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Tritium DCFC (NASDAQ:DCFC) stock is falling hard on Friday after the company warned investors of insolvency in a filing with the Securities and Exchange Commission (SEC).
This filing from Tritium DCFC notes that it and three of its Australian subsidiaries are insolvent or likely to become insolvent. It also mentions that an administrator should be appointed under the Australian Corporations Act 2001.
Tritium DCFC has appointed t Peter James Gothard, James Douglas Dampney and William Martin Colwell of KPMG as joint and several administrators. With this comes the suspension of the powers of the company’s Board of Directors.
Finally, the company notes that this voids the transfer of shares during this period. The only exceptions are those made by the administrators or through a court.
DCFC Stock Troubles
Today’s news builds on problems that Tritium DCFC was already facing. That includes a delisting warning that was sent to it earlier this month. The problem is it not meeting the minimum of 1,100,000 publicly held shares to remain on the exchange.
Tritium DCFC was planning to meet with the Nasdaq Hearings Panel to discuss regaining compliance with this standard. It’s unclear how the insolvency filing affects this.
DCFC stock is down 63.1% as of Friday morning and was down 91.5% year-to-date when markets closed yesterday.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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