Australian EV fast charging company Tritium is facing financial collapse after its directors declared the company to be insolvent, calling in voluntary administrators while its lenders also appointed a receiver to take control of the assets and seek buyers.
So says The Driven, reporting on a statement to the Nasdaq stock exchange in New York, where it says Tritium has been struggling to retain its listing because of a collapsing share price.
The company said Tritium DCFC and three of its Australian subsidiaries were “either insolvent or likely to become insolvent”, says The Driven.
Directors told the US Securities and Exchange Commission they had appointed Peter Gothard, James Dampney and William Colwell from KPMG to act as voluntary administrators.
“McGrathNicol Restructuring later said four of its partners – Shaun Fraser, Katherine Sozou, Matthew Hutton and Jamie Harris – had been appointed by lenders as Receivers and Managers of Tritium DCFC Ltd, the Nasdaq listed company, and would manage the assets and seek buyers for the business,” says The Driven.
”KPMG’s Gothard said later on Friday the Administrators would work with the receivers ‘to secure the assets and stabilise the business operations of Tritium to maximise the outcome for all concerned parties’.”
More information is expected to come from a first creditor’s meeting held by April 26.
“We need to acknowledge the hard work the individuals at Tritium have put into the transition to EVs both here in Australia and globally,” says Jet Charge chief executive and former Electric Vehicle Council chair Tim Washington.
