"A filing to the bankruptcy docket over the weekend shows that five entities participated in an auction on the Rad Power assets on January 22. The first bid came in at $8 million, and parties traded bids until Life Electric Vehicles came away as the winner. When accounting for Rad Power's liabilities, the total value of the bid is $14.9 million."
"Another e-bike company called Retrospec had the second-highest bid of $13 million, and is being labeled as the "backup bidder" in case the deal with Life EV falls through. The bids were a steep discount to Rad Power's peak $1.65 billion valuation, which was reached in Otober 2021, per PitchBook. The company has raised a total $329.2 million, according to Pitchbook data."
Rad Power Bikes agreed to sell its assets to Life Electric Vehicles Holdings for about $13.2 million after an auction held January 22 during the company's bankruptcy process. Five entities participated in the auction, with an opening bid of $8 million and Retrospec submitting a $13 million backup bid. Accounting for Rad Power's liabilities, the total bid value is $14.9 million. Rad Power previously reached a peak $1.65 billion valuation in October 2021 and raised $329.2 million per PitchBook. The acquisition requires bankruptcy judge approval. Life EV lists several e-bike models, many marked sold out.
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