Rad Power Bikes reaches deal to sell itself for $13.2 million
Electric bike company Rad Power Bikes has reached a deal to sell itself to a company called Life Electric Vehicles Holdings (or Life EV) for around $13.2 million, a little more than a month after entering the bankruptcy process. Florida-based Life EV bills itself as a “developer, manufacturer, and distributor in the light electric vehicle industry.” It offers a number of electric bikes for sale on its website, although most of them were labeled as “sold out” at the time this article was published. 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…
