McPhy Energy to Be Partially Bought by John Cockerill Hydrogen

The Belfort Commercial Court approved a plan for part of McPhy Energy’s assets and activities, including the Belfort Gigafactory, to be acquired by John Cockerill Hydrogen.

• Acquisition effective July 8 at midnight
• Judicial reorganization proceedings opened against McPhy converted to judicial liquidation
  • Board chair Luc Poyer resigned from his position as director
  • Company has requested suspension of the trading of its shares from July 8
  • Given the anticipated level of assets realization compared to liabilities, the value of McPhy’s shares is expected to be nil and no reimbursement of shareholders is expected
• NOTE, May 14: McPhy to Be Subject to ...