ESS Tech Files for Chapter 7 Bankruptcy and Ceases Operations
ESS Tech (GWHT) announced on Friday that it has filed for Chapter 7 bankruptcy and officially ceased all business operations. The decision follows a period of evaluating various strategic alternatives to sustain the company's viability. The company specialized in developing sodium-ion battery technology, which was positioned as a safer and more sustainable alternative to traditional lithium-ion systems for short- and medium-duration energy storage. By utilizing sodium, the firm aimed to reduce industry reliance on critical minerals often subject to supply constraints. Following its delisting from the New York Stock Exchange (NYSE) early last month, ESS Tech's shares have been trading over-the-counter. The stock closed at $0.07 on Friday following the bankruptcy announcement.
Tickers: $GWH
Topics: Ceased Operations Chapter 7 Bankruptcy Delisting Sodium-ion Batteries