Tritium DCFC Limited (DCFC): Three Australian subsidiaries were determined to be insolvent or likely to become insolvent

April 18, 2024 9:15 AM EDT

Tritium DCFC Limited (NASDAQ: DCFC) disclosed:

On April 18, 2024, by resolutions of their boards, it was determined that the Company and three of its Australian subsidiaries, Tritium Pty Ltd, Tritium Holdings Pty Ltd and Tritium Nominee Pty Ltd (together with the Company, the “VA Companies”) (i) were insolvent or likely to become insolvent; (ii) a voluntary - administrator should be appointed under the Australian Corporations Act 2001 (the “Act”), and (iii) to appoint Peter James Gothard, James Douglas Dampney and William Martin Colwell of KPMG as joint and several administrators (referred to hereinafter in the singular as “Administrator”) pursuant to section 436A of the Act.

As a result of the Administrator’s appointment, the powers of the directors of the VA Companies are suspended and the Administrator takes control of the affairs of the VA Companies subject to the appointment. The Company’s other subsidiaries will continue to operate outside the voluntary administration.

Pursuant to section 437F of the Act, a transfer of shares in the Company during the voluntary administration is void, except with the written consent of the Administrator or if approved by a court with jurisdiction under the Act.

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