DJ EnSync to Initiate Insolvency Proceedings, Terminates Workforce
By Michael Dabaie
EnSync Inc. (ESNC) intends to initiate insolvency proceedings, the energy storage and power electronic systems company said in a Securities and Exchange Commission filing Tuesday.
EnSync plans to initiate the proceedings though the filing or a voluntary petition for receivership under Chapter 128 of the Wisconsin Statutes, according to the filing.
The company said that on Monday it terminated substantially all of its workforce.
It is anticipated that holders of the company's common stock will receive little to no consideration in exchange for such shares upon the company's emergence from receivership, the company said in the filing.
Shares, which closed Monday at 10 cents, were halted premarket.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
March 12, 2019 09:15 ET (13:15 GMT)
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