Electric bike company Rad Power Bikes has been sold to Life Electric Vehicles Holdings (or Life EV) for $13.2 million, after months of uncertainty surrounding its future.
The Seattle based e-bike company Rad Power Bikes filed for Chapter 11 bankruptcy protection late last year after citing “significant financial challenges” in November. The company's reported liabilities mounted to nearly $73 million, more than double its assets of $32 million.
