STAVANGER, Norway (BRAIN) — Norwegian urban mobility brand Podbike filed for bankruptcy Friday, citing financial hurdles including increasing production costs, supply chain disruptions, and a stagnant global economy.
According to a Podbike news release, efforts to obtain additional funding through investment rounds and partnerships failed to make up for the shortfall.
"After thorough consideration and consultation with financial advisors, Podbike's board of directors concluded that filing for bankruptcy was the most prudent course of action," according to the Podbike news release.
Podbike said the filing will create "uncertainty and disruption" to support and communication during this period.
"We are deeply saddened to make this announcement," said Bernt Rosli, Podbike CEO. "Our team has worked tirelessly to bring innovative solutions to the market, and we remain proud of our achievements. We would also like to take this opportunity to extend a big thank you to our investors, customers, and loyal supporters. Their belief in us made everything possible, and while we didn't reach the destination we envisioned, we're deeply grateful to have shared this journey with them."
Podbike sold four-wheel, enclosed vehicles with electric-assisted pedal power.
