Australian electric vehicle (EV) charging company Tritium is facing insolvency and has appointed KPMG as voluntary administrator.
Related article: Tritium gets $40m capital to boost EV charger production
Founded in 2001, Tritium designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for EVs.
In a statement to the United States Securities and Exchange Commission, the company said Tritium DCFC and three of its Australian subsidiaries were either insolvent or likely to become insolvent.
Tritium’s directors have appointed Peter Gothard, James Dampney and William Colwell of KPMG to act as voluntary administrators.
Tritium last year received a capital investment of US$40 million to continue scale production and grow its service operations around the world. However, its share price has since deteriorated, with the company facing de-listing from the Nasdaq.
On April 5, 2024, Tritium received a notice from the Nasdaq advising the company did not meet the minimum 1,100,000 publicly held shares required for continued listing on Nasdaq.
Related article: Redback Technologies enters voluntary administration
“The company intends to demonstrate a plan to regain compliance with the Public Float Standard and intends to take all necessary steps for its shares to remain trading on Nasdaq until such time as the Nasdaq Hearings Panel makes a final determination,” Tritium said in a statement to investors.
