courtesy Rad Power
Rad Power Bikes is set to be acquired by Life Electric Vehicles Holdings Inc, after an auction was held only weeks after the US e-bike maker's Chapter 11 bankruptcy filing, court filings show.
Rad Power Bikes files for Chapter 11 bankruptcy
The American e-bike company aims to save itself by selling the company.
Suvi Loponen
The filing lists Florida-based Life EV as the successful bidder with an offer of US$13.3 million. After accounting for liabilities that the buyer would take on as part of the transaction, the bid is listed at a total value of US$14.9 million. Rad Power was valued at US$1.65 billion at its peak in 2021, making the US$13.3 million sale price a decline of just over 99% from that high.
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