What In The World Is Going On With Proterra Stock?

Proterra Inc (NASDAQ:PTRA) shares are trading lower by 78.6% to $0.31 Tuesday morning after the company announced it filed for Chapter 11 bankruptcy.

The company says it will continue operations, securing funding through the process for salaries, benefits and vendor payments.

CEO Gareth Joyce emphasizes the company's EV battery technology and industry-leading products, aiming to focus and maximize independent potential.

Additionally, the scheduled earnings conference call for August 9, is canceled.

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According to data from Benzinga Pro, PTRA has a 52-week high of $7.70 and a 52-week low of $0.31.