ROLISI, LLC enetered into an asset purchase agreement to acquire substantially all of the assets from Quanergy Systems, Inc. (OTCPK:QNGY.Q) for $3.2 million.

ROLISI, LLC entered into an asset purchase agreement to acquire substantially all of the assets from Quanergy Systems, Inc. (OTCPK:QNGY.Q) for $3.2 million on January 29, 2023. Under the consideration terms, ROLISI, LLC will pay $3.15 million in cash and will also acquire approximately $31 million of total assumed liabilities. On December 13, 2022, Quanergy Systems filed for bankruptcy. As of December 31, 2022, Quanergy reported total revenues of $0.21 million, loss from operations of $2.41 million, net loss of $2.4 million, Total liabilities of $31 million, Total assets of $42.1 million, total common equity of $11 million. Pursuant to announced Bankruptcy sale on December 13, 2023, bankruptcy court approved the voluntary sale of all of the assets and assumed liabilities of Quanergy Systems on February 2, 2023. The board of directors of Quanergy approved the merger agreement. Cullen D. Speckhart and Miguel J. Vega of Cooley LLP acted as legal advisor to Quanergy Systems. Howard Cohen and Ely Goldin of Fox Rothschild LLP acted as legal advisor to ROLISI, LLC. Raymond James Financial, Inc. acted as financial advisor to Quanergy Systems, Inc.

ROLISI, LLC completed the acquisition of substantially all of the assets from Quanergy Systems, Inc. (OTCPK:QNGY.Q) on February 3, 2023.