Rad Power Bikes, an electric bike company, has finalized a deal to be acquired by Life Electric Vehicles Holdings (Life EV) for approximately $13.2 million. This acquisition comes shortly after Rad Power Bikes entered the bankruptcy process, with Life EV emerging as the top bidder for Rad Power’s assets. Life EV, based in Florida, is known for its involvement in the light electric vehicle industry, offering various electric bikes for sale.
Five entities participated in the auction for Rad Power’s assets, culminating in Life EV securing the winning bid. The total value of the acquisition, accounting for Rad Power’s liabilities, amounts to $14.9 million. Notably, Rad Power Bikes’ valuation had peaked at $1.65 billion in October 2021, showcasing a significant difference from the acquisition price.
While the details of Life EV’s plans for Rad Power remain undisclosed, the acquisition is pending approval from the bankruptcy judge. This move reflects the ongoing shifts in the micromobility sector, with companies like Rad Power, VanMoof, Cake, and Bird navigating restructurings and ownership changes.
Source: TechCrunch