On January 29, 2013, A123 Systems, Inc. announced that pursuant to the terms of the previously announced asset purchase agreements with Wanxiang America Corporation ("Wanxiang") and Navitas Systems LLC ("Navitas"), the company has completed the sale of substantially all of its assets in a transaction that was approved by the United States Bankruptcy Court for the District of Delaware. Substantially all of A123 Systems, Inc.'s non-government business assets have been acquired by A123 Systems, LLC, a newly formed, wholly owned subsidiary of Wanxiang, and the company's government business, including U.S. military contracts, has been acquired by Navitas through a separate asset purchase agreement.
The stock is continuing to trade, despite the fact that we have publicly stated that the common stock is not expected to have value after the asset sales. After the sales close and the bankruptcy process is complete, the common stock will be cancelled and we will "go dark" by making a filing with the SEC that will officially terminate the registration of the stock.
Distributions to creditors on account of their claims against A123 Systems, Inc. will be made pursuant to a liquidating plan or other process, in either case under the supervision and with the approval of the Bankruptcy Court.
To download the press release, "A23 Systems LLC Acquires Substantially All Non-Government Business Assets of A123 Systems, Inc.," click here.
To download the updated Shareholder Frequently Asked Question, click here.
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The documents contained in (or directly accessible from) this website include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including any statements containing the words "believes", "expects", "anticipates", " plans", "estimates" and similar expressions. There are a number of important factors that could cause A123 Systemsâ€™ actual results to differ materially from those indicated by such forward-looking statements, including the risk factors identified in the companyâ€™s Registration Statement on Form S-1 and any subsequent reports filed with the SEC. The company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date such statement was first made..