, according to an 8-K filed with the Securities and Exchange Commission.

As previously reported, Phoenix agreed to purchase the company’s battery leases and other related assets used in the conduct of the Proterra transit business for $6.5 million plus assumed liabilities.

Through the amendment, the parties agreed to move the sale approval hearing to Dec. 12.

Certain commitments by Phoenix with respect to the provision of adequate assurance package were also amended.

The proposed purchaser also increased its good faith deposit by $1 million.

Amendments related to the assumption of liabilities by Phoenix were made, and additional termination rights were given to the company.

Burlingame, Calif.-based Proterra designs and manufactures zero-emission electric transit vehicles and EV technology solutions for commercial applications. The company filed bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on Aug. 7 under Chapter 11 case number 23-11120.

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