Valence Technology Inc. emerged from bankruptcy Wednesday after a federal judge in San Antonio approved a reorganization plan that will leave the Austin company almost wholly owned by longtime backer Carl Berg.
The ruling will end the battery maker’s 21-year run as a public company and wipes out any remaining hopes stockholders had of recovering value from their shares. But the reorganization also gives Valence a more solid financial footing as it looks to expand both its product development and sales.
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