ESS Tech said in its Form 8-K that, after considering all strategic alternatives, it ceased operations on November 13, 2026 and filed a voluntary petition for relief under Chapter 7 of the Bankruptcy Code in the District of Delaware. A Chapter 7 trustee will be appointed and will assume control over the company’s assets and liabilities, effectively eliminating the authority of its board and officers, and the assets will be liquidated with claims paid in the priorities the Bankruptcy Code specifies. The company said it is unlikely that holders of its common stock will receive any payment or other distribution on account of their shares, and it cautioned that trading in the stock is highly speculative.
Concurrently with the petition, the company terminated all employees and officers without cause, including chief executive Drew Buckley, chief financial officer Kate Suhadolnik and general counsel and chief strategy officer Kelly Goodman. The filing said the petition may trigger events of default under certain of the company’s contracts and debt instruments, subject to the automatic stay, and that the company will no longer have the capability to prepare or file its annual report or any other periodic reports with the SEC.