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Quanergy Systems (OTC:QNGY) announced that its 3D LiDAR solutions have been adopted by over 30 companies worldwide to secure more than 100 critical infrastructure sites. These solutions significantly reduce false alarms, eliminating the need for guard services, thus saving millions annually. Key features include a 95% reduction in false alarms, accurate object detection, and extensive coverage per sensor. Quanergy aims to enhance security for vital infrastructure with advanced technology, while also navigating challenges related to its Chapter 11 bankruptcy filing.
Quanergy Systems (OTC: QNGY) has initiated a Chapter 11 bankruptcy process to facilitate an orderly sale of its business, aiming to maximize stakeholder value. CEO Kevin Kennedy will retire on December 31, 2022, transitioning leadership to Lawrence Perkins, the new Chief Restructuring Officer. Despite financial challenges, Quanergy continues to operate and address customer needs, utilizing available cash for operations. The company has made efforts to reduce expenses and resolve patent litigation, indicating a commitment to ongoing operations during the bankruptcy process.
Quanergy Systems, Inc. (OTC: QNGY) reported a substantial third-quarter revenue spike of $2.3 million, reflecting a 104% year-over-year increase and a 95% sequential rise. The company's last 12-month bookings surged 154% year-over-year, totaling $10.8 million. Despite this growth, the GAAP net loss narrowed to $17.7 million from $19.0 million in Q3 2021, while adjusted EBITDA loss widened to $12.3 million. Quanergy reaffirmed 2022 revenue guidance of $7.0 - $9.0 million, expecting 104% growth at the midpoint.
Quanergy Systems intends to appeal a delisting decision by NYSE Regulation, announced on November 8, 2022, after failing to maintain a $15 million market capitalization. The trading of their common stock (QNGY) and warrants (QNGYW) was suspended following this decision. Quanergy aims to present its case to the NYSE Board Committee, emphasizing its mission to provide affordable smart LiDAR solutions across diverse sectors. The company has a global customer base of about 400 clients, showcasing its market relevance.
Quanergy Systems, a provider of LiDAR sensors and smart 3D solutions, announced that NYSE Regulation will delist its common stock (NYSE:QNGY) and warrants (NYSE:QNGY WS) due to failing to maintain a minimum average global market capitalization of $15 million over 30 trading days. Trading will be suspended after market close on November 8, 2022, with OTC trading expected to begin on November 9, 2022. The Company does not plan to appeal the delisting decision.
Quanergy Systems, Inc. (NYSE:QNGY) will release its third quarter financial results for the period ending September 30, 2022, on November 14, 2022, after market close. The company will also hold a conference call at 4:30 p.m. Eastern time to discuss the results and provide a business outlook. Interested parties can join the call by phone or access it via live webcast on the company’s website. A replay will be available through November 28, 2022. Quanergy focuses on innovative LiDAR solutions for various industries, serving nearly 400 global customers.
Quanergy Systems, Inc. (NYSE:QNGY) has successfully closed its underwritten public offering, raising approximately $16.7 million before deducting expenses. The offering comprised 9,800,000 units, each containing one share of common stock and two warrants at a public price of $1.70 per unit. The underwriter, Maxim Group LLC, has a 30-day option to purchase up to 1,470,000 additional shares or 2,940,000 warrants. This financing aims to support Quanergy's growth in the LiDAR market, providing smart 3D solutions across various industries.
Quanergy Systems, Inc. (NYSE: QNGY) announced significant upgrades to its QORTEX DTC and Q-View software solutions, enhancing LiDAR sensor capabilities. The updates feature improved classification accuracy, a motion-based noise reduction mechanism, and an occlusion filter for better tracking. These advancements aim to reduce false alarms and support smart city and security applications, solidifying QORTEX as a best-in-class solution. The release highlights the importance of reliable security solutions in mitigating risks associated with security incidents.
Quanergy Systems, Inc. (NYSE: QNGY) has priced an underwritten public offering, aiming for gross proceeds of approximately
Quanergy Systems, Inc. (NYSE: QNGY) announced a 1-for-20 reverse stock split effective October 6, 2022, aimed at increasing the trading price of its shares to comply with NYSE listing requirements. The split combines every 20 shares into one, with outstanding warrants and equity rights adjusting proportionately. No fractional shares will be issued; instead, cash payments will be made for any fractions. The exercise price for the company's public and private warrants will rise from $11.50 to $230 per share. The decision was approved by stockholders on October 3, 2022.
