Also has big plans beyond the TM-B. The startup mostly refers to itself as a “vehicle” company, and has plans to make four-wheel pedal-assist cargo vehicles for Amazon.
The nine-year-old scooter and bike-share company has said it needs the funds to help pay down around $1 billion in liabilities.
More than 500 people will be affected by the closures.
A company called Life Electric Vehicle Holdings has emerged as the top bidder for Rad Power’s assets. It’s not clear what the company plans to do with them, though.