Quanergy Systems, a maker of high-tech sensors and related software, filed for bankruptcy about 10 months after going public through a merger with CITIC Capital Acquisition.
The firm will try to sell itself out of bankruptcy and expects to keep operating in the meantime, Bloomberg reports. Quanergy listed assets and liabilities of as much as $50 million each in its Chapter 11 petition.
Quanergy is a provider of OPA-based solid state LiDAR sensors and smart 3D solutions for automotive applications and IoT.
At the time of the SPAC deal announcement in December 2021, the company was valued at $1 billion. Read more.
